Market Insights Health Pharmacies OTC Products

Cold & Cough Remedies (Pharmacies) - Asia

Asia

Revenue in the Cold & Cough Remedies market is projected to reach €12.47bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.33%, resulting in a market volume of €17.76bn by 2029.
In global comparison, most revenue will be generated in China (€7,182.00m in 2024).
In relation to total population figures, per person revenues of €2.75 are generated in 2024.

Key regions: Canada, United Kingdom, United States, China, Europe

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Cold & Cough Remedies (Pharmacies) market in Asia is experiencing significant growth and development.

Customer preferences: Customers in Asia have shown a growing preference for over-the-counter cold and cough remedies available in pharmacies. This can be attributed to several factors. Firstly, the convenience of purchasing these remedies from pharmacies, which are easily accessible and often located in close proximity to residential areas. Secondly, the increasing awareness among consumers about the effectiveness of these remedies in relieving symptoms and promoting recovery. Lastly, the affordability of these remedies compared to prescription medications, making them a more viable option for many consumers.

Trends in the market: One of the key trends in the Cold & Cough Remedies (Pharmacies) market in Asia is the rising demand for natural and herbal remedies. Consumers are becoming more conscious of the potential side effects of conventional medications and are seeking alternative options. As a result, pharmacies are expanding their product offerings to include a wider range of natural and herbal remedies for cold and cough. This trend is particularly prominent in countries like China and India, where traditional medicine has a strong cultural influence. Another trend in the market is the increasing popularity of combination remedies. Customers are looking for products that can address multiple symptoms simultaneously, such as relieving congestion, soothing a sore throat, and reducing coughing. Pharmacies are responding to this demand by offering combination remedies that provide comprehensive relief for cold and cough symptoms. This trend is driven by the desire for convenience and efficiency in managing these common ailments.

Local special circumstances: In some Asian countries, there are cultural and traditional practices that influence the preferences and choices of consumers in the Cold & Cough Remedies (Pharmacies) market. For example, in countries like Japan and South Korea, there is a strong emphasis on preventive healthcare. This has led to the popularity of products such as herbal teas and supplements that are believed to boost the immune system and prevent cold and cough. Pharmacies in these countries cater to this demand by offering a wide range of preventive remedies.

Underlying macroeconomic factors: The growing middle class in many Asian countries is a significant driver of the Cold & Cough Remedies (Pharmacies) market. As disposable incomes rise, consumers have more purchasing power to spend on healthcare products. This has resulted in increased demand for cold and cough remedies, as consumers prioritize their health and well-being. Additionally, the aging population in Asia is also contributing to the growth of the market. Older adults are more susceptible to cold and cough, and they often seek remedies to alleviate their symptoms. Pharmacies are capitalizing on this demographic trend by providing specialized products and services tailored to the needs of the elderly. In conclusion, the Cold & Cough Remedies (Pharmacies) market in Asia is experiencing growth and development due to customer preferences for convenience, effectiveness, and affordability. The market is also influenced by trends such as the demand for natural and herbal remedies, as well as combination remedies. Local special circumstances, such as cultural practices and traditional medicine, further shape the market. Underlying macroeconomic factors, including the growing middle class and aging population, are driving the market's expansion.

Methodology

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.