Emerging Markets constitute one of the 10 Infinity Zones for future CHC growth that we highlighted in our recent blog previewing Nicholas Hall’s upcoming New Paradigms report. Recent figures from the IMF’s World Economic Outlook forecast that developing economies will continue to outpace advanced economies and, according to the latest data from DB6, Rest of World (Middle East & Africa + Kazakhstan) and Latin America (including Puerto Rico) growth – 7.2% and 9.5% respectively – fast outpaced that of the the global OTC market (+4.0%) in 2018.
Middle East & Africa and Latin America still account for a relatively small share of global OTC sales – 7% and 5% respectively – but both are rising in power every year. Brazil (+10.1%) is the No.9 OTC market globally, while Mexico (+6.9%) ranks 16th globally in terms of OTC market size. As for the Middle East & Africa, there are now three countries clustered close together in the global OTC rankings – South Africa (+8.7%), Turkey (+15.8%) and Saudi Arabia (+6.7%) – claiming the 19th, 20th and 21st positions.
As well as double-digit growth in Turkey, there were also strong OTC performances from Algeria (+8.6%), Egypt (+15.2%), Nigeria (+7.9%) and UAE (+7.8%) in 2018. High consumer demand for preventive medicines is a key driver of CCA and VMS growth in key markets such as Egypt. According to a DSM survey of almost 7,000 people in EMEA (Europe, Middle East & Africa), some of the top health concerns for the young include immunity and resistance to disease and colds.
Multinationals have already established a strong foothold across the Middle East & Africa, but in some countries like Egypt and Iran local marketers still remain dominant. GSK, Sanofi and Bayer are the Top 3 OTC marketers in the region, followed by South Africa’s No.1 OTC marketer Adcock Ingram and RB. GSK’s OTC portfolio is highly focused on analgesics, especially Panadol, while Sanofi and Bayer have extensive VMS portfolios across the region.
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