Market Insights Health Pharmacies OTC Products

Cold & Cough Remedies (Pharmacies) - ASEAN

ASEAN

Revenue in the Cold & Cough Remedies market is projected to reach US$1.13bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.51%, resulting in a market volume of US$1.70bn 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$1.64 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 ASEAN is experiencing significant growth and development.

Customer preferences: Customers in ASEAN countries 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 remedies without a prescription, the affordability of these products compared to prescription medications, and the increasing awareness of self-care and prevention of illnesses. Additionally, the availability of a wide range of cold and cough remedies in pharmacies allows customers to choose products that suit their specific needs.

Trends in the market: One notable trend in the ASEAN Cold & Cough Remedies (Pharmacies) market is the increasing demand for natural and herbal remedies. Customers are becoming more conscious of the potential side effects of conventional medications and are seeking alternative options. This has led to a rise in the availability and sales of herbal-based cold and cough remedies in pharmacies across ASEAN countries. Another trend is the growing popularity of combination products that offer relief from multiple symptoms, such as congestion, cough, and sore throat. These combination products provide convenience to customers and address their various symptoms with a single medication.

Local special circumstances: In each ASEAN country, there are unique factors that contribute to the development of the Cold & Cough Remedies (Pharmacies) market. For example, in Indonesia, the market is driven by the large population and the high incidence of respiratory infections due to the tropical climate. In Thailand, the market is influenced by the popularity of traditional Thai medicine, which includes herbal remedies for cold and cough. In Singapore, the market is shaped by the high healthcare standards and the preference for branded and imported products.

Underlying macroeconomic factors: Several macroeconomic factors contribute to the growth of the Cold & Cough Remedies (Pharmacies) market in ASEAN. Firstly, the rising disposable income in many ASEAN countries has increased the affordability of healthcare products, including cold and cough remedies. This has resulted in higher demand for these products. Secondly, the increasing urbanization and changing lifestyles in ASEAN countries have led to a higher prevalence of respiratory infections, driving the demand for cold and cough remedies. Lastly, the growing healthcare infrastructure and the expansion of pharmacy chains in ASEAN countries have made these remedies more accessible to customers, further boosting market growth. In conclusion, the Cold & Cough Remedies (Pharmacies) market in ASEAN is witnessing significant growth due to customer preferences for over-the-counter remedies, the increasing demand for natural and herbal products, and the availability of combination medications. Local special circumstances in each ASEAN country and underlying macroeconomic factors such as rising disposable income, urbanization, and healthcare infrastructure also contribute to the development of the market.

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.