Market Insights Health OTC Pharmaceuticals

Cold & Cough Remedies - Thailand

Thailand

In Thailand, the Cold & Cough Remedies market market generates a revenue of US$235.50m in 2024.
It is projected to experience an annual growth rate of 7.60% (CAGR 2024-2029).
Comparatively, the in the United States generates the highest revenue in this market, with a total of US$11,190.00m in 2024.
On a per person basis, the revenue generated amounts to US$3.28 in 2024.
Thailand's cold and cough remedies market is experiencing a surge in demand due to the country's high humidity and prevalence of air pollution.

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

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Analyst Opinion

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

Customer preferences: Thai consumers have a strong preference for natural and herbal remedies for cold and cough symptoms. They believe in the healing power of traditional Thai herbs and are inclined to choose products that are made from natural ingredients. This preference for natural remedies is driven by a desire for healthier and more sustainable alternatives to conventional medicines. Additionally, Thai consumers place a high value on traditional Thai medicine and believe in its effectiveness in treating common ailments.

Trends in the market: One of the key trends in the Cold & Cough Remedies market in Thailand is the increasing demand for over-the-counter (OTC) products. Thai consumers are becoming more proactive in managing their health and are seeking self-care options for common ailments like cold and cough. This trend is driven by the convenience and accessibility of OTC products, which can be purchased without a prescription. As a result, there is a growing market for OTC cold and cough remedies in Thailand.Another trend in the market is the rising popularity of combination products. Thai consumers are looking for multi-symptom relief in a single product, as it provides convenience and cost-effectiveness. Combination products that offer relief from cough, congestion, and sore throat are particularly sought after in the Thai market. Manufacturers are responding to this trend by introducing innovative combination products that address multiple symptoms.

Local special circumstances: Thailand has a tropical climate, which makes it prone to seasonal changes and fluctuations in temperature. These changes in weather can often lead to an increase in cold and cough cases, as the body adjusts to the varying conditions. This creates a favorable market for cold and cough remedies, as consumers seek relief from their symptoms.Additionally, Thailand is a popular tourist destination, attracting millions of visitors each year. Tourists from different countries may bring with them cold and cough viruses that are not commonly found in Thailand. This can contribute to the spread of cold and cough symptoms among the local population, further driving the demand for remedies.

Underlying macroeconomic factors: Thailand has a growing middle class with increasing disposable income. As a result, consumers have more purchasing power and are willing to spend on healthcare products, including cold and cough remedies. This growing middle class is driving the demand for quality healthcare products and contributing to the overall growth of the Cold & Cough Remedies market in Thailand.Furthermore, the healthcare infrastructure in Thailand has been improving over the years, with better access to healthcare services and a focus on preventive care. This has led to increased awareness and proactive behavior among consumers when it comes to managing their health. As a result, more consumers are seeking remedies for common ailments like cold and cough, further driving the growth of the market.In conclusion, the Cold & Cough Remedies market in Thailand is experiencing steady growth due to customer preferences for natural remedies, the increasing demand for OTC products, the popularity of combination products, local weather conditions, the influx of tourists, the growing middle class, and the improving healthcare infrastructure. These factors are driving the market and creating opportunities for manufacturers and suppliers in Thailand.

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.