COVID-19 is expected to have a limited effect on value sales of wound care products in 2020 and there was less stockpiling than other consumer health products. Also, as people are forced to restrict their movement, there is less need for wound care products.
The Nexcare brand of 3M Bolivia continues to dominate wound care in Bolivia, though it has lost value share over the review period, with the only other significant player, Farmacorp, consistency winning value share over the same period. However, this is from a very small base.
Building on the importance of pharmacies to distribution, leading chains have focused on the development of private label products, which compete with branded products in terms of pricing and availability. The most important pharmacy chain in Bolivia, Farmacorp, has been steadily growing its presence in wound care by focusing on its private label range as a competitive strategy.
Value sales of wound care products are expected to be largely unaffected by COVID-19, though with people restricting their movements and gyms closed, there should be less injuries. As long as there are no more stay-at-home orders, value sales should quickly return to pre COVID-19 levels during the forecast period.
Traditionally, Bolivian consumers have bought sticking plasters/adhesive bandages and gauze, tape and other wound care products without prior planning or according to a specific need. However, nowadays, it is common for households to have a first aid kit.
The increasing adoption of health-conscious lifestyles among middle and upper income consumers, especially millennials, is resulting in a rise in engagement in physical activity throughout Bolivia. Growth is particularly high in the city of Santa Cruz, where a large number of new gyms have been constructed in recent years.
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