Market Insights Health Pharmacies OTC Products

Cold & Cough Remedies (Pharmacies) - Senegal

Senegal

Revenue in the Cold & Cough Remedies market is projected to reach US$8.46m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.65%, resulting in a market volume of US$12.23m 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$0.46 are generated in 2024.

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

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Analyst Opinion

The Cold & Cough Remedies (Pharmacies) market in Senegal is experiencing significant growth due to changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Customers in Senegal are increasingly seeking over-the-counter remedies for cold and cough symptoms. This preference can be attributed to the convenience and accessibility of these products in pharmacies. Additionally, customers are increasingly looking for natural and herbal remedies, which are perceived as safer and more effective in treating cold and cough symptoms.

Trends in the market: One of the key trends in the Cold & Cough Remedies market in Senegal is the growing demand for locally produced remedies. Customers are becoming more conscious of supporting local businesses and are actively seeking products that are made in Senegal. This trend is driven by a desire to promote local economy and reduce dependence on imported products. Another trend in the market is the increasing popularity of combination remedies. Customers are looking for products that offer relief from multiple symptoms, such as congestion, cough, and sore throat, in a single formulation. This trend is driven by the convenience and cost-effectiveness of combination remedies, as customers can address multiple symptoms with a single product.

Local special circumstances: Senegal has a high prevalence of respiratory diseases, including cold and cough. This creates a significant demand for remedies in the market. Additionally, the country has a well-established healthcare system, with a large number of pharmacies that cater to the needs of the population. The presence of a strong distribution network ensures that cold and cough remedies are readily available to customers across the country.

Underlying macroeconomic factors: The growing middle class in Senegal is driving the demand for Cold & Cough Remedies. As disposable incomes increase, customers are willing to spend more on healthcare products, including remedies for cold and cough. Additionally, the government's focus on improving healthcare infrastructure and access to essential medicines is further fueling the growth of the market. In conclusion, the Cold & Cough Remedies (Pharmacies) market in Senegal is growing due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The demand for over-the-counter remedies, locally produced products, and combination remedies is driving the market growth. The high prevalence of respiratory diseases and the well-established healthcare system in Senegal are also contributing to the growth of the market.

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.