Boston, MA -- (ReleaseWire) -- 06/06/2014 -- Since the country's economic growth remained stable since 2010, Ecuador experienced a boom in new infrastructure, which ranges from better roads to more houses and more retailing facilities that mainly include shopping centres. According to the INEC (Ecuador's National Statistics Institute), the poverty level decreased from 29% to 27% between the last quarters of 2011 and 2012. In January 2013, the government increased its welfare payment the "Bono de Desarrollo Humano" (BDH) from US$35 to US$50.This welfare payment targets low-income individuals who have to maintain family members, like minors (which is mostly the case of single mothers, disabled and elderly people. These factors helped develop non-grocery retailers.
The three leading players of non-grocery products in 2013 were Farcomed SA, Econofarm SA and Ecuafarmacias & Asociados SA, with current value shares of 6% for the former and 5% for the latter two. The three companies are health and beauty specialist retailers. More specifically, Farcomed with its brand Fybeca is a parapharmacy, Econofarm with its brand Sana Sana is a pharmacy, and Ecuafarmacias is included under parapharmacies/drugstores with its brand Pharmacy's, and two pharmacy brands: Cruz Azul and Farmacias Comunitarias. With higher incomes, consumers tend to fulfil needs like health, which these brands have understood by expanding rapidly across the country, increasing their brand awareness and services.
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The large increase in housing witnessed since 2011 is likely to continue developing during the forecast period. As real estate continues to flourish due to stronger purchasing power as a result of stable economic growth (likely to remain due to the country's more stable government which will be in office at least until 2018), the overall sales of non-grocery products are likely to continue developing.
Discover the latest market trends and uncover sources of future market growth for the Non-Grocery Retailers industry in Ecuador 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 Non-Grocery Retailers industry in Ecuador, our research will save you time and money while empowering you to make informed, profitable decisions.
The Non-Grocery Retailers in Ecuador market research report includes:
- Analysis of key supply-side and demand trends
- Detailed market shares for international and locally-based retailers
- Historic volumes and values, company and brand market shares
- Five year forecasts of market trends and market growth
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