Eye Care in Greece

2020 IMPACT

Home confinement during lockdown drives demand for standard eye care products addressing dry eye due to greater exposure to digital screens

Standard eye care is set to continue to drive demand for eye care in Greece in 2020. The category attracts greater investment from companies with both below and above the line activities which contribute to building consumer awareness and encourage self-medication.

Reduced demand for allergy eye care in Q2 2020 as seasonal pollen in spring coincides with lockdown measures and greater time spent in the home

A key growth driver behind demand for allergy eye care is spring pollen resulting in allergy symptoms amongst many Greek consumers. While there are a number of different consumer health products that Greeks can turn to in an attempt to alleviate irritation and symptoms caused by pollen such as watery eyes, some prefer to use eye drops or ointments.

Increasingly intense competition within eye care as brands raise prices and gain greater value share

Thea-Synapsis Ltd is set to retain its leadership of eye care in 2020, due to its wide product portfolio which covers both allergy and standard eye care with its brands Oculosan, Hyabak and Thealoz Duo. Nevertheless, the competitive landscape is becoming increasingly intense, with smaller players under “others” regaining lost value share and fourth-ranked PharmaSwiss Hellas SA set to record another year of impressive current value growth.

RECOVERY AND OPPORTUNITIES

Future prospects for eye care look healthy, driven by a number of factors

Future prospects for eye care in Greece look healthy with retail volume sales set to improve from 2021 onwards. Overall demand will continue to be driven by the larger category of standard eye care as consumers gradually return to more normal routines as lockdown restrictions are further eased, resulting in a stronger performance compared to the review period.

Improving performance for allergy eye care from 2021

While allergy eye care will remain a much smaller category compared to standard eye care in Greece, demand is set to improve from 2021 onwards after its decline in 2020. While sales are largely seasonal, peaking during the higher pollen count during the spring and summer months, and therefore unpredictable, climate change is also likely to result in higher temperatures in the future which would result in a higher incidence of allergies.

Busy urban consumers likely to drive demand for more premium products perceived to offer greater effectiveness

Value sales at constant 2020 prices are set to remain healthy over the forecast period; while a number of new brands entered eye care towards the end of the review period, attracted by rising demand and strong growth potential of the category and offering higher specific value which pushed up their retail prices, increasing competition is likely to maintain some stability. While some level of price sensitivity is likely to remain in the short term amongst Greek consumers, those who reside in urban areas in particular and who place higher value on comfort in the workplace, particularly if they have a job which entails spending longer in front of a computer screen, are likely to be more willing to pay for brands which they perceive to be more effective at treating eye complaints than more affordable options.