Market Insights Consumer OTC Pharmaceuticals

Sleep Aids - Turkey

Turkey

Revenue in the Sleep Aids market amounts to €8.25m in 2024. The market is expected to grow annually by 3.42% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (€1,950m in 2024).
In relation to total population figures, per person revenues of €0.10 are generated in 2024.

Key regions: Philippines, Indonesia, United Kingdom, Canada, Thailand

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Analyst Opinion

The Sleep Aids market in Turkey is experiencing significant growth due to several key factors. Customer preferences for sleep aids have shifted in recent years, leading to increased demand for these products. Additionally, there are unique local circumstances in Turkey that contribute to the growth of the market. Finally, underlying macroeconomic factors in the country also play a role in the development of the Sleep Aids market.

Customer preferences: Customer preferences for sleep aids have evolved in recent years, driving the growth of the market in Turkey. As individuals become more aware of the importance of a good night's sleep for overall health and well-being, the demand for sleep aids has increased. Consumers are seeking products that can help them fall asleep faster, stay asleep longer, and wake up feeling refreshed. This has led to a rise in the popularity of sleep aids such as herbal supplements, melatonin-based products, and sleep-inducing devices.

Trends in the market: One of the key trends in the Sleep Aids market in Turkey is the growing popularity of natural and herbal sleep aids. Consumers are becoming more conscious of the potential side effects of traditional sleep medications and are seeking alternative options. As a result, there has been an increase in the demand for sleep aids that contain natural ingredients such as valerian root, chamomile, and lavender. This trend is in line with the global shift towards natural and holistic health solutions. Another trend in the market is the rise of sleep-inducing devices. These devices, such as smart sleep trackers and white noise machines, are designed to create a conducive sleep environment and help individuals achieve better sleep quality. With the increasing prevalence of technology in everyday life, consumers are turning to these devices as a way to improve their sleep habits. The convenience and accessibility of these devices have contributed to their popularity in the market.

Local special circumstances: Turkey has a unique cultural and social context that influences the Sleep Aids market. Turkish society places a strong emphasis on family and community, leading to a high prevalence of multi-generational households. This can result in crowded living conditions and increased noise levels, which can disrupt sleep. As a result, individuals may turn to sleep aids to help them overcome these challenges and achieve a better night's sleep. Additionally, Turkey is a popular tourist destination, attracting millions of visitors each year. Travelers often experience jet lag and difficulty adjusting to new time zones, which can disrupt their sleep patterns. This presents an opportunity for sleep aid manufacturers to target tourists and offer products specifically designed to alleviate jet lag and promote better sleep during travel.

Underlying macroeconomic factors: The Sleep Aids market in Turkey is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, resulting in an increase in disposable income levels. As individuals have more money to spend, they are more likely to invest in products that improve their quality of life, including sleep aids. Additionally, the aging population in Turkey is driving the demand for sleep aids, as older individuals are more likely to experience sleep disturbances and seek solutions to improve their sleep. In conclusion, the Sleep Aids market in Turkey is growing due to shifting customer preferences, including a preference for natural and herbal sleep aids and the adoption of sleep-inducing devices. Local special circumstances, such as crowded living conditions and the prevalence of jet lag among tourists, also contribute to the growth of the market. Finally, underlying macroeconomic factors, such as economic growth and an aging population, play a role in the development of the Sleep Aids market in Turkey.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.