In 2021, the COVID-19 pandemic has boosted demand for analgesics as people believe that it is necessary to keep analgesics at home to reduce fever symptoms from Coronavirus in case the pandemic resurges and results in further and more stringent lockdown measures. Therefore, analgesics recorded strong growth in both value and volume sales in 2021 as a direct impact of COVID-19 with this growth set to rise over the forecast period.
Over the review period, the analgesics category continued to be characterised by international companies such as GSK Consumer Healthcare and UPSA Laboratories with their respective popular brands Panadol and Efferalgan. As a result, local companies focused on distributing to the hospital channel in order to avoid tough competition via retailing.
Over the review period, paediatric analgesics recorded the fastest growth rate as children’s health remains a big concern among most parents in line with traditional Vietnamese culture. Most are willing to spend on paediatric acetaminophen despite successful government actions in 2020 and 2021 in controlling the spread of the virus.
Although Vietnam is considered to be one of the most successful countries in curbing outbreaks of COVID-19, it is also one of the slowest in terms of its vaccination programme. However, as the programme continues and more people are vaccinated, with the goal of vaccinating 80% of the population by June 2022, demand for analgesics is predicted to be lower than in 2020 as people will feel safer and will stop stocking analgesics at home to the same degree.
Over the review period international brands dominated analgesics. Aside from having low financial capability, local brands struggled to compete due to having relatively narrow distribution networks.
Despite the slower growth expected for analgesics in 2021, different performances are expected between categories. The slowdown in 2021 is expected to be attributable to systemic analgesics, due to a correction from the higher COVID-19-related growth in 2021, as consumers use up their stocks before repurchasing.
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Understand the latest market trends and future growth opportunities for the Analgesics industry in Vietnam with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Analgesics research and analysis database.
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