Key regions: Canada, United Kingdom, United States, China, Europe
The Cold & Cough Remedies (Pharmacies) market in Mongolia has been experiencing steady growth in recent years.
Customer preferences: In Mongolia, customers have a strong preference for over-the-counter cold and cough remedies that can be easily purchased from local pharmacies. This preference is driven by the convenience and accessibility of these remedies, as well as the trust that customers have in the quality and efficacy of the products available at pharmacies. Customers also tend to prefer remedies that provide quick relief from symptoms, such as nasal congestion, coughing, and sore throat.
Trends in the market: One of the key trends in the Cold & Cough Remedies (Pharmacies) market in Mongolia is the increasing demand for natural and herbal remedies. Customers are becoming more conscious about the ingredients and potential side effects of the products they use, leading to a growing interest in natural alternatives. As a result, pharmacies in Mongolia are expanding their range of natural and herbal cold and cough remedies to cater to this demand. Another trend in the market is the growing popularity of combination remedies. Customers are looking for products that can address multiple symptoms simultaneously, such as a single medication that can relieve both nasal congestion and coughing. Pharmacies are responding to this trend by offering a wider variety of combination remedies, providing convenience and cost savings for customers.
Local special circumstances: Mongolia has a harsh climate with long and cold winters, which often leads to a high incidence of cold and cough among the population. This creates a constant demand for cold and cough remedies throughout the year. Additionally, the nomadic lifestyle of some Mongolian communities, especially in rural areas, can make it difficult for individuals to access healthcare facilities. In such cases, pharmacies become the primary source of healthcare and medication for the local population.
Underlying macroeconomic factors: The growing Cold & Cough Remedies (Pharmacies) market in Mongolia can be attributed to several macroeconomic factors. Firstly, the increasing disposable income of the population has led to higher healthcare spending, including the purchase of cold and cough remedies. Secondly, the expanding middle class in the country has resulted in a larger customer base for pharmacies, driving the demand for these products. Finally, the government's focus on improving healthcare infrastructure and access to medication has also contributed to the growth of the market. Overall, the Cold & Cough Remedies (Pharmacies) market in Mongolia is developing due to customer preferences for accessible and convenient remedies, the increasing demand for natural and combination remedies, local special circumstances such as the harsh climate and nomadic lifestyle, and underlying macroeconomic factors such as rising disposable income and government initiatives.
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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