The consumer health market in Peru continued to grow in 2019, with sales increasing at a rate above the GDP growth rate. Peru allocates 5.
There are moves in Peru to change the way generics work in the marketplace. Firstly, there are plans for a regulation for pharmacies to stock a minimum level of generic drugs in their outlets, which would have a positive effect on the already strong sales of generics in some consumer health categories.
More brands – both local and foreign – offering herbal or natural products are appearing. This trend is being driven by growing consumer awareness among local consumers about health and wellness as well as a boom in the number of shops and restaurants with organic and vegan options.
The InRetail retail conglomerate, having acquired the Quicorp Group in 2018, was growing organically by opening new outlets across its fascias in 2019. General manager Juan Carlos Vallejo stressed the important role that Inkafarma Express, its low-price format, will continue to play going forward, with this brand planned to help the company reach the smaller populations in the furthest extremities of the country.
In the future consumer health will continue growing but to what extent will depend on product innovation and education of consumers about prevention so that they value the benefits that products offer to help ensure their long-term health and wellbeing. Big companies are trying to launch new products with innovations to compete with low-priced products, but they are not interested in engaging in price wars.
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This industry report originates from Passport, our Consumer Health market research database.