Boston, MA -- (SBWIRE) -- 06/12/2014 -- Analgesics retained its popularity among OTC products in Nigeria, with the products readily found in homes. It is usually the first oral drug administered when in pain or for a yet-to-be diagnosed ailment as it is regarded as the perfect pain killer. Analgesics is readily available and sourced through most sales channels. Given the competition between various brands of analgesics, advertising campaigns hinting at the efficacy of analgesics are common and this has increased health literacy among users, even though abuse also seems to be rampant.
Emzor Pharmaceutical Industries led the category in 2013 with a 15% retail value share, boosted by effective marketing strategies and achieved through its Emzor Paracetamol and other brands. The brand's price remained stable, making it very popular among low- to middle-income earners, particularly in smaller towns and cities. GlaxoSmithKline followed closely behind with a 13% retail value share through its Panadol brand, which remained the leading brand. Both companies invested heavily in eye-catching electronic and outdoor advertising to promote their brands and focused strongly on point-of-sale visibility, although Emzor's low price gave it a competitive edge against the more popular Panadol brand.
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Value sales at constant 2013 prices of analgesics are expected to post a CAGR of 3% over the forecast period. As the economy improves and consumers become more informed, it is expected that they will shift more from traditional therapy for aches and pains to orthodox medicine. The increase in the formal working culture will also likely boost the category as stressful working conditions lead to increased demand for analgesics.
Discover the latest market trends and uncover sources of future market growth for the Analgesics industry in Nigeria with research from Euromonitor's team of in-country analysts.
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The Analgesics in Nigeria market research report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volumes and values, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent market research methodology, conducted in-country
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