Eye care is expected to see a slowdown in its current value growth rate in 2020, mainly due to the economic impact of COVID-19. Some consumers have seen job losses and falling incomes as a result of the measures taken to prevent the spread of the virus in the country, which has made them more price-conscious.
Brand owners in eye care tend not to invest in aggressive marketing strategies or developing innovative products. Advances in terms of new formulae and application formats remain negligible, whilst the focus is more on expanding distribution networks and coverage.
The competitive landscape is expected to remain relatively consolidated in eye care in value terms in 2020, with three domestic players leading retail value sales and set to see marginal share increases in this year, together accounting for two third of value sales. Thai PD Chemicals is the leading player with its Opsar, Opsa-His, Opsardex and Opsaram brands, whilst second-placed Seng Thai Co Ltd Pharmaceutical Laboratories has the leading brand Hista-Oph, and third-placed Olan-Kemed has the number two brand with its Optal line.
Eye care is expected to see a gradual increase in its current value growth rate throughout the forecast period, although the rates of increase are not expected to reach those seen in the review period, and the forecast period is expected to see a lower CAGR. Standard eye care is expected to continue to see the fastest retail current value growth rate over the forecast period, although allergy eye care will not be far behind.
Eye care is expected to see two opposing forces in the forecast period. Consumers are likely to remain price-conscious moving into the forecast period and are likely to prioritise spending on food and essential medication.
Most eye care products are purchased in health and beauty specialist retailers such as chemists/pharmacies and drugstores/parapharmacies. This is expected to continue in the forecast period, as most consumers like to receive advice from a pharmacist before purchasing products for use on such a sensitive area of the body.
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Understand the latest market trends and future growth opportunities for the Eye Care industry in Thailand with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Eye Care research and analysis database.
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