Thailand's inhaler market remains resilient, driven by a growing number of consumers using inhalers daily as the products evolve from a healthcare item to a lifestyle focus, according to Gold Mints Products Co Ltd, a manufacturer and distributor of the Poy-Sian inhaler brand.
Nutthapong Larbboonsarp, director and consultant at Gold Mints Products, attributed this shift to product development across the industry. Companies are consistently introducing new products and updated packaging to better meet evolving consumer preferences.
He estimated that since the end of the pandemic, the number of major inhaler brands has risen to 40, compared with 10 previously.
Another driver of market growth is the increasing number of foreign tourists buying inhalers produced in Thailand as souvenirs.
A catalyst for the industry this year will be the growing adoption of inhalers among younger consumers, said Mr Nutthapong.
As authorities aim to attract new traveller profiles to Thailand, he expects this initiative will expand the inhaler market among international visitors.
However, rising production costs and ongoing global economic uncertainties could pose challenges for the industry, noted Mr Nutthapong.
Costs for plastics have doubled for the company, though it has no plans to raise product prices at the moment, he said, adding that this would be the last option.
In addition, competition from foreign rivals is growing in international markets where Poy-Sian has a presence, said Mr Nutthapong.
As the brand celebrates its 90th anniversary, he outlined a long-term business strategy that includes transitioning to a low-carbon company and increasing export sales.
The company generates 90% of its sales from the domestic market and exports to Southeast Asia, Japan and West Africa.
Gold Mints wants Poy-Sian to become a trailblazer in bringing Thai herbal products to the global stage, said Mr Nutthapong.
