Wound care is expected to see increased current value growth in 2020 to that seen the previous year. Although the category saw an increase in demand during panic-buying as a result of COVID-19 in the second quarter of the year, sales slowed down shortly after, due to home seclusion and participating in fewer physical outdoor activities, which led to fewer injuries and less need for replacement purchases.
Wound care is not a category that is greatly impacted by prices. Consumers do not look to make savings as much as in other consumption categories as they perceive it as an emergency category which is worth spending more on.
Tecnoquímicas del Ecuador SA continues to lead wound care in 2020 due to the popularity of its Cure Band brand, which is locally produced and offers lower prices compared with imported products. Cure Band is available in both modern and traditional channels, which are critical to ensuring high availability nationwide.
Wound care is expected to see some current retail value increase from COVID-19 in 2020, and is forecast to maintain its stable constant value performance throughout the forecast period, with a similar, albeit lower, CAGR to that seen in the review period. First aid kits is expected to continue to see the strongest growth, due to the greater maturity of sticking platers/adhesive bandages.
One of the main barriers to growth is restrictions on imports, which were very strict during the rule of the previous government. However, since 2017, the new government, plus the commercial agreement with the EU, has helped to alleviate restrictions on imported brands, which are starting to recover shelf space through a wider offer of products.
Potential company activities over the forecast period could include an increase in the offer of licenced products for children and new innovative adult products as companies look to achieve higher growth. Within gauze, tape and other wound care, new low-priced innovative products are expected to increase penetration.
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Understand the latest market trends and future growth opportunities for the Wound Treatments industry in Ecuador 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 Wound Treatments research and analysis database.
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