Key regions: United Kingdom, South Korea, Europe, Japan, Germany
The Cold & Cough Remedies (Pharmacies) market in Cyprus is experiencing significant growth due to several key factors.
Customer preferences: Customers in Cyprus are increasingly seeking over-the-counter remedies for cold and cough symptoms. This shift in preference can be attributed to the convenience and accessibility of these remedies, as they can be easily purchased at local pharmacies without the need for a prescription. Additionally, customers are becoming more health-conscious and proactive in managing their own health, leading them to seek immediate relief for common cold and cough symptoms.
Trends in the market: One of the notable trends in the Cold & Cough Remedies (Pharmacies) market in Cyprus is the increasing demand for natural and herbal remedies. Customers are showing a growing interest in products that are perceived to be more natural and have fewer side effects. This trend is in line with the global market, where consumers are becoming more conscious of the ingredients in the products they use and are opting for natural alternatives. Another trend in the market is the growing popularity of combination remedies. Customers are looking for products that provide relief for multiple symptoms, such as cough, congestion, and sore throat, in a single formulation. Combination remedies offer convenience and cost-effectiveness, as customers do not need to purchase multiple products to address different symptoms.
Local special circumstances: Cyprus has a relatively high prevalence of cold and cough symptoms, particularly during the winter months. This can be attributed to the country's geographical location and climate, which make it susceptible to seasonal changes and fluctuations in temperature. As a result, customers in Cyprus are more likely to seek remedies to alleviate cold and cough symptoms, driving the demand for products in the market.
Underlying macroeconomic factors: The growth of the Cold & Cough Remedies (Pharmacies) market in Cyprus can also be attributed to the country's growing economy. As the economy continues to expand, consumers have more disposable income to spend on healthcare products, including over-the-counter remedies. This increased purchasing power enables customers to afford a wider range of products and fuels the growth of the market. In conclusion, the Cold & Cough Remedies (Pharmacies) market in Cyprus is developing due to customer preferences for over-the-counter remedies, the trend towards natural and herbal products, the demand for combination remedies, the local prevalence of cold and cough symptoms, and the country's growing economy. These factors are driving the growth of the market and shaping the choices and preferences of customers in Cyprus.
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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