Market Insights Health Pharmacies OTC Products

Cold & Cough Remedies (Pharmacies) - Serbia

Serbia

Revenue in the Cold & Cough Remedies market is projected to reach US$65.24m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.16%, resulting in a market volume of US$101.10m 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$9.19 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 Serbia has been experiencing steady growth in recent years.

Customer preferences: Serbian consumers have shown a strong preference for over-the-counter cold and cough remedies available at pharmacies. This preference can be attributed to the convenience and accessibility of these products, as well as the trust that consumers have in the expertise of pharmacists.

Trends in the market: One of the key trends in the Cold & Cough Remedies market in Serbia is the increasing demand for natural and herbal remedies. Consumers are becoming more conscious about the ingredients and potential side effects of medications, leading them to seek out alternative options. This trend is in line with the global shift towards natural and holistic healthcare solutions. Another trend in the market is the growing popularity of combination products that offer multi-symptom relief. Consumers are looking for convenient solutions that can address multiple cold and cough symptoms at once, such as congestion, cough, and sore throat. This trend reflects the desire for effective and efficient remedies that can provide comprehensive relief.

Local special circumstances: Serbia has a relatively high incidence of cold and flu cases during the winter months, which drives the demand for cold and cough remedies. The cold climate and close proximity of individuals in indoor spaces during this time contribute to the spread of respiratory illnesses. As a result, consumers are more likely to seek out remedies to alleviate their symptoms and recover quickly.

Underlying macroeconomic factors: The growing Cold & Cough Remedies market in Serbia can also be attributed to favorable macroeconomic factors. The country has experienced stable economic growth in recent years, which has led to an increase in disposable income. This allows consumers to spend more on healthcare products, including cold and cough remedies. Additionally, the expansion of the pharmacy retail sector in Serbia has made these products more accessible to a larger population. In conclusion, the Cold & Cough Remedies (Pharmacies) market in Serbia is developing due to customer preferences for over-the-counter remedies, the trend towards natural and combination products, the local special circumstances of high incidence of cold and flu cases, and the underlying macroeconomic factors of stable economic growth and increased accessibility to pharmacies.

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.