Natural Cold, Cough and Sore Throat Remedies Gain Popularity Despite Ambiguity over Effectiveness, finds Fact.MR study
Published : 20 Feb 2019 Industry: Healthcare
According to a recent study of Fact.MR, the natural cold, cough, and sore throat remedies market is expected to surpass revenues worth US$ 4,800 Mn in 2019. The rising popularity of alternative medicine and therapies, coupled with the widespread adoption of natural medication in healthcare worldwide are key factors that are fueling growth of the natural cold, cough, and sore throat remedies market.
The study opines that natural syrups and drops will continue to hold nearly half share of the market, accounting for revenues worth over US$ 2,200 Mn in 2018. The palatable taste of syrups and the presence of multiple ingredients deemed to boost the overall immunity, while combating cold and cough, are pivotal reasons behind increased traction for natural syrups & drops. For instance, sales of Nin Jiom Pei Pa Koa, a Chinese herbal syrup for treating cough, witnessed a significant surge in sales in the US during the flu season in 2018, not only because it was effective but also because consumers found the syrup’s taste surprisingly pleasant.
Inclusion of natural ingredients, such as cinnamon, cloves, raw honey, and turmeric in syrups, which are traditionally commended to boost the overall immunity of individuals, continue to attract consumers. Furthermore, consumer testimonials praising natural remedies for their effectiveness and safety are bolstering the growth of the market.
Growing Consumer Demand for Natural Cold Remedies Prompt Hospital Pharmacies to Expand their Portfolio
A marked consumer shift towards naturally-derived medicines and therapies, coupled with the growing concerns regarding the health impacts of conventional medicine, has prompted hospital pharmacies to include more natural products for the treatment of cold and cough. Government efforts to promote the integration of natural medicine in healthcare has underpinned the growth of the trend. A notable development that alludes to the growth of the pervasive trend was a 9% increase in the investment on homeopathy by the Scottish government in 2017. The study estimates hospital pharmacies to account for over 40% share of the natural cold, cough, and sore throat remedies market in 2019.
Sales from e-commerce are expected to grow at a comparable rate with hospital pharmacies, as retailers shift their focus on leveraging analytics to develop targeted marketing strategies. Moreover, the increasing consumer preference for self-medication, coupled with the convenience offered by e-commerce, is further expected to aid retailers in gaining more value from the online sales.
According to the study, opportunities are abundant for key players in the natural cold, cough and sore throat remedies market in Asia-Pacific excluding Japan (APEJ). Deep-rooted traditional beliefs about the effectiveness of natural substances in the treatment of health ailments, and easy accessibility to raw materials for the production of natural remedies, are vital growth determinants for the market players in the region.
There have been various government initiatives in the region to promote use of natural medications for cold, cough and sore throat. For instance, the Indian government formed the Ministry of AYUSH to streamline production of Ayurvedic medicines and naturopathy. China, on the other hand, allows commercial sales of herbal medicines without the requirement for approval from the Chinese Food and Drug Administration. Following India and China’s lead, Japan decided signed a pact with India to promote cooperation in the field of Ayurveda. With more such initiatives in the pipeline, growth of the natural cold, cough, and sore throat remedies market in APEJ will remain robust.
The Fact.MR report tracks the natural cold, cough, and sore throat remedies market for the period 2018-2028. According to the report, the natural cold, cough, and sore throat market is projected to grow at 6.5% CAGR through 2028.