Global OTC consumer health products market is expected to grow at 3.75% CAGR during the forecast period.
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The global OTC consumer health products market is segmented into product type such as nutrition, oral healthcare, skin health, vitamins & dietary supplements, herbal & traditional products, wound care, digestive remedies, sleep aids, emergency contraception, cough cold & allergy remedies, analgesics, dermatological and others. Among these segments, skin health segment is expected to witness significant growth over the forecast period.
Factors such as, rising disposable income of the population and growing spending on skin care is predicated to garnish the growth of this segment during the forecast period.
The global OTC consumer health products market is expected to reach at USD 40.7 Billion by the end of 2024.
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The market is expected to expand on the back of growing affordability and changing life style of middle class families. Apart from this, growing rapid urbanization across the globe is also responsible for substantial growth of global OTC consumer health products market.
The offline distribution channel segment is accounted for major share in previous years. Further, growing e-commerce business and rising popularity of online shopping are likely to bolster the growth of global OTC consumer health products market in upcoming years.
Rising Health Consciousness
Consumer’s inclination towards healthy lifestyle and growing utilization of additional nutrition are likely to increase the size of global OTC consumer health products market. Further, rapid introduction of new OTC consumer health products is also expected to increase the consumption of OTC consumer health products across the globe.
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Increasing population in urban areas is a major factor which is increasing the demand for consumer goods. Further, the growth of OTC consumer health products market can be attributed to factors such as growing awareness amongst the population regarding common life style diseases and increasing adoption of vitamins & dietary supplements in order to achieve healthy life style.
Although, presence of counterfeit consumer health products is likely to hamper the growth of the OTC consumer health products market in the near future.
The report titled “OTC Consumer Health Products Market : Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global OTC consumer health products market in terms of market segmentation by type, by distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global OTC consumer health products market which includes company profiling of Johnson & Johnson, Abbott Laboratories, Sanofi Pharmaceuticals Company, GlaxoSmithKline Pharmaceuticals Company, Bayer Pharmaceutical Company, Nestle Company, Procter & Gamble Corp., Danone Food Company, Colgate Palmolive Mfg. Company, Unilever Company and Henkel Company.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global OTC consumer health products market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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