With the Spanish economy continuing to recover and, as a result, the unemployment rate also maintaining a solid downward trajectory, 2019 saw consumer health in Spain record a similarly positive current value growth rate to a year earlier. The recovery in the employment rate resulted in Spaniards being more willing to spend extra money on taking care of themselves.
Spaniards are increasingly showing an active attitude towards improving their health. One of the ways in which this is happening is growing demand for preventive medicine, which is benefiting categories such as vitamins and dietary supplements and weight loss products.
Johnson & Johnson remained the leading player in Spanish consumer health in 2019. The company continued to benefit from its leading position in certain categories of Spanish consumer health, such as cough, cold and allergy (hay fever) remedies or NRT smoking cessation aids.
The Spanish healthcare system allows products with the same active ingredient to be both reimbursed and not reimbursed. This fact is set to continue dragging down the potential growth of OTC ranges, as, in a number of cases, especially among the older population, who traditionally have limited resources, consumers prefer to get a prescription and obtain the same active ingredient at a subsidised price.
Consumer health in Spain is expected to grow at similar rates on an average annual basis (CAGR) over the forecast period as it did in 2019 in current value terms. The continued improvement in economic indicators, with real GDP growth expected to see positive, albeit relatively modest, advances in every year of the forecast period, will enable Spanish consumers to spend more on a wide range of products, including those in the consumer health industry.
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This industry report originates from Passport, our Consumer Health market research database.