Key regions: United Kingdom, South Korea, Europe, Japan, Germany
The Cold & Cough Remedies (Pharmacies) market in Nigeria is experiencing significant growth due to changing customer preferences, emerging trends, and local special circumstances. Nigerians are increasingly turning to pharmacies for cold and cough remedies, driving the demand for these products.
Customer preferences: Nigerian consumers have traditionally relied on home remedies and traditional medicine to treat colds and coughs. However, there has been a shift in customer preferences towards over-the-counter remedies available at pharmacies. This change can be attributed to several factors, including increased awareness about the effectiveness of modern pharmaceutical products, convenience, and a desire for quick relief from symptoms. Additionally, the rising urbanization and Westernization of Nigerian society have influenced consumer preferences, leading to a greater acceptance of pharmaceutical remedies.
Trends in the market: One of the key trends in the Cold & Cough Remedies (Pharmacies) market in Nigeria is the growing demand for natural and herbal remedies. Many consumers are seeking products that are perceived to be more natural and have fewer side effects. This trend is driven by a general shift towards healthier lifestyles and a preference for products with natural ingredients. As a result, pharmacies are expanding their product offerings to include a wider range of natural and herbal remedies to cater to this demand. Another trend in the market is the increasing availability of generic cold and cough remedies. Generic products are often more affordable than branded alternatives, making them an attractive option for price-sensitive consumers. Pharmacies are stocking a greater variety of generic cold and cough remedies to cater to this segment of the market. This trend is also driven by the growing competition among pharmaceutical manufacturers, leading to lower prices and increased accessibility of generic products.
Local special circumstances: Nigeria has a high prevalence of respiratory infections, including colds and coughs. This can be attributed to various factors such as poor sanitation, overcrowding, and a lack of access to clean water. These local special circumstances contribute to the high demand for cold and cough remedies in the country. Additionally, Nigeria has a large population, which further fuels the demand for these products.
Underlying macroeconomic factors: The growth of the Cold & Cough Remedies (Pharmacies) market in Nigeria is also influenced by underlying macroeconomic factors. Nigeria has experienced steady economic growth in recent years, leading to an increase in disposable income among the population. As a result, more Nigerians are able to afford pharmaceutical remedies for colds and coughs, driving the demand for these products. Furthermore, the expansion of the healthcare sector and the increasing number of pharmacies in the country have contributed to the growth of the market. In conclusion, the Cold & Cough Remedies (Pharmacies) market in Nigeria is developing due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards over-the-counter remedies, the demand for natural and herbal products, the availability of generic alternatives, the high prevalence of respiratory infections, and the country's economic growth all contribute to the growth of the market. Pharmacies in Nigeria are adapting to these trends and special circumstances by expanding their product offerings and catering to the diverse needs of consumers.
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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