Market Insights Health Pharmacies OTC Products

Cold & Cough Remedies (Pharmacies) - Kenya

Kenya

Revenue in the Cold & Cough Remedies market is projected to reach US$57.29m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 5.75%, resulting in a market volume of US$71.64m by 2028.
In global comparison, most revenue will be generated in China (US$7,826.00m in 2024).
In relation to total population figures, per person revenues of US$1.02 are generated in 2024.

Key regions: United Kingdom, South Korea, Europe, Japan, Germany

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Analyst Opinion

The Cold & Cough Remedies (Pharmacies) market in Kenya is experiencing significant growth due to several factors.

Customer preferences: Customers in Kenya have a high demand for Cold & Cough Remedies (Pharmacies) products. This can be attributed to the fact that Kenya has a high prevalence of respiratory illnesses such as colds and coughs. Customers are also becoming more health-conscious and are seeking remedies to alleviate their symptoms. Additionally, the convenience of purchasing these products from pharmacies, which are easily accessible in urban areas, is driving the demand.

Trends in the market: One of the key trends in the Cold & Cough Remedies (Pharmacies) market in Kenya is the increasing popularity of natural and herbal remedies. Customers are opting for products that are perceived to be more natural and have fewer side effects. This trend is in line with the global shift towards natural and organic products. As a result, pharmacies in Kenya are stocking a wider range of natural and herbal remedies to cater to this demand. Another trend in the market is the growing popularity of combination products. Customers are looking for remedies that address multiple symptoms at once, such as cough, congestion, and sore throat. Pharmacies are responding to this trend by offering combination products that provide comprehensive relief.

Local special circumstances: One of the special circumstances in the Cold & Cough Remedies (Pharmacies) market in Kenya is the high prevalence of respiratory illnesses. Kenya has a tropical climate, which can contribute to the spread of cold and cough viruses. Additionally, factors such as air pollution and poor sanitation in some areas can further exacerbate the problem. These local circumstances create a constant demand for Cold & Cough Remedies (Pharmacies) products.

Underlying macroeconomic factors: The growing middle class in Kenya is a major driver of the Cold & Cough Remedies (Pharmacies) market. As disposable incomes increase, more people are able to afford these products. Additionally, urbanization and the expansion of healthcare infrastructure in Kenya have made pharmacies more accessible to a larger population. These factors contribute to the overall growth of the market. In conclusion, the Cold & Cough Remedies (Pharmacies) market in Kenya is witnessing growth due to customer preferences for convenient and effective remedies, the popularity of natural and combination products, the high prevalence of respiratory illnesses, and the underlying macroeconomic factors such as the growing middle class and urbanization.

Methodology

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.