European Consumer Staples: Consumer Health: The leaders and laggards

Research evidence excerpt

European Consumer Staples: Consumer Health: The leaders and laggards

Equity Research

10 June 2026

European Consumer Staples

Consumer Health: The leaders and

laggards

The Consumer Health industry sits at a crossroads. In an European Consumer Staples

industry where growth has been more price led, the winners NEUTRAL Unchanged

will be more volume led. Our top recommendations in European Consumer Staples

Warren AckermanConsumer Health are Unilever, Danone and Haleon with the

latter still in construction but we think moving in the right +44warren.ackerman@barclays.com(0)20 3134 1903

direction. Barclays, UK

Laurence Whyatt

+44 (0)20 7773 5324

laurence.whyatt@barclays.com

Barclays, UKExecutive summary

Consumer Health remains a relatively nascent segment within FMCG, only emerging as a Alex Sloane

+44 (0)20 3555 0645defined category in recent years. We believe it is still somewhat misunderstood, in part

alexander.sloane@barclays.com

because definitions vary across companies, each approaching and shaping the Consumer Barclays, UK

Health market in different ways. In our report The Future of Consumer Health: Growing

Pains, we set out how we define the market, how we see the next decade playing out and Victor Tramier

+44 (0)20 3555 0275the criteria for how to best think about the Consumer Health sector. We outline our 10 key

victor.tramier@barclays.com

predictions for the sector and forecast that the industry could grow at a 4.7% CAGR Barclays, UK

through 2030E, reaching an estimated market size of $547bn by 2030E.

Stephen Kennealy, CFA

Applying these new lenses to our coverage, we identify the companies we see as offering +44 (0)20 3555 7835

the most attractive ways to invest in Consumer Health. We assess each company’s stephen.kennealy@barclays.com