OTC Products - Thailand

Thailand

Thailand's OTC Products market is anticipated to achieve a revenue of €3,426.00m in 2024.
The market is projected to experience an annual growth rate (CAGR 2024-2029) of 1.99%, leading to a market volume of €3,780.00m by 2029.
When comparing globally, China is expected to generate the highest revenue with €69.46bn in 2024.
In terms of per capita income, in Thailand is estimated to generate €47.66 per person in 2024.
Thailand's OTC product market is experiencing a surge in demand for traditional herbal remedies due to their perceived effectiveness and cultural significance.

Key regions: Europe, Australia, United Kingdom, Germany, South Korea

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Analyst Opinion

The OTC Products (Pharmacies) market in Thailand has been experiencing significant growth in recent years.

Customer preferences: Thailand's population is increasingly seeking self-medication options for minor health issues, leading to a growing demand for over-the-counter (OTC) products. Consumers are becoming more health-conscious and are actively seeking products that can help them manage common ailments. They prefer convenience and accessibility, which makes pharmacies an ideal destination for purchasing OTC products. Additionally, consumers are increasingly relying on online platforms to purchase OTC products, further driving the growth of the market.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in Thailand is the increasing availability and variety of products. Pharmacies are expanding their product offerings to cater to the diverse needs of consumers. From pain relief medications to vitamins and supplements, pharmacies now stock a wide range of OTC products. This trend is driven by the growing demand for self-medication options and the desire for a one-stop solution for healthcare needs. Another trend in the market is the rising popularity of natural and herbal OTC products. Thai consumers have a long-standing tradition of using herbal remedies for various health issues. This cultural preference has translated into a demand for natural OTC products that are perceived as safer and more sustainable. Pharmacies are responding to this trend by stocking a variety of herbal and natural products, further driving the growth of the market.

Local special circumstances: Thailand has a well-developed healthcare system, with a strong network of pharmacies across the country. Pharmacies are easily accessible to consumers, making them a preferred choice for purchasing OTC products. Additionally, the Thai government has implemented policies to promote the availability and affordability of healthcare services, including OTC products. These factors contribute to the growth of the OTC Products (Pharmacies) market in Thailand.

Underlying macroeconomic factors: Thailand's growing middle class and rising disposable incomes are key macroeconomic factors driving the growth of the OTC Products (Pharmacies) market. As consumers have more purchasing power, they are willing to spend on OTC products to manage their health. Additionally, Thailand's aging population is also contributing to the growth of the market. As the elderly population increases, there is a greater demand for OTC products for age-related health issues. Furthermore, the COVID-19 pandemic has had a significant impact on the OTC Products (Pharmacies) market in Thailand. Consumers are increasingly concerned about their health and are taking preventive measures to stay healthy. This has led to a surge in demand for OTC products such as hand sanitizers, vitamins, and immune boosters. Pharmacies have played a crucial role in meeting this demand and ensuring the availability of essential OTC products. In conclusion, the OTC Products (Pharmacies) market in Thailand is experiencing growth due to customer preferences for self-medication options, the availability of a wide range of products, the rising popularity of natural and herbal remedies, local special circumstances such as accessibility to pharmacies, and underlying macroeconomic factors such as a growing middle class and an aging population. The COVID-19 pandemic has further accelerated the growth of the market by increasing consumer awareness and demand for OTC products.

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.