APAC Focus: ASEAN Consumer Sector "Pharmacy retail in ASEAN has potential ..."

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APAC Focus: ASEAN Consumer Sector "Pharmacy retail in ASEAN has potential ..."

ASEAN Consumer Sector UBS Research

Executive summary

We believe the pharmacy retail sector in ASEAN is entering a dynamic growth phase. Multiple tailwinds from

Structural tailwinds – from favourable demographics and rising incomes to expanding demographics to supportive

healthcare access, rapid urbanization, and supportive regulatory shifts – are regulatory shifts make pharmacy

transforming fragmented, underpenetrated pharmacy retail markets into a compelling retailing in ASEAN a bright spot.

growth story. This report analyses the key growth drivers, industry structure, competitive

intensity, and risks in ASEAN-6 pharmacy retail, with insights from regional leaders DFI

Retail Group (Guardian) and AS Watson Group (Watsons), who are expanding in

Southeast Asia. A cross-country comparison underscores significant variations in market

maturity, store density, regulation, margins, and competitive landscape.

Growth trajectories vary among the ASEAN-6: Our industry model for pharmacy

retail sales in ASEAN forecasts a 6.8% CAGR over 2025-30E, with countries like Vietnam

(~9%) and the Philippines (~7%) growing at a faster pace.

Figure 1: ASEAN-6 pharmacy retail sales forecast We expect pharmacy retail sales in

Vietnam and the Philippines to see

the fastest growth in the region over

the next five years.

Source:UBS estimates

Key drivers include: 1) Demographics and urbanization, 2) Affordability, 3) Payer

mix and insurance expansion,4) Regulation liberalization and government

initiatives, 5) Industry fragmentation and consolidation

Figure 2: ASEAN-6 top pharmacy retail operators (2025)ASEAN-6

Many of the top 3 pharmacy retailers

by revenue market share are private

companies. See our appendix for