The consumer health industry experienced 5.7% growth with $216.4 billion in retail sales globally in 2014, according to new research by global market research company Euromonitor International.
Over-the-counter remedies such as sleep aids, eye care, dermatologicals and digestive remedies performed very well with $36 billion in sales globally.
Also showing a strong potential was sports nutrition, which grew strongly in the mass market with $10 billion in sales globally. However, it still represents the smallest category within the consumer health industry at 4.7% share.
"The industry keeps growing at a healthy pace as significant corporate consolidation will transform the competitive landscape and the rise of mobile health will impact consumer behavior in years to come,” said Monica Feldman, Head of Industry Research.
Globally, Latin America posted the fastest growth at 7% from 2013 with $20 billion in sales in 2014. According to the company this was in part because more remedies became available to consumers in the OTC setting.
The Middle East and Africa followed with 6% and $7.3 billion, respectively, where regional initiatives for local manufacturing boosted affordable options for consumers.
