Market Insights Health Pharmacies OTC Products

Cold & Cough Remedies (Pharmacies) - Philippines

Philippines

Revenue in the Cold & Cough Remedies market is projected to reach US$121.90m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.90%, resulting in a market volume of US$178.30m 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$1.02 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 Philippines is experiencing steady growth due to several factors.

Customer preferences: Customers in the Philippines have a strong preference for over-the-counter cold and cough remedies that are easily accessible at pharmacies. They value convenience and affordability, and prefer products that provide quick relief from symptoms such as cough, congestion, and sore throat. Customers also tend to choose products that are trusted and recommended by healthcare professionals.

Trends in the market: One of the key trends in the Cold & Cough Remedies (Pharmacies) market in Philippines is the increasing demand for natural and herbal remedies. Customers are becoming more conscious about the ingredients in the products they use and are seeking alternatives to traditional pharmaceutical remedies. This trend is driven by the growing popularity of natural and holistic approaches to healthcare. Another trend in the market is the rising demand for combination products that provide relief from multiple symptoms. Customers prefer products that offer a comprehensive solution to their cold and cough symptoms, rather than having to purchase multiple individual products. Combination products that offer relief from cough, congestion, sore throat, and other related symptoms are gaining popularity among customers in the Philippines.

Local special circumstances: The Philippines has a tropical climate, which makes it prone to seasonal changes and fluctuations in temperature. These changes in weather often lead to increased incidences of cold and cough among the population. As a result, the demand for cold and cough remedies tends to be higher during certain seasons, such as the rainy season or when there are sudden temperature drops.

Underlying macroeconomic factors: The growing middle class in the Philippines is contributing to the growth of the Cold & Cough Remedies (Pharmacies) market. As disposable incomes rise, more people are able to afford healthcare products and are willing to spend on remedies for common ailments such as cold and cough. Additionally, the increasing urbanization and changing lifestyles are leading to higher incidences of cold and cough, further driving the demand for remedies in the market. In conclusion, the Cold & Cough Remedies (Pharmacies) market in Philippines is growing steadily due to customer preferences for convenient and affordable remedies, the increasing demand for natural and combination products, the local special circumstances of seasonal changes, and the underlying macroeconomic factors of a growing middle class and changing lifestyles.

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.