Key regions: Canada, United Kingdom, United States, China, Europe
The Cold & Cough Remedies (Pharmacies) market in Southeast Asia is experiencing significant growth due to several factors.
Customer preferences: Customers in Southeast Asia have a high demand for over-the-counter cold and cough remedies due to the prevalence of respiratory illnesses in the region. The hot and humid climate in many Southeast Asian countries makes individuals more susceptible to colds and coughs, leading to a higher demand for remedies. Additionally, there is a growing awareness among consumers about the importance of self-care and preventive measures, leading to an increased demand for these products.
Trends in the market: One of the key trends in the Cold & Cough Remedies (Pharmacies) market in Southeast Asia is the rising popularity of natural and herbal remedies. Consumers are becoming more conscious about the ingredients used in these products and are opting for natural alternatives to synthetic medications. This trend is driven by the increasing popularity of traditional medicine and the perception that natural remedies have fewer side effects. Another trend in the market is the growing popularity of combination products. These products offer multiple benefits in a single formulation, such as relieving both cold and cough symptoms. Combination products are convenient for consumers and offer a cost-effective solution, driving their demand in the market.
Local special circumstances: Southeast Asia is a region with diverse cultural and traditional practices. This diversity is reflected in the preferences for cold and cough remedies. For example, in countries like Indonesia and Malaysia, traditional herbal remedies are widely used and have a strong market presence. On the other hand, in countries like Singapore and Thailand, there is a higher preference for Western medicine and pharmaceutical products.
Underlying macroeconomic factors: The growing middle-class population in Southeast Asia is a key driver of the Cold & Cough Remedies (Pharmacies) market. With increasing disposable incomes, consumers are willing to spend on healthcare products, including cold and cough remedies. Furthermore, the urbanization and modernization of the region have led to a higher demand for convenient and accessible healthcare solutions, which has contributed to the growth of the market. In addition, the COVID-19 pandemic has also had an impact on the market. The increased focus on personal hygiene and health has led to a surge in demand for cold and cough remedies. Consumers are more conscious about their respiratory health and are taking preventive measures to avoid contracting illnesses. In conclusion, the Cold & Cough Remedies (Pharmacies) market in Southeast Asia is driven by customer preferences for over-the-counter remedies, the popularity of natural and herbal products, and the growing middle-class population. The market is also influenced by local special circumstances, such as the preference for traditional medicine in some countries. The underlying macroeconomic factors, including increasing disposable incomes and the impact of the COVID-19 pandemic, further contribute to the growth of the market.
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.
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