Global Consumer Health: The Future of Consumer Health: Growing Pains

研报英文原文证据摘录

Global Consumer Health: The Future of Consumer Health: Growing Pains

Cross Asset Research

10 June 2026

Global Consumer Health

The Future of Consumer Health: SIGNATURE

Growing Pains

The Consumer Health industry sits at a crossroads. Margins European Consumer Staples

are higher than FMCG but it hasn't proven growth is also NEUTRAL

superior. The industry has taken too much pricing but from European Consumer Staples

Warren Ackerman

here vol/mix should be key, fuelled by better innovation, price +44 (0)20 3134 1903

pack architecture, salesforce investment and EM penetration. warren.ackerman@barclays.com

Barclays, UK

Victor Tramier

+44 (0)20 3555 0275

Our 10 predictions for the future of Consumer Health victor.tramier@barclays.com Barclays, UK

1. Consumer Health has historically been overly reliant on pricing, a dynamic we expect to

Abhishek Gokhale

normalise going forward, driven by the ongoing Consumerisation of the category. We

+91 (0)22 6175 1952

expect more management teams in Consumer Health to become more laser-focused on abhishek.gokhale@barclays.com

vol/mix growth. Barclays, UK

2. OTC growth, which has historically run at ~3%, could accelerate towards ~4%. We think Sustainable Investing Research

that RX-OTC activity, which has been muted, could accelerate as the drive to lower drug Charlotte Edwards, CFA(iii)

prices and consumer demand for self medication increases. +44 (0) 20 3134 0392

charlotte.edwards@barclays.com

3. VMS is perceived as a commodity category but seeing some signs of life. We expect VMS Barclays, UK

growth to be resilient as more science is brought to bear in the category driving

premiumisation with the shake-out of the industry set to continue with a big distinction U.S. CHPC & Beverages

between the winners and the losers. Lauren R. Lieberman