As mentioned above, one of the biggest winners in herbal/traditional products in 2022 is virgin coconut oil, as well as virgin coconut oil dietary supplements. In light of the stronger consumer interest in these products, it is expected that more sophisticated products in the same vein can be expected to appear on retail shelves during the forecast period.
Consumer demand for dietary supplements that are based on herbal ingredients has increased substantially since the onset of the COVID-19 pandemic. This can be viewed as an acceleration of long-term background trends that have been brewing for some time in the Philippines, with affluent urban dwellers increasingly likely to have an inherent preference for consumer health products that are made from natural ingredients, rather than the traditional standard OTC products that are generally based on synthetic chemical compounds.
During the forecast period, rising demand for herbal/traditional products is likely to motivate leading players to focus on efforts to tap into expanding sales opportunities. One of the key strategies that is expected to be seen is to expand distribution with the aim of making products more visible and more available.
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Understand the latest market trends and future growth opportunities for the Herbal/Traditional Products industry in Philippines with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Herbal/Traditional Products industry in Philippines, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Botanicals or traditional remedies are products that have a long tradition of use, decades of established reputation, and are considered alternative remedies to standard medicine. Traditional medicine remedies such as Ayurveda, Traditional Chinese Medicine (TCM), Unani, Kampo, etc. are included. Homeopathic remedies are excluded. Only packaged products are tracked.See All of Our Definitions
This report originates from Passport, our Herbal/Traditional Products research and analysis database.
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