Cold & Cough Remedies (Pharmacies) - Nigeria

Revenue in the Cold & Cough Remedies market is projected to reach US$203.30m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 14.51%, resulting in a market volume of US$400.30m by 2029.
In global comparison, most revenue will be generated China (US$7.83bn in 2024).
In relation to total population figures, per person revenues of US$0.89 are generated in 2024.

Definition:
The Cold and Cough market encompasses a range of over-the-counter (OTC) products sold through pharmacies. These products include both natural and synthetic agents designed to alleviate symptoms related to cough, cold, sore throat, expectorants, and flu-like infections. The market includes various forms of medication such as pills, syrups, lozenges, sprays, ointments, and granulates for both external and internal usage. However, the market excludes prescription medicines, products contrary to state regulations, or those not explicitly designed for cold or cough relief, such as painkillers. Some of the leading products in this market include nose sprays, Mucosolvan syrup, Grippostad C, Sinupret forte, Gelomyrtol, Dolo-Dobendan, Aspirin Complex, Bepanthen nose and eye cream, ACC Akut, Neo-Angin, Vick Vaporup, and Isla Moos. This market exclusively covers product sales through pharmacies.

Additional Information:
The Cold and Cough market comprises revenues, average revenue per capita and average revenue per pharmacy. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
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Natural and synthetic agents
In the form of pills, syrups, creams, lozenges, sprays and granulate
Expectorants and remedies to relieve cough

Prescription medicines
Homeopathic remedies
Painkillers
Candy

The Cold & Cough Remedies (Pharmacies) market in Nigeria is experiencing significant growth due to changing customer preferences, emerging trends, and local special circumstances. Nigerians are increasingly turning to pharmacies for cold and cough remedies, driving the demand for these products.

Customer preferences: Nigerian consumers have traditionally relied on home remedies and traditional medicine to treat colds and coughs. However, there has been a shift in customer preferences towards over-the-counter remedies available at pharmacies. This change can be attributed to several factors, including increased awareness about the effectiveness of modern pharmaceutical products, convenience, and a desire for quick relief from symptoms. Additionally, the rising urbanization and Westernization of Nigerian society have influenced consumer preferences, leading to a greater acceptance of pharmaceutical remedies.

Trends in the market: One of the key trends in the Cold & Cough Remedies (Pharmacies) market in Nigeria is the growing demand for natural and herbal remedies. Many consumers are seeking products that are perceived to be more natural and have fewer side effects. This trend is driven by a general shift towards healthier lifestyles and a preference for products with natural ingredients. As a result, pharmacies are expanding their product offerings to include a wider range of natural and herbal remedies to cater to this demand. Another trend in the market is the increasing availability of generic cold and cough remedies. Generic products are often more affordable than branded alternatives, making them an attractive option for price-sensitive consumers. Pharmacies are stocking a greater variety of generic cold and cough remedies to cater to this segment of the market. This trend is also driven by the growing competition among pharmaceutical manufacturers, leading to lower prices and increased accessibility of generic products.

Local special circumstances: Nigeria has a high prevalence of respiratory infections, including colds and coughs. This can be attributed to various factors such as poor sanitation, overcrowding, and a lack of access to clean water. These local special circumstances contribute to the high demand for cold and cough remedies in the country. Additionally, Nigeria has a large population, which further fuels the demand for these products.

Underlying macroeconomic factors: The growth of the Cold & Cough Remedies (Pharmacies) market in Nigeria is also influenced by underlying macroeconomic factors. Nigeria has experienced steady economic growth in recent years, leading to an increase in disposable income among the population. As a result, more Nigerians are able to afford pharmaceutical remedies for colds and coughs, driving the demand for these products. Furthermore, the expansion of the healthcare sector and the increasing number of pharmacies in the country have contributed to the growth of the market. In conclusion, the Cold & Cough Remedies (Pharmacies) market in Nigeria is developing due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards over-the-counter remedies, the demand for natural and herbal products, the availability of generic alternatives, the high prevalence of respiratory infections, and the country's economic growth all contribute to the growth of the market. Pharmacies in Nigeria are adapting to these trends and special circumstances by expanding their product offerings and catering to the diverse needs of consumers.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The global online pharmacy sector was estimated at 32 billion U.S. dollars by the end of 2023. In the United States, forecasts indicate that this figure would reach approximately 5.7 billion, solidifying its position as one of the largest online pharmacy markets. However, China dominates the pharma e-commerce industry worldwide, generating nearly 8.5 billion dollars in revenue. With China at the forefront, it is no wonder digital pharmacies make up the fastest-growing segment in the Asian digital health market.