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.
According to information from the Vice Ministry of Sports, investment in the sector grew from around BOB58 million in 2014 to BOB111 million in 2018. The institution also stated that 1,622 sports venues were built in the country between 2006 and 2016.
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.
The highly concentrated wound care category continues to be led by 3M Bolivia thanks to its strategy focused on brand positioning and broad distribution. The company has the largest product offer in the category, which represents a significant entry barrier for new players.
The competitive prices offered by importers represent a significant barrier to the development of local production. The most prominent domestic brands are Albus and Premier y Capullo, which compete in gauze, tape and other wound care.
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. Other commercial strategies utilised in the category include discounts on specific days and memberships with additional discounts for subscribers.
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This industry report originates from Passport, our Consumer Health market research database.