Market Insights Health OTC Pharmaceuticals

Cold & Cough Remedies - Latvia

Latvia

In Latvia, the revenue generated in the Cold & Cough Remedies market market in 2024 amounts to US$11.99m.
It is projected that the market will experience an annual growth rate of 8.39% (CAGR 2024-2029).
When compared to other countries worldwide, the in the United States generates the highest revenue in this market, reaching US$11,190.00m in 2024.
Taking into account the total population figures, per person revenues in Latvia amount to US$6.63 in 2024.
Sales of cold and cough remedies in Latvia have been steadily increasing due to the country's cold and damp climate.

Key regions: United States, Japan, Australia, United Kingdom, China

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Analyst Opinion

The Cold & Cough Remedies market in Latvia is experiencing steady growth due to several factors.

Customer preferences: Latvian consumers have shown a preference for over-the-counter cold and cough remedies that provide quick relief from symptoms. They tend to favor products that are easily accessible and affordable. Additionally, there is a growing demand for natural and herbal remedies, as consumers are becoming more health-conscious and seeking alternatives to traditional medications.

Trends in the market: One of the key trends in the Cold & Cough Remedies market in Latvia is the increasing popularity of combination products. These products offer a combination of ingredients that target multiple symptoms, providing convenience to consumers who prefer a single solution for their cold and cough symptoms. Combination products also offer cost savings compared to buying multiple individual remedies.Another trend in the market is the rising demand for online purchasing. Latvian consumers are increasingly turning to online platforms to purchase cold and cough remedies, driven by the convenience and wide product selection offered by e-commerce. This trend has been further accelerated by the COVID-19 pandemic, which has led to an increase in online shopping across various industries.

Local special circumstances: Latvia has a relatively high prevalence of cold and cough symptoms, especially during the winter months. The country's cold climate and long winters contribute to the spread of respiratory illnesses, leading to a higher demand for remedies to alleviate symptoms. This local circumstance creates a consistent market for cold and cough remedies in Latvia.

Underlying macroeconomic factors: The growing economy in Latvia has contributed to the increasing purchasing power of consumers, enabling them to spend more on healthcare products, including cold and cough remedies. Additionally, the country's aging population is driving the demand for these remedies, as older individuals are more susceptible to respiratory illnesses and seek relief for their symptoms.In conclusion, the Cold & Cough Remedies market in Latvia is witnessing steady growth driven by customer preferences for quick relief, the popularity of combination products, the rise of online purchasing, local special circumstances such as the prevalence of respiratory illnesses, and underlying macroeconomic factors such as the growing economy and aging population.

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.