Market Insights Health OTC Pharmaceuticals

Cold & Cough Remedies - NAFTA

NAFTA

In 2024, the revenue in the Cold & Cough Remedies market market in NAFTA is estimated to reach US$12.22bn.
It is projected to have an annual growth rate of 4.54% from 2024 to 2029 (CAGR 2024-2029).
Among all countries, the in the United States generates the highest revenue, amounting to US$11,190.00m in 2024.
When considering the population, the per capita revenue in 2024 is US$23.94.
In the NAFTA region, the demand for natural and herbal cold & cough remedies is on the rise, as consumers seek alternative and holistic approaches to health.

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

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Analyst Opinion

The Cold & Cough Remedies market in NAFTA has been experiencing steady growth in recent years, driven by several factors including customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.Customer preferences in the Cold & Cough Remedies market in NAFTA have been shifting towards natural and herbal remedies. Consumers are increasingly seeking products that are perceived as more natural and have fewer side effects. This trend is driven by a growing awareness of the potential risks associated with the long-term use of traditional over-the-counter cold and cough remedies. As a result, there has been an increase in demand for natural alternatives such as herbal teas, essential oils, and homeopathic remedies.Trends in the market have also contributed to the growth of the Cold & Cough Remedies market in NAFTA. One key trend is the increasing prevalence of cold and flu outbreaks during the winter months. This has led to a higher demand for cold and cough remedies, as consumers seek relief from symptoms such as congestion, coughing, and sore throat. In addition, the aging population in NAFTA countries has also contributed to the growth of the market, as older adults are more susceptible to colds and respiratory infections.Local special circumstances in each NAFTA country have also played a role in the development of the Cold & Cough Remedies market. For example, in the United States, the high cost of healthcare and prescription medications has led many consumers to seek over-the-counter remedies as a more affordable alternative. In Canada, the long and harsh winters have created a higher demand for cold and cough remedies, as residents are more likely to experience cold and flu symptoms.Underlying macroeconomic factors have also influenced the growth of the Cold & Cough Remedies market in NAFTA. The overall economic growth in the region has led to increased consumer spending power, allowing individuals to purchase cold and cough remedies as needed. In addition, the increasing urbanization and changing lifestyles in NAFTA countries have contributed to the growth of the market, as individuals living in urban areas are more likely to be exposed to cold and flu viruses.In conclusion, the Cold & Cough Remedies market in NAFTA is experiencing steady growth due to shifting customer preferences towards natural remedies, trends in the market such as increased cold and flu outbreaks, local special circumstances in each country, and underlying macroeconomic factors. As consumers continue to prioritize their health and seek relief from cold and cough symptoms, the market is expected to continue growing in the coming years.

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.