Triton Market Research’s report estimates that the cough syrup market in Latin America is set to register a compound annual growth rate of 3.18% during the forecast period 2023-2030. Brazil, Mexico, and Rest of Latin America are studied in the region’s market.
Respiratory illnesses, notably the common cold and cough, are highly common in Mexico. According to the World Health Organization (WHO), approximately 80% of children under the age of five experience acute respiratory infections in Mexico. This is expected to further increase the prevalence of respiratory disorders over the coming years. Several factors, including environmental pollution, climate change, and poor hygiene conditions, are also poised to contribute to the rise in conditions, ultimately creating opportunities for the cough syrup market.
Argentina is experiencing rapid growth in its elderly population, with individuals aged 65 and older accounting for approximately 9.5 million people in 2022. Projections suggest that by 2050, this demographic is expected to reach 16.1 million. As per estimates, the elderly in Argentina exhibit a higher inclination to use cough syrup compared to their younger counterparts.
Competitive Outlook
The eminent enterprises in the cough syrup market consist of Cipla Limited, Abbott Laboratories, Dabur India Ltd, GSK Plc, Pfizer Inc, and Novartis AG.
1. Latin America Cough Syrup Market - Summary
2. Industry Outlook
2.1. Impact Analysis On The Cough Syrup Market
2.1.1. Covid-19 Impact
2.1.2. Ukraine-russia War Impact
2.2. Porter’s Five Forces Analysis
2.2.1. Threat Of New Entrants
2.2.2. Threat Of Substitutes
2.2.3. Bargaining Power Of Buyers
2.2.4. Bargaining Power Of Suppliers
2.2.5. Threat Of Competitive Rivalry
2.3. Industry Components
2.3.1. Raw Materials
2.3.2. Manufacturers
2.3.3. Distributors
2.3.4. Retailers
2.4. Regulatory Framework
2.5. Key Market Strategies
2.5.1. Collaborations
2.5.2. Product Launches
2.5.3. Acquisitions
2.5.4. Business Divestitures & Expansions
2.6. Market Drivers
2.6.1. High Incidence Of Respiratory Ailments
2.6.2. Vulnerability To Respiratory Diseases Among The Geriatric Population
2.6.3. Innovations In Cough Syrups
2.7. Market Challenges
2.7.1. Overdose Risks Associated With Cough Syrups
2.7.2. Strict Regulatory Requirements
2.7.3. Increasing Cough Syrup Deaths Due To Toxic Ingredients
2.8. Market Opportunities
2.8.1. Self-medication Trends Increase Demand For Otc Drugs
2.8.2. Herbal Cough Syrups Emerge As A Safer Alternative
2.8.3. Ease Of Purchase Offered By E-commerce Channels
2.8.4. Availability Of Sugar-free Cough Syrups
2.8.5. Growing Preference For Homeopathic Cough Syrups
2.9. Analyst Perspective
3. Latin America Cough Syrup Market – By Product Type
3.1. Cough Suppressants
3.2. Combination Medicines
3.3. Expectorants
4. Latin America Cough Syrup Market – By Age Group
4.1. Adults
4.2. Adolescents
4.3. Pediatric
5. Latin America Cough Syrup Market – By Distribution Channel
5.1. Retail Pharmacies
5.2. Hospital Pharmacies
5.3. E-pharmacies
6. Latin America Cough Syrup Market – By Country Outlook
6.1. Brazil
6.1.1. Brazil Cough Syrup Market Forecast & Prospects