Market Insights Health OTC Pharmaceuticals

Cold & Cough Remedies - Ghana

Ghana

In Ghana, the revenue generated in the Cold & Cough Remedies market market amounts to US$29.26m in 2024.
It is projected that the market will experience an annual growth rate of 7.45% (CAGR 2024-2029).
When compared to other countries worldwide, the in the United States leads with a revenue of US$11,190.00m in 2024.
Considering the population size, per person revenues of US$0.84 are generated in 2024.
Ghana's growing middle class and increasing urbanization are driving demand for cold & cough remedies in the OTC Pharmaceuticals market.

Key regions: United States, Japan, Australia, United Kingdom, China

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Analyst Opinion

The Cold & Cough Remedies market in Ghana has experienced significant growth in recent years, driven by various factors such as changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Ghanaian consumers have shown a growing preference for over-the-counter cold and cough remedies due to their convenience and accessibility. With increasing urbanization and busier lifestyles, consumers are seeking quick and effective solutions to alleviate common cold and cough symptoms. This has led to a rise in demand for cold and cough remedies that are readily available in pharmacies and supermarkets.

Trends in the market: One of the key trends in the Cold & Cough Remedies market in Ghana is the growing demand for natural and herbal remedies. Consumers are becoming more conscious about the ingredients used in the products they consume and are opting for natural alternatives. This trend is driven by the belief that natural remedies are safer and have fewer side effects compared to conventional medicines. As a result, there has been an increase in the availability of natural and herbal cold and cough remedies in the market.Another trend in the market is the introduction of innovative product formats. Manufacturers are constantly developing new formulations and delivery systems to enhance the efficacy and convenience of cold and cough remedies. This includes the introduction of effervescent tablets, syrup sachets, and nasal sprays, which offer faster relief and ease of use. These innovative products have gained popularity among consumers, contributing to the overall growth of the market.

Local special circumstances: The prevalence of cold and cough in Ghana is relatively high, particularly during the rainy season and harmattan period. These weather conditions create favorable environments for the spread of respiratory infections, leading to an increased demand for cold and cough remedies. Additionally, Ghana has a young population, and children are particularly susceptible to respiratory illnesses. This demographic factor also contributes to the demand for cold and cough remedies in the country.

Underlying macroeconomic factors: Ghana's improving economic conditions have played a significant role in the growth of the Cold & Cough Remedies market. As disposable incomes rise, consumers have more purchasing power to spend on healthcare products, including cold and cough remedies. Furthermore, the government's efforts to improve healthcare infrastructure and access to essential medicines have also contributed to the market growth.In conclusion, the Cold & Cough Remedies market in Ghana is witnessing growth due to changing customer preferences, emerging trends, and local special circumstances. The demand for over-the-counter remedies, particularly natural and herbal products, is on the rise. Additionally, the introduction of innovative product formats has further fueled market growth. The prevalence of respiratory illnesses in Ghana, coupled with the country's improving economic conditions, has also contributed to the expansion of the market.

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.