Consumer health continues to see slow current value growth in 2019. As low disposable incomes weaken purchasing power, there is a strong economising trend among consumers.
There is a gradual shift towards generics, as well as private label, as awareness of consumer health products increases. Greater knowledge of generics, which is disseminated by retailers, but also via online sources and family and friends, is a new factor that has yet to be considered by numerous manufacturers.
Marketing tools, such as contractual agreements with pharmacy chains, exert a key influence on the development of OTC in Russia. Under the terms of such contracts, pharmacy personnel recommend a company’s brands and provide its products with maximum exposure on retail shelves.
While internet retailing’s value share is small in consumer health, it is present in and recording strong value sales growth across categories. Online ordering and sales benefit from increasing access to the internet and the growing use of social media networks for marketing and advertising by manufacturers and retailers.
While consumer health is projected to see faster current value growth than in 2019, the forecast period CAGR is expected to be significantly lower than the review period performance. Consumer disposable incomes are expected to be further squeezed by rising costs of living.
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This industry report originates from Passport, our Consumer Health market research database.