Key regions: United Kingdom, South Korea, Europe, Japan, Germany
The Cold & Cough Remedies (Pharmacies) market in Colombia is experiencing steady growth due to various factors.
Customer preferences: Colombian consumers are increasingly seeking over-the-counter cold and cough remedies from pharmacies. This preference can be attributed to the convenience of purchasing these products without a prescription, as well as the trust placed in the expertise of pharmacists. Additionally, the affordability of these remedies compared to prescription medications makes them an attractive option for consumers.
Trends in the market: One of the key trends in the Cold & Cough Remedies (Pharmacies) market in Colombia is the growing demand for natural and herbal remedies. Consumers are becoming more conscious about the ingredients used in products and are opting for remedies that are perceived to be more natural and less likely to cause side effects. This trend is driven by a general shift towards healthier lifestyles and a preference for products that are perceived to be more sustainable and environmentally friendly. Another trend in the market is the increasing availability and popularity of combination products. These products offer multiple benefits in a single formulation, such as relieving both cold and cough symptoms. Combination products are favored by consumers as they provide convenience and cost savings compared to purchasing multiple individual remedies.
Local special circumstances: Colombia has a high prevalence of respiratory infections, which contributes to the demand for cold and cough remedies. The country's tropical climate and high population density in urban areas create favorable conditions for the spread of respiratory illnesses. As a result, consumers are more likely to seek remedies to alleviate symptoms and manage their conditions.
Underlying macroeconomic factors: The growing middle class in Colombia is driving the demand for cold and cough remedies. As more people have disposable income, they are able to afford healthcare products and are willing to spend on over-the-counter remedies to manage their health. Additionally, the increasing urbanization in the country has led to a higher concentration of pharmacies in cities, making these remedies more accessible to consumers. Furthermore, the COVID-19 pandemic has had an impact on the Cold & Cough Remedies (Pharmacies) market in Colombia. The heightened awareness of respiratory illnesses and the importance of maintaining good health has led to increased demand for these remedies. Consumers are taking proactive measures to protect themselves and their families, and this includes purchasing cold and cough remedies to have on hand in case of illness. In conclusion, the Cold & Cough Remedies (Pharmacies) market in Colombia is growing due to customer preferences for over-the-counter remedies, trends such as the demand for natural and combination products, local special circumstances such as the prevalence of respiratory infections, and underlying macroeconomic factors including the growing middle class and the impact of the COVID-19 pandemic.
Data coverage:
The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.Modeling approach:
Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.
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