Honduras continues to be affected by global economic uncertainty, including geopolitical tensions created by the war in Ukraine. Nevertheless, the consumer health market saw some modest recovery in 2022, driven by an alleviation in government restrictions around the pandemic.
In January 2022, President Xiomara Castro who was elected the first female President of Honduras assumed office. The new administration faces a number of challenges including growing economic uncertainty, high inflation, and potential employment issues.
A recent study by the World Bank Group found that Honduras is the second poorest country in the hemisphere, second only to Haiti which is the only country with Least Developed Country (LDC) status in the hemisphere. Around 39% of Hondurans live on less than USD3.
The winner of the Presidential elections in 2021, President Xiomara Castro, represents the first woman to assume this high office in Honduras. Her party, the Partido Libertad y Refundación (LIBRE), is known to be more left leaning and she campaigned on different issues intended to help the Honduran people.
Many countries in the region have been experiencing difficulties with logistics since 2020, shortly after the start of the global pandemic. Costs of both maritime cargo and air freight remain high, exacerbated further by ongoing supply chain issues, plus high energy prices as a result of global geopolitical tensions.
The General Medicines Law gives the State the power to put a maximum price on medicines. This law aims to regulate the production, development, trade and application of medications to ensure the availability, accessibility, quality, safety and efficacy of drugs, medicines and cosmetics for therapeutic use for the population.
There is no specific coverage in the General Medicines Law for vitamins and dietary supplements. As such, these products must adhere to the regulations used for OTC.
Despite the somewhat bleak macroeconomic outlook for the country, consumer health is poised to see some growth over the forecast period, led by anticipated hikes in unit prices. This is expected from the larger multinational players, but less so from generics and smaller value brands.
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Understand the latest market trends and future growth opportunities for the Consumer Health industry in Honduras with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
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It is the aggregation of OTC, Vitamins and Dietary Supplements (VDS), Sports Nutrition, and Weight Management and WellbeingSee All of Our Definitions
This report originates from Passport, our Consumer Health research and analysis database.
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