Market Insights Health OTC Pharmaceuticals

Cold & Cough Remedies - New Zealand

New Zealand

In New Zealand, the revenue generated in the Cold & Cough Remedies market market is estimated to be NZD US$55.10m in 2024.
The market is projected to experience an annual growth rate of 6.33% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue in this market, reaching US$11,190.00m in 2024.
In terms of per capita figures, each individual in New Zealand contributes NZD US$10.46 towards the revenue in this market in 2024.
The demand for natural and herbal cold and cough remedies is on the rise in New Zealand, as consumers prioritize natural alternatives over traditional pharmaceutical options.

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

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Analyst Opinion

The Cold & Cough Remedies market in New Zealand has been experiencing steady growth in recent years.

Customer preferences: New Zealanders have shown a growing preference for natural and herbal remedies for cold and cough relief. This can be attributed to the increasing awareness of the potential side effects of over-the-counter medications and a desire for more holistic approaches to healthcare. As a result, there has been a rise in demand for natural remedies such as herbal teas, essential oils, and homeopathic remedies.

Trends in the market: One of the key trends in the Cold & Cough Remedies market in New Zealand is the increasing demand for immune-boosting products. With the growing emphasis on preventive healthcare, consumers are looking for products that can help strengthen their immune system and reduce the risk of catching a cold or cough. This has led to a surge in the sales of products containing ingredients such as vitamin C, zinc, and echinacea.Another trend in the market is the rising popularity of online shopping for cold and cough remedies. The convenience and wide range of products available online have made it a preferred channel for many consumers. Online retailers are capitalizing on this trend by offering competitive prices, quick delivery, and personalized recommendations based on customer preferences.

Local special circumstances: New Zealand's geographical location and climate contribute to the unique challenges faced by the Cold & Cough Remedies market. The country experiences distinct seasons, with winter being the peak season for cold and cough infections. This seasonal variation in demand requires manufacturers and retailers to adapt their marketing and supply chain strategies accordingly.Furthermore, New Zealand has a strong cultural tradition of using natural remedies for health and wellness. This cultural preference for natural products has influenced the choices and preferences of consumers in the Cold & Cough Remedies market. Manufacturers and retailers need to take this into account when developing and promoting their products.

Underlying macroeconomic factors: The growing population and increasing healthcare expenditure in New Zealand are important macroeconomic factors driving the growth of the Cold & Cough Remedies market. As the population continues to grow, so does the demand for healthcare products and services. This presents opportunities for manufacturers and retailers to expand their product offerings and reach a larger customer base.Additionally, the rising disposable income levels in New Zealand have contributed to increased consumer spending on healthcare products. Consumers are willing to invest in products that can help them maintain good health and prevent illnesses. This has created a favorable market environment for the Cold & Cough Remedies industry to thrive.In conclusion, the Cold & Cough Remedies market in New Zealand is witnessing growth due to customer preferences for natural remedies, the demand for immune-boosting products, the popularity of online shopping, unique local circumstances, and underlying macroeconomic factors such as population growth and increasing disposable income. Manufacturers and retailers in this market need to understand and cater to these trends and circumstances to capitalize on the opportunities available.

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.