Herbal/traditional products benefited hugely from COVID-19, with many of its key areas being in high demand, with the most dynamic categories in herbal/traditional being sleep aids and herbal/traditional dietary supplements. These products are all experiencing strong demand because they either boost the immune system, or help consumers achieve sleep in what has been a highly stressful year.
With consumers concerned about catching COVID-19 and its post symptoms, many Colombians have looked to boost their nutritional intake in order to support a healthy immune system. This provided a boost to sales of herbal/traditional dietary supplements, with echinacea, ginseng, and combination products containing these ingredients, being among the most popular.
Laboratorios Heel, which specialises in homoeopathic remedies, became the most significant company with its Engystol brand over the review period. Even though is not included in Consumer Health, its intense presence in the market heavily influenced consumers to look for new herbal alternatives, benefiting Natural Freshly, Funat, Naturfar, and Healthy America, and they all rapidly gained a strong foothold in the market thanks to strong investment in distribution and marketing.
The ongoing consumer interest in herbal/traditional products is expected to create further opportunities for the category over the forecast period. As demand grows, brand owners may focus on investing in research and new product developments to discover or better develop ingredients such as hemp and CBD.
Herbal/traditional products is set to remain very fragmented, especially as smaller brands are often targeting a specific area in herbal/traditional products. This explains the large share of sales accounted for by players grouped under “others”, which also continued to increase in 2021.
In terms of distribution, sales are likely to remain largely reliant on chemists/pharmacies, although e-commerce stands to benefit from the gains made in 2020. When it comes to herbal/traditional products, many consumers still like to seek the advice of trained staff prior to purchasing, which is why a WhatsApp channel has been set up, but for repeat purchases, e-commerce offers a convenient alternative.
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Understand the latest market trends and future growth opportunities for the Herbal/Traditional Products industry in Colombia 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 Herbal/Traditional Products research and analysis database.
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