Key regions: United Kingdom, South Korea, Europe, Japan, Germany
The Cold & Cough Remedies (Pharmacies) market in NAFTA is experiencing steady growth due to several factors.
Customer preferences: Customers in the NAFTA region have a strong preference for over-the-counter cold and cough remedies that provide quick relief from symptoms such as congestion, cough, and sore throat. They also prefer products that are easy to use and have minimal side effects. Additionally, customers in this market tend to favor well-known brands that have a reputation for quality and effectiveness.
Trends in the market: One of the key trends in the Cold & Cough Remedies (Pharmacies) market in NAFTA is the increasing demand for natural and herbal remedies. Customers are becoming more conscious about the ingredients in the products they use and are seeking alternatives to traditional pharmaceutical remedies. This trend is driven by a growing interest in holistic health and wellness, as well as a desire to minimize the intake of synthetic chemicals. Another trend in the market is the rise of online sales channels. Customers are increasingly turning to online platforms to purchase cold and cough remedies, as it offers convenience and a wider range of products to choose from. This trend has been further accelerated by the COVID-19 pandemic, which has led to an increase in online shopping across various industries.
Local special circumstances: In the United States, the largest market within NAFTA, the Cold & Cough Remedies (Pharmacies) market is influenced by factors such as the prevalence of cold and flu seasons, as well as the high healthcare costs. Customers in the U. S. are more likely to self-medicate with over-the-counter remedies rather than seek medical attention, due to the cost associated with doctor visits and prescription medications. In Canada, another significant market within NAFTA, the Cold & Cough Remedies (Pharmacies) market is influenced by factors such as the harsh winters and the cultural preference for natural remedies. Canadians often experience cold and flu symptoms during the winter months, leading to a higher demand for cold and cough remedies. Additionally, Canadians have a strong preference for natural remedies, which has driven the growth of herbal and homeopathic products in the market.
Underlying macroeconomic factors: The growth of the Cold & Cough Remedies (Pharmacies) market in NAFTA is also influenced by underlying macroeconomic factors. Factors such as population growth, increasing disposable income, and changing lifestyles play a significant role in driving the demand for cold and cough remedies. As the population in NAFTA countries continues to grow and become more affluent, the demand for healthcare products, including cold and cough remedies, is expected to increase. In conclusion, the Cold & Cough Remedies (Pharmacies) market in NAFTA is experiencing steady growth driven by customer preferences for quick relief, the trend towards natural and herbal remedies, the rise of online sales channels, and local special circumstances such as seasonal illnesses and cultural preferences. Underlying macroeconomic factors such as population growth and increasing disposable income also contribute to the growth of the market.
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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