Boston, MA -- (ReleaseWire) -- 06/05/2014 -- As Ireland finally begins to emerge from an extremely turbulent economic period, consumers have become less focused on value and limiting spending and are once again placing greater consideration on what is better for them as opposed to what they can afford. This has proven beneficial for herbal/traditional products, a category in which products often command higher unit prices than standard alternatives. Greater consumer demand for health and wellness products, which is being driven by rising health care costs and changing lifestyles, has also proven beneficial to herbal/traditional products as more people are choosing to maintain and defend their health as opposed to merely treating illnesses once they arise.
Kelkin Ltd was the leading herbal/traditional products company in 2013, achieving a 9% value share thanks to Lanes Olbas range of products as well as the Kalms herbal/traditional calming and sleeping brand. Herbal/traditional products in Ireland is a highly fragmented category beyond the handful of leading players, although runner- up Chefaro Ireland Ltd recorded a strong 5% value share in 2013 with several brands, including Natracalm, Natrasleep and Red Kooga Ginseng.
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Herbal/traditional products is set to increase in constant value at a CAGR of 3% over the forecast period, with the steady improvements expected in Ireland's economic conditions during this time likely to boost growth. Consumer spending is likely to see further relaxations as consumer confidence returns, although this is likely to be more restrained in general than during the years preceding the collapse of the Irish economy due to the limiting effects of recent increases in charges and taxes on disposable incomes. Interest in and awareness of the benefits of maintaining a healthy lifestyle are set to continue contributing to the positive performance of herbal/traditional products for the foreseeable future.
Discover the latest market trends and uncover sources of future market growth for the Herbal/Traditional Products industry in Ireland with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Herbal/Traditional Products industry in Ireland, our research will save you time and money while empowering you to make informed, profitable decisions.
The Herbal/Traditional Products in Ireland 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
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