Hectic lifestyle of urban Thais boosts the demand for consumer health
Due to the hectic lifestyle triggered by the rise in cost of living in major cities, Thai consumers continued to choose OTC drugs for self-medication to cure minor ailments rather than queuing for treatment in hospitals and clinics. Thanks to the rich sources of information about healthcare in cyberspace and advertisements of brands in the mass media, Thai consumers are encouraged to use OTC drugs to cure basic symptoms without consultation by doctors. The intake of vitamins and dietary supplements in Thailand is viewed as a preventive measure for Thais to compensate for poor nutrition and the lack of exercise.
Economic slowdown forces the brand players to stimulate purchases
Consumer health in Thailand maintain another good year of performance amid the slower down in economic in Thailand after the stimulus campaigns by the Thai government with the first-car tax deduction and minimum wage hike scheme in 2012. Hence, Thai consumers avoided the purchase of OTC drugs and vitamins and dietary supplements for stockpiling or shifted to more affordable products, and brand players in OTC drugs and vitamins and dietary supplements were pressed to compete on price with frequent marketing campaigns and promotional discounts on vitamins and dietary supplements, weight management and sports nutrition to meet their sales targets.
International players lead in consumer health
International brand players continued to enjoy their dominant position in consumer health in Thailand during the review period, thanks to their fast-paced innovation to develop their superior efficacy or new delivery formats, with larger outlays to back their integrated marketing communication for promoting brands. Due to the fierce competition amongst brand players in healthcare, it is more imperative for brand players to identify new market opportunities in the younger consumer base, given the trend towards ongoing health and wellness in Thailand. To counter the penetration of private labels in consumer health, branded manufacturers are required to emphasise product branding in parallel with continuous research and development to distinguish their brand value.
Non-grocery retailers account for large value sales contribution
During the review period, the sales contribution from chemists/pharmacies and parapharmacies/drugstores outweighed other distribution channels due to their wide coverage countrywide. The pharmacists typically act as the promoters of brands in consumer health when consumers ask for consultation. Therefore, the rebates provided for chemists/pharmacies and parapharmacies/drugstores remain important. The expansion of modern grocery retailers in Thailand is facilitating the sales growth of OTC household drugs and vitamins and dietary supplements, aligned with the modern lifestyle of urban consumers associated to one-stop-shopping behaviour.
Trend for health and wellness exposes brands to upside gain
Long life expectancy and wellbeing are the dream of the majority of Thai consumers apart from financial health, despite an exposure to health-related risks from hectic schedules at work. They are likely to search for more alternative kinds of consumer health products to ensure no side effects of the products on their health in long-term usage, with herbal/traditional OTC drugs and vitamins and dietary supplements considered as substitutes of products with active chemical ingredients. The expectation of improving economic conditions in the second half of 2013 with increasing consumer confidence will reinforce the spending on higher-tier brands in consumer health over the forecast period.
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The Consumer Health in Thailand market research report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volumes and values, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent market research methodology, conducted in-country
Our market research reports answer questions such as:
- What is the market size of Consumer Health in Thailand?
- What are the major brands in Thailand?
- What are the main trends in OTC Healthcare?
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This industry report originates from Passport, our Consumer Health market research database.