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Holding Steady – Global OTC Market Update Q2 MAT.
Sep 26, 2023
The first half of 2023 was a period of stability throughout the market as the world continued its recovery from the COVID pandemic, while wrestling with the more immediate challenges of inflation, pricing, and cost of living.
As we enter the final months of 2023, two key factors continue to dominate the global OTC market – the rebound of cough, cold and respiratory (CCR) product sales and the impact of inflation on pricing and the cost of living.
Driven by these factors, the global OTC market to MAT Q2 2023 posted growth of 8.5% to US$187 billion (see Exhibit 1) – including e-commerce and mass market estimates and excluding Venezuela – which while slower than the prior year period, it is still well ahead of the pre-COVID levels.
Exhibit 1 – Global OTC Market size and growth Q2 MAT 2023 (Source – IQVIA Global OTC Insights including estimates of e-commerce and mass-market, excluding Venezuela)
Inflation and pricing driving regional performance
As Exhibit 2 shows, Latin America and EMEA posted strong double-digit growth through the Q2 MAT period, with both regions’ performances driven by inflation pushing up prices and adding to the growth.
In EMEA, 3 of the top 5 markets that make up 50% of sales in the regions - Germany (14.5% share, +11.7% growth); Russia (11.8% share, +4.8% growth); Italy (10.9% share, +10.2% growth); France (10.3% share, +3.4% growth); Poland (6.0% share, +10.8% growth) – posted double digit growth.
Taking Poland as an example, price increases (following a double-digit CPI rate) contributed around 8% of the overall OTC market growth, bolstered further by new products/packs, while market volume fell over the same period.
By contrast in France – where growth was just 3.4% - while there had been some pricing impact in the [OTC33 segment], unit growth of 2.2% bolstered the OTC segment. Outside of OTC, the consumer health market performed much better, with the Food supplement segment performing with value sales up by 8.8% and volume up by 9.5%, driven primarily by the Sleep & Mood categories thanks to recent launches of P&G’s Zzquil and Richelet brands backed by significant promotional support.
While APAC also posted double digit OTC market growth, the region’s performance was down to robust growth in China – which posted sales up by 12.2% - which accounts for 40.3% of the total APAC market.
Exhibit 2 – Q2 MAT 2023 Global OTC market growth and share broken down by region (Source – IQVIA Global OTC Insights)
CCR’s long tail boosts company performance
Exhibit 3 – Q2 MAT 2023 Global OTC market growth and share broken down by category (Source – IQVIA Global OTC Insights)
The continued rapid growth in the cough, cold and respiratory category - +18.9% in Q2 MAT 2023 (see Exhibit 3) – was the key driver of growth for the best performing consumer health companies over the period.
Firms with CCR-weighted portfolios outperformed overall market growth, with P&G driven by Vicks, Reckitt driven by Mucinex and Stada driven by Grippostad leading the growth over the period.
Exhibit 4: Top 10 company performance and share Q2 MAT (Source: IQVIA Global OTC Insights)
Germany-based Stada was the standout performer, with the company’s overall Consumer Health sales growing by 12.6% thanks to increased demand for cough and cold products, expanded market share, price adjustments and positive effects from distribution collaborations (see Exhibit 4).
New product launches such as Elotrans Reload, Nizoral daily/anti-itch shampoo, Cetraben Pro Hydrate Five range, Hoggar Melatonin Duo and Sedatol Gold – coupled with a further marketing and distribution agreement with Sanofi in Eurasia for brands such as Buscopan, Enterogermina, Finalgon and Maalox, following a similar agreement in Northern Europe late last year – was behind the performance, which was the best out of the Top 10 biggest OTC companies.
On the opposite end of the scale, Bayer Consumer Health’s 1.9% growth – the slowest in the Top 10 – comes as the Germany pharmaceutical giant announced that it was launching a strategic review lead by new CEO Bill Anderson, putting the possibility of a Consumer Health spin off similar to those under taken by GSK (Haleon), Johnson & Johnson (Kenvue) and Sanofi (Opella) on the table.
For more information on the global OTC market or to request an SMR from our IQVIA Consumer Health experts click the contact us button on this page or visit our Global Consumer Health Trends 2023 webpage for an in-depth look at the state of the market today.
Contributors:
Dawid Zajkowski, Senior Consultant, Poland, IQVIA
Flore Coudy, Associate Marketing Director, France, IQVIA
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Global Consumer Health Trends 2023
Global Consumer Health Trends 2023 gives you expert-driven local insights on today's global challenges, so you can succeed in a dynamic, fast-changing consumer health market. Get the latest on 4 crucial market-impacting trends: consumer mindset, pricing, e-Pharmacy, and digital innovation.