Key regions: Canada, United Kingdom, United States, China, Europe
The Cold & Cough Remedies (Pharmacies) market in Taiwan is experiencing steady growth due to several factors.
Customer preferences: Customers in Taiwan have a strong preference for over-the-counter cold and cough remedies that are easily accessible in pharmacies. They value convenience and affordability, and prefer to self-medicate for common cold and cough symptoms rather than visit a doctor. This preference is driven by the busy lifestyle of Taiwanese consumers, who often do not have the time or inclination to seek medical advice for minor ailments. Additionally, there is a cultural belief in self-care and taking responsibility for one's own health.
Trends in the market: One of the key trends in the Cold & Cough Remedies (Pharmacies) market in Taiwan is the increasing demand for natural and herbal remedies. Taiwanese consumers are becoming more health-conscious and are seeking products that are perceived as safer and more natural. This trend is driven by a growing awareness of the potential side effects of conventional cold and cough remedies, as well as a desire to lead a more holistic and balanced lifestyle. As a result, pharmacies in Taiwan are stocking a wider range of natural and herbal remedies to cater to this demand. Another trend in the market is the rising popularity of combination products that offer multiple benefits. Taiwanese consumers are looking for cold and cough remedies that not only provide relief from symptoms but also boost their immune system and overall health. Combination products that contain ingredients such as vitamins, minerals, and herbal extracts are gaining traction in the market. These products are seen as more effective and convenient, as they address multiple health concerns in a single dose.
Local special circumstances: Taiwan has a well-developed healthcare system, with a high number of pharmacies spread across the country. Pharmacies in Taiwan are easily accessible and are often located in convenient locations such as shopping malls and residential areas. This accessibility plays a significant role in driving the growth of the Cold & Cough Remedies market, as it allows consumers to easily purchase over-the-counter medications without the need for a prescription.
Underlying macroeconomic factors: The growing economy of Taiwan is also contributing to the development of the Cold & Cough Remedies market. As disposable incomes rise, consumers have more spending power to purchase healthcare products, including cold and cough remedies. Additionally, the aging population in Taiwan is fueling the demand for these remedies, as older adults are more susceptible to cold and cough symptoms. The increasing awareness of health and wellness among Taiwanese consumers is also driving the growth of the market, as people are willing to spend more on products that promote their well-being.
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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