Market Insights Health Pharmacies OTC Products

Cold & Cough Remedies (Pharmacies) - Armenia

Armenia

Revenue in the Cold & Cough Remedies market is projected to reach US$42.94m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.97%, resulting in a market volume of US$57.37m by 2029.
In global comparison, most revenue will be generated in China (US$7,826.00m in 2024).
In relation to total population figures, per person revenues of US$15.46 are generated in 2024.

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

Market

Region

Region comparison

Currency

Analyst Opinion

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

Customer preferences: Armenian 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 and the increasing awareness of self-care and preventive measures. Additionally, the affordability and accessibility of cold and cough remedies in pharmacies have contributed to their popularity among consumers.

Trends in the market: One of the key trends in the Cold & Cough Remedies (Pharmacies) market in Armenia is the rising demand for natural and herbal remedies. Consumers are becoming more conscious of the potential side effects of traditional medications and are seeking alternative solutions. As a result, pharmacies are expanding their product offerings to include a wider range of natural and herbal cold and cough remedies to cater to this growing demand. Another trend in the market is the increasing availability of cold and cough remedies specifically formulated for children. Parents are becoming more cautious about the medications they give to their children and are seeking products that are safe and effective for young ones. Pharmacies are responding to this demand by stocking a variety of child-friendly cold and cough remedies, including syrups and lozenges.

Local special circumstances: Armenia has a relatively high prevalence of cold and cough-related illnesses, particularly during the winter months. The cold climate and the close proximity of people in urban areas contribute to the spread of respiratory infections. This local circumstance drives the demand for cold and cough remedies in pharmacies, as consumers seek relief from their symptoms.

Underlying macroeconomic factors: Armenia's improving economy and rising disposable incomes have also played a role in the development of the Cold & Cough Remedies (Pharmacies) market. As people have more financial resources, they are more willing to spend on healthcare products, including cold and cough remedies. This has created a favorable market environment for pharmacies, leading to increased sales and revenue in this sector. In conclusion, the Cold & Cough Remedies (Pharmacies) market in Armenia is growing due to the preferences of consumers for over-the-counter remedies, the rising demand for natural and herbal products, the availability of child-friendly remedies, the local circumstances of a high prevalence of cold and cough-related illnesses, and the underlying macroeconomic factors of an improving economy and rising disposable incomes.

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.