Key regions: United Kingdom, South Korea, Europe, Japan, Germany
The Cold & Cough Remedies market has been experiencing significant growth worldwide.
Customer preferences: Customers are increasingly seeking over-the-counter remedies for cold and cough symptoms. This is driven by the convenience of purchasing these products from pharmacies without a prescription. Additionally, customers are becoming more health-conscious and are taking proactive measures to manage their symptoms at the early stages.
Trends in the market: One of the key trends in the Cold & Cough Remedies market is the growing demand for natural and herbal remedies. Customers are becoming more aware of the potential side effects of traditional pharmaceutical products and are seeking alternatives that are perceived to be safer and more gentle on the body. As a result, pharmacies are expanding their offerings to include a wider range of natural and herbal remedies to cater to this demand. Another trend in the market is the increasing popularity of combination products. Customers prefer remedies that address multiple symptoms at once, such as relieving both congestion and cough. Pharmacies are responding to this trend by stocking a variety of combination products to meet customer needs and preferences.
Local special circumstances: In certain countries, there may be cultural factors that influence customer preferences in the Cold & Cough Remedies market. For example, in some Asian countries, there is a strong belief in the power of traditional medicine, such as herbal remedies and acupuncture, to treat cold and cough symptoms. As a result, pharmacies in these regions may need to cater to this demand by offering a selection of traditional remedies alongside traditional pharmaceutical products.
Underlying macroeconomic factors: The Cold & Cough Remedies market is also influenced by macroeconomic factors. For example, during times of economic downturn, customers may be more inclined to purchase over-the-counter remedies rather than visit a doctor for a prescription. This is due to the cost savings associated with purchasing over-the-counter products. Additionally, the aging population in many countries is driving the demand for Cold & Cough Remedies, as older individuals are more susceptible to cold and cough symptoms and are seeking effective remedies to manage their symptoms. In conclusion, the Cold & Cough Remedies market is experiencing growth worldwide due to customer preferences for over-the-counter remedies, the increasing popularity of natural and herbal remedies, and the demand for combination products. Local special circumstances, such as cultural factors, may also influence customer preferences in certain regions. Additionally, macroeconomic factors, such as economic downturns and the aging population, play a role in driving the demand for Cold & Cough 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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