Newly released market study: Cough, Cold and Allergy (Hay Fever) Remedies in Dominican Republic
New Healthcare research report from Euromonitor International is now available from Fast Market Research
[ClickPress, Thu Apr 30 2015] Although generic cough, cold and allergy (hay fever) remedies outperformed standard and private label in growth over the review period, the 2013 economic downturn in the country prompted significantly faster growth for generics which continued into 2014. Generics posted 10% current value growth in 2014, reaching Do$315 million and capturing 35% current value share by 2014. Generics grew by 13% in current value in 2013 and 10% during 2014. In light of traditional consumer behavioural patterns, this recent growth in generics could be a warning for standard brands. Consumers tend to be brand loyal but turned to generics out of necessity for lower priced solutions during the economic slump in 2013. While the economy showed a solid rebound during 2014, a sizable segment of consumers continued to purchase generics, gaining confidence in their effectiveness and lower priced positions. This places the onus on branded cough, cold and allergy (hay fever) remedies to rebuild their customer bases reinvigorate their brand identities.
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Competition within cough, cold and allergy (hay fever) remedies is largely fragmented, with the top eight brands combining for 25% current value share in 2014. Laboratorios Magnachem CxA remained as the leading manufacturer during the year, capturing 13% current value share due to its brands Broncochem and Antifludes. Broncochem continued to be the leading brand in cough, cold and allergy (hay fever) remedies, accounting for 10% current value share. The brand offers a variety of formats, including syrup, tables and powdered tea. Products under the brand include expectorants, treatments for influenza (Broncochem Antigripal) and the children’s formulation Broncochem Niños. Laboratorios Magnachem remains a highly trusted company among consumers and was awarded the Business Entrepreneur Achievement Award in 2014 during the second annual National Quality Awards banquet. The award recognised the company for “experience, leadership, commitment to improvement and best practices in quality, environmental and corporate social responsibility.”
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