Market Insights Health Pharmacies OTC Products

Cold & Cough Remedies (Pharmacies) - Saudi Arabia

Saudi Arabia

Revenue in the Cold & Cough Remedies market is projected to reach US$94.95m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.35%, resulting in a market volume of US$123.20m 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$2.53 are generated in 2024.

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

Market

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Analyst Opinion

The Cold & Cough Remedies (Pharmacies) market in Saudi Arabia is experiencing significant growth due to several factors.

Customer preferences: Customers in Saudi Arabia have a high demand for Cold & Cough Remedies (Pharmacies) products. This can be attributed to the country's hot climate, which makes individuals more susceptible to colds and coughs. Additionally, the high prevalence of respiratory diseases in the region has led to an increased need for these remedies.

Trends in the market: One of the key trends in the Cold & Cough Remedies (Pharmacies) market in Saudi Arabia is the growing popularity of natural and herbal remedies. Consumers are becoming more conscious about the ingredients in the products they use and are opting for natural alternatives. This trend is driven by the perception that natural remedies are safer and have fewer side effects. As a result, pharmaceutical companies are introducing more natural and herbal products to cater to this demand. Another trend in the market is the increasing availability of over-the-counter (OTC) products. Previously, individuals had to visit a doctor to obtain a prescription for Cold & Cough Remedies (Pharmacies) products. However, with the expansion of the OTC market, consumers can now easily purchase these products from pharmacies without a prescription. This convenience factor has contributed to the growth of the market.

Local special circumstances: Saudi Arabia has a large expatriate population, with individuals from various countries residing in the country. This has led to a diverse consumer base with different preferences and needs. Pharmaceutical companies are taking this into consideration and developing products that cater to the specific requirements of different ethnic groups. For example, products with flavors and packaging that appeal to the Asian population are being introduced to the market.

Underlying macroeconomic factors: Saudi Arabia has a rapidly growing population, which is driving the demand for healthcare products, including Cold & Cough Remedies (Pharmacies) products. The government has also been investing heavily in the healthcare sector, which has led to improved access to healthcare services and increased awareness about the importance of preventive care. This, in turn, has contributed to the growth of the Cold & Cough Remedies (Pharmacies) market. In conclusion, the Cold & Cough Remedies (Pharmacies) market in Saudi Arabia is experiencing growth due to customer preferences for natural and herbal remedies, the increasing availability of OTC products, the diverse consumer base, and the underlying macroeconomic factors such as population growth and government investments in healthcare.

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.