Market Insights Health Pharmacies OTC Products

Sleep Aids (Pharmacies) - South Africa

South Africa

Revenue in the Sleep Aids market is projected to reach €2.79m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.06%, resulting in a market volume of €3.09m by 2029.
In global comparison, most revenue will be generated in the United States (€1,366.00m in 2024).
In relation to total population figures, per person revenues of €0.05 are generated in 2024.

Key regions: United States, Germany, Australia, India, United Kingdom

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Analyst Opinion

The Sleep Aids (Pharmacies) market in South Africa is experiencing significant growth due to changing customer preferences and local special circumstances.

Customer preferences: Customers in South Africa are increasingly seeking sleep aids to address their sleep-related issues. Factors such as stress, anxiety, and a hectic lifestyle have contributed to a rise in sleep disorders among the population. As a result, there is a growing demand for sleep aids that can help individuals improve the quality of their sleep and manage their sleep-related problems.

Trends in the market: One of the key trends in the Sleep Aids (Pharmacies) market in South Africa is the increasing popularity of natural and herbal sleep aids. Customers are becoming more conscious about the ingredients used in sleep aids and are opting for products that are perceived to be safer and have fewer side effects. As a result, there is a growing demand for sleep aids that are made from natural ingredients such as chamomile, lavender, and valerian root. Another trend in the market is the growing adoption of sleep aids among the elderly population. As people age, they often experience sleep disturbances and insomnia. This has led to an increased demand for sleep aids specifically targeted towards the elderly population. Pharmacies are responding to this trend by offering a wide range of sleep aids that cater to the unique needs of older individuals.

Local special circumstances: South Africa has a high prevalence of sleep disorders, with a significant portion of the population experiencing sleep-related issues. This can be attributed to various factors such as high levels of stress, long working hours, and lifestyle changes. As a result, there is a greater need for sleep aids in the country. Pharmacies in South Africa are capitalizing on this demand by expanding their sleep aids product offerings and providing personalized advice to customers.

Underlying macroeconomic factors: The growing Sleep Aids (Pharmacies) market in South Africa can also be attributed to the country's improving economic conditions. As disposable incomes increase, individuals have more purchasing power to invest in products that can improve their overall well-being, including sleep aids. Additionally, the increasing urbanization and modernization of South Africa have led to a more fast-paced and stressful lifestyle, further contributing to the demand for sleep aids. In conclusion, the Sleep Aids (Pharmacies) market in South Africa is witnessing significant growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The increasing demand for sleep aids, particularly natural and herbal products, is driving the market forward. As the population continues to face sleep-related issues, the market is expected to expand further in the coming years. Pharmacies in South Africa are well-positioned to cater to this growing demand by offering a wide range of sleep aids and providing personalized advice to customers.

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.