Market Insights Health Pharmacies OTC Products

Cold & Cough Remedies (Pharmacies) - South Korea

South Korea

Revenue in the Cold & Cough Remedies market is projected to reach €0.57bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.20%, resulting in a market volume of €0.77bn 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 €11.01 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 South Korea has been experiencing steady growth in recent years.

Customer preferences: South Korean consumers have shown a growing preference for over-the-counter cold and cough remedies purchased from pharmacies. This can be attributed to several factors, including the convenience of purchasing these products without a prescription, the increasing awareness and knowledge of self-medication, and the availability of a wide range of options in pharmacies. Additionally, the demand for natural and herbal remedies has also been on the rise, as consumers seek alternatives to traditional pharmaceutical products.

Trends in the market: One of the key trends in the Cold & Cough Remedies (Pharmacies) market in South Korea is the increasing demand for combination products. Consumers are looking for remedies that address multiple symptoms at once, such as a cough syrup that also provides relief for congestion and sore throat. This trend is driven by the desire for convenience and the need to manage multiple symptoms simultaneously. Another trend in the market is the growing popularity of online pharmacies. With the rise of e-commerce, more consumers are turning to online platforms to purchase their cold and cough remedies. This shift in consumer behavior can be attributed to the convenience of online shopping, the availability of a wider range of products, and the ability to compare prices and read reviews before making a purchase.

Local special circumstances: South Korea has a high population density, with a significant proportion of the population living in urban areas. This concentration of people in cities has led to an increased demand for cold and cough remedies, as these areas are more prone to the spread of infectious diseases. Additionally, South Korea experiences distinct seasons, with cold and flu outbreaks being more common during the winter months. This seasonal variation in demand for cold and cough remedies further contributes to the growth of the market.

Underlying macroeconomic factors: South Korea has a well-developed healthcare system and a high level of healthcare expenditure. This provides consumers with easy access to pharmacies and healthcare professionals, leading to increased awareness and usage of cold and cough remedies. Additionally, the country has a growing aging population, which is more susceptible to respiratory illnesses. This demographic trend further drives the demand for cold and cough remedies in South Korea. In conclusion, the Cold & Cough Remedies (Pharmacies) market in South Korea is developing due to the increasing preference for over-the-counter remedies, the demand for combination products, the rise of online pharmacies, the local special circumstances of high population density and seasonal outbreaks, and the underlying macroeconomic factors of a well-developed healthcare system and growing aging population.

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.