Key regions: Canada, United Kingdom, United States, China, Europe
The Cold & Cough Remedies (Pharmacies) market in Mexico is experiencing significant growth due to several factors.
Customer preferences: Mexican consumers have shown a growing preference for over-the-counter cold and cough remedies purchased from pharmacies. This is primarily driven by the convenience and accessibility of pharmacies, as well as the increasing awareness of self-medication. Consumers are more inclined to seek immediate relief from common cold and cough symptoms without having to visit a doctor. Additionally, the affordability of over-the-counter remedies compared to prescription medications is also a factor influencing customer preferences.
Trends in the market: One of the key trends in the Cold & Cough Remedies (Pharmacies) market in Mexico is the increasing demand for natural and herbal remedies. Consumers are becoming more conscious of the potential side effects of traditional pharmaceutical products and are seeking alternative options. This has led to the introduction of a wide range of natural and herbal cold and cough remedies in pharmacies across the country. Manufacturers are capitalizing on this trend by offering products that are perceived as safer and more sustainable. Another trend in the market is the growing popularity of combination products that offer multiple benefits. For example, cold and cough remedies that also provide relief from allergies or sinus congestion are gaining traction among consumers. This trend can be attributed to the desire for convenience and cost-effectiveness, as consumers prefer products that address multiple symptoms instead of purchasing separate remedies.
Local special circumstances: Mexico has a high prevalence of respiratory infections, which contributes to the demand for cold and cough remedies. The country's climate and air pollution levels make individuals more susceptible to respiratory illnesses, leading to a higher incidence of colds and coughs. This creates a favorable market environment for manufacturers and pharmacies to cater to the needs of the population. Furthermore, the Mexican healthcare system is characterized by long wait times and limited access to healthcare professionals. As a result, consumers often turn to pharmacies for quick and convenient solutions to their health concerns. This reliance on pharmacies as a primary source of healthcare contributes to the growth of the Cold & Cough Remedies market in Mexico.
Underlying macroeconomic factors: The steady growth of the Mexican economy and rising disposable incomes have also played a role in the development of the Cold & Cough Remedies market. As consumers become more financially stable, they are willing to spend on healthcare products to alleviate their symptoms and improve their overall well-being. This increased purchasing power has fueled the demand for cold and cough remedies in pharmacies. In conclusion, the Cold & Cough Remedies (Pharmacies) market in Mexico is witnessing growth due to customer preferences for convenient and accessible over-the-counter remedies, the increasing demand for natural and herbal products, and the prevalence of respiratory infections in the country. Additionally, the reliance on pharmacies as a primary source of healthcare and the improving macroeconomic conditions have contributed to the expansion of the market.
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.
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