OTC Products - South Africa

South Africa

The OTC Products market in South Africa is forecasted to achieve a revenue of US$2,094.00m in 2024.
Over the period of 2024 to 2028, the market is projected to experience an annual growth rate of 4.63%, leading to a market volume of US$2,510.00m by 2028.
When compared globally, China is expected to generate the highest revenue in the OTC Products market, reaching US$74.91bn in 2024.
In terms of per capita revenue, in South Africa is estimated to generate US$34.32 per person in 2024.
This figure is calculated by dividing the total revenue by the total population of the country.
The OTC products market in South Africa is experiencing a surge in demand for natural remedies and traditional medicines.

Key regions: Europe, Germany, Canada, Japan, South Korea

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Analyst Opinion

The OTC Products (Pharmacies) market in South Africa is experiencing significant growth and development in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trajectory. Customer preferences play a crucial role in shaping the OTC Products (Pharmacies) market in South Africa. Consumers are increasingly seeking convenience and affordability in their healthcare choices. OTC products offer a convenient alternative to prescription medications, allowing consumers to self-diagnose and treat common ailments without the need for a doctor's visit. Additionally, the rising awareness of preventive healthcare and the growing focus on wellness have also contributed to the increased demand for OTC products. Trends in the market further support the growth of the OTC Products (Pharmacies) market in South Africa. The expansion of organized retail chains and the increasing number of pharmacies across the country have made OTC products more accessible to consumers. Pharmacies are now offering a wider range of OTC products, including vitamins, supplements, and personal care items, to cater to the evolving needs and preferences of consumers. Furthermore, the growing popularity of e-commerce platforms has also contributed to the market's growth, allowing consumers to conveniently purchase OTC products online. Local special circumstances also impact the development of the OTC Products (Pharmacies) market in South Africa. The country has a high burden of communicable diseases, such as HIV/AIDS and tuberculosis, which has led to a greater emphasis on public health and disease prevention. OTC products play a vital role in managing these conditions, providing consumers with access to essential medications and treatments. Additionally, the South African government has implemented policies to promote self-medication and the availability of OTC products, further driving the market's growth. Underlying macroeconomic factors also contribute to the development of the OTC Products (Pharmacies) market in South Africa. The country's growing middle class and increasing disposable income levels have led to higher healthcare spending. As consumers become more health-conscious, they are willing to invest in OTC products to maintain their well-being. Furthermore, the government's focus on universal healthcare coverage and the expansion of healthcare infrastructure have also contributed to the market's growth, as more individuals have access to pharmacies and OTC products. In conclusion, the OTC Products (Pharmacies) market in South Africa is experiencing significant growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. As consumers seek convenience and affordability in their healthcare choices, the demand for OTC products continues to rise. The expansion of organized retail chains, the increasing availability of OTC products online, and the emphasis on public health and disease prevention further support the market's growth. Additionally, the country's growing middle class, increasing disposable income levels, and government initiatives to promote universal healthcare coverage all contribute to the positive trajectory of the OTC Products (Pharmacies) market in South Africa.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.