The economic impact of COVID-19, combined with existing financial challenges from economic reform which has led to increasing inflation and the devaluation of the Argentinean Peso, has left many middle and low income social groups under serious financial pressure. This increases price sensitivity in these groups and causes lower purchasing power.
Despite having a relatively short history in dermatologicals, being present only since 2010, Genomma Laboratories Argentina is now the clear leader, having successfully displaced other companies as a result of its strong advertising investment in its flagship brands Cicatricure, Piecidex and Unesia, along with the impact of a growing import barrier hindering international companies.
Laboratorio Elea is the dominant player in antipruritics due to the popularity of its Caladryl brand. The company is also a major player in antiparasitics/lice (head and body) treatments with its Nopucid brand portfolio.
Inflation is likely to be a major issue affecting dermatologicals in Argentina into the forecast period. As well as inflation resulting from COVID-19 and the current economic reforms, the effects of the devaluation of the Argentinian peso in mid-2018 are expected to continue to be felt in coming years, producing escalating inflationary pressure.
Although health and beauty specialist retailers, predominantly chemists/pharmacies, are expected to continue to dominate sales of dermatologicals in Argentina into the forecast period, there is an increasing presence of e-commerce retailers. E-commerce sales are likely to be driven by various factors, including the overall migration of consumers to digital retailing due to its convenience and competitive prices, the wide range of products and brands available online and the presence of customisable options based on digital tests and algorithms.
Consumers are likely to continue to concentrate on getting the best value for money when buying dermatologicals into the forecast period, with many purchasing more affordable items 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.
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