Inflation is a major issue currently affecting dermatologicals in Argentina. As well as inflation resulting from the current economic reforms, the effects of the devaluation of the Argentinian peso in mid-2018 are still being felt, producing escalating inflationary pressure.
Consumers continued to concentrate on getting the best value for money when buying dermatologicals, with many purchasing more affordable items in several categories so as to adapt to the unstable economic climate in Argentina. Nevertheless, innovative products, or those that offer significant value-added benefits, continued to be well received by consumers, who were willing to pay a little extra for such products.
Although health and beauty specialist retailers, predominantly chemists/pharmacies, continue to dominate sales of dermatologicals, there is an increasing presence of internet retailers. Internet sales of dermatological products registered strong growth over the review period, albeit in large part due to starting from a very low base.
Despite having a relatively short history in the category, being present only since 2010, Genomma Laboratories Argentina is now the clear leader in dermatologicals, having successfully displaced other companies as a result of its strong advertising investment in its flagship brands Cicatricure, Piecidex and Unesia.
The high level of competitiveness in dermatologicals is driven by multinational companies, which invest in local innovation, supported by strong advertising investment. Dermatological products enjoy strong advertising investment, particularly in antiparasitics/lice (head and body) treatments and topical germicides/antiseptics.
Private label remains an underdeveloped area, with this situation not expected to change significantly over the short term. Branded products continue to account for the largest share of value sales, with generics becoming more common in topical antifungals and topical germicidals/antiseptics.
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This industry report originates from Passport, our Consumer Health market research database.