Cold & Cough Remedies (Pharmacies) - Sri Lanka

Revenue in the Cold & Cough Remedies market is projected to reach US$61.10m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.72%, resulting in a market volume of US$88.61m by 2029.
In global comparison, most revenue will be generated China (US$7.83bn in 2024).
In relation to total population figures, per person revenues of US$2.78 are generated in 2024.

Definition:
The Cold and Cough market encompasses a range of over-the-counter (OTC) products sold through pharmacies. These products include both natural and synthetic agents designed to alleviate symptoms related to cough, cold, sore throat, expectorants, and flu-like infections. The market includes various forms of medication such as pills, syrups, lozenges, sprays, ointments, and granulates for both external and internal usage. However, the market excludes prescription medicines, products contrary to state regulations, or those not explicitly designed for cold or cough relief, such as painkillers. Some of the leading products in this market include nose sprays, Mucosolvan syrup, Grippostad C, Sinupret forte, Gelomyrtol, Dolo-Dobendan, Aspirin Complex, Bepanthen nose and eye cream, ACC Akut, Neo-Angin, Vick Vaporup, and Isla Moos. This market exclusively covers product sales through pharmacies.

Additional Information:
The Cold and Cough market comprises revenues, average revenue per capita and average revenue per pharmacy. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
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Natural and synthetic agents
In the form of pills, syrups, creams, lozenges, sprays and granulate
Expectorants and remedies to relieve cough

Prescription medicines
Homeopathic remedies
Painkillers
Candy

The Cold & Cough Remedies (Pharmacies) market in Sri Lanka is experiencing significant growth and development.

Customer preferences: Customers in Sri Lanka have shown a growing preference for over-the-counter cold and cough remedies purchased from pharmacies. This can be attributed to several factors, including the convenience of purchasing these products directly from pharmacies, the increasing awareness of self-medication, and the affordability of these remedies compared to prescription medications. Additionally, customers in Sri Lanka tend to prioritize quick relief from cold and cough symptoms, making over-the-counter remedies an attractive option.

Trends in the market: One of the key trends in the Cold & Cough Remedies (Pharmacies) market in Sri Lanka is the increasing demand for natural and herbal remedies. Customers are becoming more conscious of the potential side effects of conventional medications and are seeking alternative options. This trend aligns with the global shift towards natural and holistic healthcare solutions. As a result, pharmacies in Sri Lanka are expanding their product offerings to include a wider range of natural remedies, such as herbal teas, essential oils, and traditional Ayurvedic formulations. Another trend in the market is the growing popularity of combination remedies. Customers in Sri Lanka are looking for products that provide relief from multiple symptoms, such as congestion, sore throat, and cough, in a single dose. Combination remedies offer convenience and cost-effectiveness, as customers do not need to purchase multiple products for different symptoms. Pharmacies are responding to this trend by stocking a variety of combination remedies and promoting them as a one-stop solution for cold and cough relief.

Local special circumstances: Sri Lanka has a tropical climate, which makes it prone to seasonal changes and fluctuations in temperature. These conditions often lead to a higher incidence of cold and cough among the population. As a result, the demand for cold and cough remedies remains consistently high throughout the year. Pharmacies in Sri Lanka capitalize on this demand by ensuring a steady supply of these products and offering promotions during peak seasons.

Underlying macroeconomic factors: The growing middle class in Sri Lanka has contributed to the development of the Cold & Cough Remedies (Pharmacies) market. As disposable incomes rise, more individuals have the financial means to purchase over-the-counter remedies. Additionally, the increasing urbanization and changing lifestyles in Sri Lanka have led to a higher prevalence of cold and cough symptoms, further driving the demand for these products. The government's focus on improving healthcare infrastructure and increasing access to pharmacies has also played a role in the market's development. In conclusion, the Cold & Cough Remedies (Pharmacies) market in Sri Lanka is experiencing growth and development due to customer preferences for over-the-counter remedies, the trend towards natural and herbal solutions, and the demand for combination remedies. The local special circumstances, such as the tropical climate and seasonal fluctuations, contribute to the consistent demand for these products. The underlying macroeconomic factors, including the growing middle class and government initiatives, further support the market's expansion.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The global online pharmacy sector was estimated at 32 billion U.S. dollars by the end of 2023. In the United States, forecasts indicate that this figure would reach approximately 5.7 billion, solidifying its position as one of the largest online pharmacy markets. However, China dominates the pharma e-commerce industry worldwide, generating nearly 8.5 billion dollars in revenue. With China at the forefront, it is no wonder digital pharmacies make up the fastest-growing segment in the Asian digital health market.