Market Insights Health Pharmacies OTC Products

Cold & Cough Remedies (Pharmacies) - China

China

Revenue in the Cold & Cough Remedies market is projected to reach €7.26bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.76%, resulting in a market volume of €10.55bn by 2029.
In global comparison, most revenue will be generated in China (€7,257.00m in 2024).
In relation to total population figures, per person revenues of €5.07 are generated in 2024.

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

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Analyst Opinion

The Cold & Cough Remedies (Pharmacies) market in China has been experiencing significant growth in recent years.

Customer preferences: Chinese consumers have shown a growing preference for over-the-counter cold and cough remedies purchased from pharmacies. This shift in preference can be attributed to several factors. Firstly, the increasing awareness of health and wellness has led consumers to take a proactive approach to managing their health. As a result, they are more likely to seek out remedies for common ailments like colds and coughs. Secondly, the convenience and accessibility of pharmacies have made them a popular choice for purchasing these remedies. Pharmacies are often located in convenient locations, making it easy for consumers to access the products they need. Lastly, the trust and confidence consumers have in the quality of products sold in pharmacies also contribute to their preference for purchasing cold and cough remedies from these establishments.

Trends in the market: One of the key trends in the Cold & Cough Remedies (Pharmacies) market in China is the increasing demand for natural and herbal remedies. Chinese consumers have a long-standing tradition of using traditional Chinese medicine to treat various ailments, including colds and coughs. As a result, there is a growing market for natural and herbal remedies that cater to this preference. Pharmacies have responded to this trend by expanding their product offerings to include a wider range of natural and herbal remedies, alongside conventional pharmaceutical products. Another trend in the market is the rise of e-commerce in the sale of cold and cough remedies. With the increasing popularity of online shopping in China, consumers are now turning to e-commerce platforms to purchase their healthcare products. This trend has prompted pharmacies to establish their online presence and offer their products through online platforms. This shift towards e-commerce has not only increased the accessibility of cold and cough remedies but has also created new opportunities for pharmacies to reach a wider customer base.

Local special circumstances: China's large population and rapid urbanization have contributed to the growth of the Cold & Cough Remedies (Pharmacies) market. As more people move to urban areas, there is a greater demand for healthcare products and services, including cold and cough remedies. Additionally, China's aging population has also played a role in driving market growth. Older adults are more susceptible to colds and coughs, leading to an increased demand for remedies in this demographic.

Underlying macroeconomic factors: China's growing middle class and rising disposable incomes have also contributed to the growth of the Cold & Cough Remedies (Pharmacies) market. As more people have the financial means to afford healthcare products, the demand for cold and cough remedies has increased. Additionally, the government's focus on healthcare reform and improving access to healthcare services has also played a role in driving market growth. These efforts have led to increased healthcare spending and a greater emphasis on preventive care, including the use of cold and cough remedies. Overall, the Cold & Cough Remedies (Pharmacies) market in China is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, pharmacies will need to adapt to meet the changing needs and preferences of Chinese consumers.

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.