Key regions: United Kingdom, South Korea, Europe, Japan, Germany
The Cold & Cough Remedies (Pharmacies) market in Montenegro has been experiencing significant growth in recent years.
Customer preferences: Customers in Montenegro have shown a growing preference for over-the-counter cold and cough remedies purchased from pharmacies. This can be attributed to the convenience and accessibility of pharmacies, as well as the increasing awareness and self-care practices among consumers. The demand for these remedies is driven by the desire to alleviate symptoms such as coughing, congestion, and sore throat, which are common during the winter season.
Trends in the market: One of the key trends in the Cold & Cough Remedies (Pharmacies) market in Montenegro is the increasing availability and variety of products. Pharmacies are expanding their product offerings to cater to the diverse needs and preferences of consumers. This includes a wide range of cough syrups, lozenges, nasal sprays, and throat sprays. Additionally, there is a growing trend towards natural and herbal remedies, as consumers seek alternatives to traditional pharmaceutical products. This trend is driven by the perception that natural remedies have fewer side effects and are more gentle on the body.
Local special circumstances: Montenegro experiences cold and harsh winters, which contribute to the high demand for cold and cough remedies. The country's geographical location, surrounded by mountains and with a significant coastline, makes it susceptible to cold weather conditions. As a result, the population is more prone to respiratory illnesses during the winter months. This creates a need for effective remedies to alleviate symptoms and improve overall well-being.
Underlying macroeconomic factors: The growing Cold & Cough Remedies (Pharmacies) market in Montenegro can also be attributed to the country's improving economy. As disposable incomes rise, consumers have more purchasing power to spend on healthcare products. This includes over-the-counter remedies for common ailments like colds and coughs. Furthermore, the increasing urbanization and modernization of Montenegro have led to a greater emphasis on health and wellness, with consumers becoming more proactive in managing their health. This has resulted in a higher demand for self-care products, including cold and cough remedies. In conclusion, the Cold & Cough Remedies (Pharmacies) market in Montenegro is experiencing growth due to customer preferences for convenient and accessible over-the-counter remedies. The market is characterized by a wide variety of products, including natural and herbal remedies. The country's cold winters and improving economy also contribute to the growing demand for these remedies.
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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