Market Insights Health Pharmacies OTC Products

Digestive & Intestinal Remedies (Pharmacies) - Colombia

Colombia

Revenue in the Digestives & Intestinal Remedies market is projected to reach €189.70m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.34%, resulting in a market volume of €246.10m by 2029.
In global comparison, most revenue will be generated in China (€3,122.00m in 2024).
In relation to total population figures, per person revenues of €3.62 are generated in 2024.

Key regions: Australia, United States, India, Europe, China

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Digestive & Intestinal Remedies (Pharmacies) market in Colombia has been experiencing significant growth in recent years. Customer preferences have shifted towards natural and herbal remedies, leading to an increase in demand for these products. Additionally, the market has been driven by the rising incidence of digestive and intestinal disorders in the country.

Customer preferences: Colombian consumers are increasingly seeking natural and herbal remedies for digestive and intestinal issues. They are becoming more conscious of the potential side effects of traditional medications and are opting for alternative solutions. This shift in preferences has led to a surge in demand for natural remedies such as herbal teas, probiotics, and digestive enzymes. Consumers are also looking for products that are easy to consume and provide quick relief.

Trends in the market: One of the key trends in the Digestive & Intestinal Remedies market in Colombia is the growing popularity of probiotics. Probiotic supplements and foods have gained traction among consumers due to their potential to improve gut health and alleviate digestive problems. This trend is driven by increased awareness of the importance of gut health and the benefits of maintaining a balanced microbiome. Another trend in the market is the rise of online sales channels. With the increasing penetration of smartphones and internet access, consumers are turning to online platforms to purchase digestive and intestinal remedies. Online sales provide convenience and a wider range of product options, making it an attractive option for consumers. This trend has been further accelerated by the COVID-19 pandemic, which has led to a surge in e-commerce activities.

Local special circumstances: Colombia has a rich biodiversity and a long history of traditional herbal medicine. This has contributed to the popularity of natural remedies in the country. Many consumers prefer herbal remedies that have been used for generations and are perceived to be safe and effective. Local manufacturers have capitalized on this demand by producing a wide range of herbal products specifically targeted at digestive and intestinal health.

Underlying macroeconomic factors: The growth of the Digestive & Intestinal Remedies market in Colombia is also influenced by macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income. As consumers become more affluent, they are willing to spend more on healthcare and wellness products. This has created a favorable market environment for the Digestive & Intestinal Remedies industry. Furthermore, the increasing incidence of digestive and intestinal disorders in Colombia has also contributed to the market growth. Factors such as changing dietary habits, sedentary lifestyles, and high-stress levels have led to an increase in digestive problems among the population. As a result, there is a growing need for remedies that can provide relief and improve overall gut health. In conclusion, the Digestive & Intestinal Remedies market in Colombia is witnessing significant growth due to changing customer preferences, including a shift towards natural and herbal remedies. The market is also driven by the rising incidence of digestive and intestinal disorders in the country. Additionally, local special circumstances such as a rich tradition of herbal medicine and the availability of a wide range of natural remedies contribute to the market's development. The underlying macroeconomic factors, including steady economic growth and increasing disposable income, further support the market's expansion.

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.