Key regions: Canada, United Kingdom, United States, China, Europe
The Cold & Cough Remedies (Pharmacies) market in Vietnam is experiencing significant growth and development.
Customer preferences: Vietnamese customers are increasingly concerned about their health and well-being, leading to a growing demand for cold and cough remedies. This can be attributed to the rising awareness of the importance of maintaining a healthy lifestyle and the desire to prevent and treat common illnesses. Additionally, the increasing urbanization and changing lifestyles in Vietnam have resulted in higher exposure to environmental pollutants and stress, which can weaken the immune system and make individuals more susceptible to colds and coughs. As a result, there is a greater need for effective remedies to alleviate symptoms and promote recovery.
Trends in the market: One of the key trends in the Cold & Cough Remedies market in Vietnam is the shift towards natural and herbal remedies. Vietnamese consumers are becoming more conscious of the potential side effects of conventional medicines and are seeking alternative options that are perceived to be safer and more sustainable. This has led to a growing demand for natural ingredients such as ginger, honey, and herbal extracts in cold and cough remedies. Manufacturers are responding to this trend by introducing products that are formulated with natural ingredients and promoting their benefits through marketing campaigns. Another trend in the market is the increasing availability and accessibility of cold and cough remedies in pharmacies. Pharmacies play a crucial role in the healthcare system in Vietnam, and they are expanding their product offerings to cater to the growing demand for over-the-counter remedies. This includes a wider range of cold and cough remedies, including tablets, syrups, and lozenges. Pharmacies are also investing in staff training to provide better advice and recommendations to customers, further driving the growth of the market.
Local special circumstances: Vietnam has a tropical climate, which can contribute to the prevalence of colds and coughs throughout the year. The high humidity and temperature create an environment that is conducive to the growth and spread of viruses and bacteria. This, coupled with the crowded living conditions in urban areas, increases the likelihood of individuals contracting respiratory illnesses. As a result, the demand for cold and cough remedies remains consistently high in Vietnam.
Underlying macroeconomic factors: Vietnam's economy has been growing steadily in recent years, resulting in an increase in disposable income and improved living standards. This has led to a higher willingness to spend on healthcare products, including cold and cough remedies. Furthermore, the government's focus on healthcare infrastructure development and efforts to improve access to healthcare services have also contributed to the growth of the Cold & Cough Remedies market in Vietnam. The expansion of the healthcare system, including the establishment of more pharmacies and the provision of universal healthcare coverage, has made cold and cough remedies more accessible to the general population.
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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