Market Insights Health OTC Pharmaceuticals

Cold & Cough Remedies - Africa

Africa

In the year 2024, the revenue generated in the Cold & Cough Remedies market market in Africa amounts to US$1.48bn.
This market is projected to experience an annual growth rate of 9.50% from 2024 to 2029, according to the Compound Annual Growth Rate (CAGR).
In comparison to other countries around Worldwide, the in the United States leads in terms of revenue generated in the Cold & Cough Remedies market market, with a total of US$11,190.00m in 2024.
When considering the population figures, the per person revenue generated in Africa in 2024 is approximately US$1.14.
In Africa, there is a growing demand for herbal cold and cough remedies, as consumers seek natural alternatives to traditional pharmaceutical options.

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

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Analyst Opinion

The Cold & Cough Remedies market in Africa is experiencing significant growth and development.

Customer preferences: Customers in Africa are increasingly seeking out Cold & Cough Remedies to alleviate symptoms and improve their overall health. The rising awareness of the importance of self-care and preventive healthcare has contributed to the growing demand for these products. Additionally, the increasing urbanization and changing lifestyles in Africa have led to a rise in respiratory illnesses, driving the need for effective remedies.

Trends in the market: One of the key trends in the Cold & Cough Remedies market in Africa is the growing preference for natural and herbal remedies. Consumers are becoming more conscious of the potential side effects of synthetic medications and are turning to natural alternatives. This trend is driven by the perception that natural remedies are safer and have fewer adverse effects. As a result, there has been a surge in the demand for herbal cough syrups, teas, and lozenges in the market.Another trend in the market is the increasing availability and accessibility of Cold & Cough Remedies. With the expansion of the retail sector and the growth of e-commerce platforms, consumers now have a wider range of products to choose from. This has made it easier for customers to access Cold & Cough Remedies, leading to increased sales and market growth.

Local special circumstances: Africa is a diverse continent with varying healthcare systems and cultural practices. Traditional medicine plays a significant role in many African countries, and this influences the demand for Cold & Cough Remedies. Local herbal remedies and traditional healing practices are often preferred by consumers, especially in rural areas. This preference for traditional medicine creates a unique market dynamic, with both traditional and modern remedies coexisting in the market.

Underlying macroeconomic factors: The economic growth and increasing disposable income in Africa have contributed to the growth of the Cold & Cough Remedies market. As more people can afford healthcare products, the demand for Cold & Cough Remedies has increased. Additionally, the growing middle class in Africa has led to a rise in healthcare expenditure, including spending on over-the-counter remedies.Furthermore, the COVID-19 pandemic has had a significant impact on the Cold & Cough Remedies market in Africa. The increased focus on health and hygiene has led to a surge in demand for these products. Consumers are now more conscious of their respiratory health and are taking proactive measures to prevent and treat cold and cough symptoms.In conclusion, the Cold & Cough Remedies market in Africa is experiencing growth due to changing customer preferences, including a preference for natural remedies, increasing availability and accessibility of products, and the influence of local special circumstances such as traditional medicine. The underlying macroeconomic factors, such as economic growth and the impact of the COVID-19 pandemic, have also contributed to the market's development.

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.