OTC Products - Spain

Spain

The projected revenue for the OTC Products market in Spain is expected to reach US$4,348.00m in 2024.
Furthermore, it is anticipated that the market will experience an annual growth rate (CAGR 2024-2028) of 4.36%, resulting in a market volume of US$5,158.00m by 2028.
When compared to other countries, China is expected to generate the highest revenue in the OTC Products market, amounting to US$74.91bn in 2024.
In terms of per capita revenue, in Spain is projected to generate US$91.59 per person in 2024.
The demand for OTC products in Spain is on the rise, driven by a growing health-conscious population and increasing self-medication practices.

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

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Analyst Opinion

The OTC Products (Pharmacies) market in Spain has been experiencing steady growth in recent years.

Customer preferences: Spanish consumers have shown a growing preference for over-the-counter (OTC) products in pharmacies. This can be attributed to several factors. Firstly, the convenience of purchasing OTC products from pharmacies is highly valued by consumers. Unlike prescription medications, OTC products can be obtained without a doctor's prescription, saving consumers time and effort. Additionally, pharmacies in Spain are easily accessible, with a large number of outlets located across the country. This accessibility further contributes to the popularity of OTC products among Spanish consumers.

Trends in the market: One notable trend in the OTC Products (Pharmacies) market in Spain is the increasing demand for natural and herbal remedies. Spanish consumers are becoming more conscious of their health and are seeking alternative solutions to address common ailments. As a result, there has been a surge in the availability and sales of natural and herbal OTC products in pharmacies. This trend is in line with the global shift towards natural and organic products, reflecting a growing preference for holistic approaches to healthcare. Another trend in the market is the rising demand for OTC products related to self-care and personal well-being. Spanish consumers are increasingly taking charge of their own health and are seeking products that promote self-care and overall well-being. This includes products such as vitamins, supplements, and skincare items. Pharmacies in Spain have responded to this trend by expanding their range of OTC products to cater to the growing demand for self-care solutions.

Local special circumstances: Spain has a well-established pharmacy network, with a large number of pharmacies spread across the country. This extensive network ensures that OTC products are easily accessible to consumers, regardless of their location. Additionally, Spanish pharmacies are known for their knowledgeable and approachable pharmacists who can provide advice and guidance on OTC products. This personal interaction between pharmacists and consumers further enhances the popularity of OTC products in Spain.

Underlying macroeconomic factors: The growth of the OTC Products (Pharmacies) market in Spain can be attributed to several macroeconomic factors. Firstly, Spain has experienced steady economic growth in recent years, which has resulted in increased disposable income for consumers. This has allowed consumers to spend more on healthcare and wellness products, including OTC products. Additionally, Spain has a rapidly aging population, which has contributed to the demand for OTC products related to age-related ailments and wellness. In conclusion, the OTC Products (Pharmacies) market in Spain is developing due to customer preferences for convenience, natural remedies, and self-care solutions. The local special circumstances of an extensive pharmacy network and knowledgeable pharmacists further contribute to the growth of the market. The underlying macroeconomic factors of economic growth and an aging population also play a significant role in driving the demand for OTC products in Spain.

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.