Market Insights Health OTC Pharmaceuticals

Cold & Cough Remedies - South Korea

South Korea

In South Korea, the revenue generated in the Cold & Cough Remedies market market is estimated to reach €0.77bn in 2024.
It is projected to experience an annual growth rate of 6.60% (CAGR 2024-2029).
Comparatively, the in the United States generates the highest revenue in this market, amounting to €10,380.00m in 2024.
When considering the population, the per person revenue in South Korea is €14.82 in 2024.
South Korea's cold and cough remedies market is driven by a strong demand for traditional herbal remedies.

Key regions: Australia, Japan, India, Brazil, Canada

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Analyst Opinion

The Cold & Cough Remedies market in South Korea has been experiencing significant growth in recent years, driven by various factors such as changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Cold & Cough Remedies market in South Korea have been shifting towards natural and herbal remedies, as consumers become more health-conscious and seek alternatives to traditional pharmaceutical products. This trend is in line with the global market, where natural and herbal remedies are gaining popularity due to their perceived safety and effectiveness. In addition to the preference for natural remedies, there is also a growing demand for convenience and ease of use. Consumers in South Korea are increasingly looking for products that are easy to consume and can be taken on the go. This has led to the introduction of innovative formats such as dissolvable tablets, liquid sachets, and single-dose packaging. Trends in the Cold & Cough Remedies market in South Korea also reflect the overall healthcare landscape in the country. With an aging population and increasing healthcare costs, there is a greater emphasis on prevention and self-care. This has led to a rise in the demand for preventive healthcare products, including immune-boosting supplements and vitamins. Local special circumstances in South Korea, such as high levels of air pollution and a cold climate, contribute to the demand for Cold & Cough Remedies. Air pollution can exacerbate respiratory conditions and increase the risk of colds and coughs, leading to a higher demand for remedies that alleviate symptoms and strengthen the immune system. The cold climate in South Korea also makes individuals more susceptible to respiratory illnesses, further driving the demand for Cold & Cough Remedies. Underlying macroeconomic factors, such as increasing disposable incomes and a growing middle-class population, are also driving the growth of the Cold & Cough Remedies market in South Korea. As individuals have more money to spend on healthcare products, they are more likely to invest in remedies for cold and cough symptoms. Additionally, a growing middle-class population means there is a larger consumer base for these products. Overall, the Cold & Cough Remedies market in South Korea is developing in response to changing customer preferences, emerging trends, and local special circumstances. The shift towards natural remedies, demand for convenience, and focus on preventive healthcare are driving the growth of this market. Additionally, factors such as air pollution, climate, and macroeconomic conditions contribute to the demand for Cold & Cough Remedies in South Korea.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.