Euromonitor International’s proudly announces the publication of the new and enhanced 2014 edition of Consumer Health (CH) now available in Passport. Building on the 80-country dataset, the new edition offers an impressive coverage on health trends. Global and regional totals include modelled sizes of non-researched countries, to reflect a truly global market overview for Consumer Health (210 countries) in 2013 and beyond.
Key Consumer Health 2014 Edition Research Highlights
The Consumer Health industry expanded 3% in constant retail value in 2013 (fixed currency exchange) to reach US$206.5 billion thanks to strong growth in the emerging regions of Latin America (4.3% CAGR 2008/2013), Asia Pacific (4.1% CAGR 2008/2013) and Eastern Europe (3.5% CAGR 2008/2013). A new array of affordable products contributed to higher sales in Eastern Europe and Latin America; whereas increased purchases of OTC drugs and VDS fuelled growth in Southeast Asia, China and India. Only five countries (US, China, Japan, Brazil and Germany) accounted for 56% of global retail value in 2013. China, now ranking second in the world, has surpassed Japan in consumer health retail value.
The prevention of diseases and the high interest of wellbeing helped VDS to capture 41% of global retail value in 2013. Meanwhile, fish oils/omega fatty acids, protein-based products and probiotics were among the most prominent growth subcategories during 2013.
Consumer Health - Global Retail Value (RSP) 2003/2018
Source: Euromonitor International
Note: Figures expressed in constant terms, fixed US$ exchange rate 2013
Consumer lifestyles continue to shift toward a hands-on approach to health as every year more people gain access to health information and resources that help them make better and smarter decisions about their health. A rapid ageing of the population is expected to hit many countries in the next 20 years. The 65+ years old population is expected to grow an impressive 34% from 2012 reaching 776 million by 2020. This trend will place additional pressure on governments and healthcare organizations to develop effective, safe and reliable self-care solutions.
The urbanism effect will give room to new approaches to healing in low and middle-income countries through novel OTC switches, convenient packaging and fast-acting formulations to meet pressures from urban hectic lifestyles. As more people move to cities, their reliance on folk or rural medicine is set to decline. Consumer segmentation will expand further as it aims to address specific health needs or offer more customised options based on age, gender and lifestyle. A broader segmentation may enhance the relationship and engagement with consumers in order to boost product portfolios, brand loyalty and revenues for companies.
Regional consolidation moves to global markets as local and regional companies increase and expand their investments via mergers and acquisitions of companies in other countries or regions. Regional companies are gaining a competitive edge as they benefit from the divestures of brands or localized production by large multinational companies seeking to trim financial burdens. As companies seek to improve their revenue projections, brand/product portfolio diversification will continue via licencing agreements for popular brands or novel OTC switches. Otherwise, manufacturing outsourcing to third parties will remain strong in a bid to reduce production costs, or to meet local manufacturing requirements in regions such as Africa and Eastern Europe.
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