Market Insights Health Pharmacies OTC Products

Cold & Cough Remedies (Pharmacies) - Peru

Peru

Revenue in the Cold & Cough Remedies market is projected to reach US$95.78m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.14%, resulting in a market volume of US$129.00m 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$2.76 are generated in 2024.

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

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Currency

Analyst Opinion

The Cold & Cough Remedies (Pharmacies) market in Peru has been experiencing steady growth in recent years.

Customer preferences: Peruvian consumers have shown a strong preference for over-the-counter cold and cough remedies available in pharmacies. This preference can be attributed to the convenience of purchasing these products without a prescription, as well as the trust placed in the expertise of pharmacists in recommending appropriate remedies.

Trends in the market: One of the key trends in the Cold & Cough Remedies (Pharmacies) market in Peru is the increasing demand for natural and herbal remedies. Consumers are becoming more health-conscious and are seeking products that are perceived as being more natural and less likely to cause side effects. This trend is in line with the global shift towards natural remedies and is driving the development of new products in the market. Another trend in the market is the growing popularity of combination products that offer relief for multiple symptoms. Consumers are looking for convenience and value for money, and combination products that target both cold and cough symptoms are meeting this demand. Manufacturers are responding to this trend by launching new combination products and promoting them as a one-stop solution for cold and cough relief.

Local special circumstances: Peru has a high incidence of respiratory infections, which contributes to the demand for cold and cough remedies. The country's mountainous terrain and diverse climate create conditions that are conducive to respiratory illnesses. In addition, the prevalence of air pollution in urban areas further exacerbates respiratory problems. These local circumstances drive the need for effective remedies to alleviate cold and cough symptoms.

Underlying macroeconomic factors: The growth of the Cold & Cough Remedies (Pharmacies) market in Peru is also influenced by macroeconomic factors. The country's improving economy has led to an increase in disposable income, allowing consumers to spend more on healthcare products. Additionally, the expanding middle class in Peru is becoming more health-conscious and willing to invest in preventive healthcare measures. These factors contribute to the overall growth of the market. In conclusion, the Cold & Cough Remedies (Pharmacies) market in Peru is witnessing steady growth due to customer preferences for over-the-counter remedies, the trend towards natural and combination products, local special circumstances, and underlying macroeconomic factors. As the market continues to develop, manufacturers and retailers should focus on meeting consumer demands for convenience, value for money, and natural remedies.

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.