Hand Sanitizer (Pharmacies) - Iceland

Iceland

Highlights

Revenue in the Hand Sanitizer market is projected to reach US$1.02m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.51%, resulting in a market volume of US$1.27m by 2029.
In global comparison, most revenue will be generated China (US$385.20m in 2024).
In relation to total population figures, per person revenues of US$2.69 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Hand Sanitizer (Pharmacies) market in Iceland is experiencing significant growth due to changing customer preferences and global trends.

Customer preferences: Customers in Iceland are increasingly prioritizing hygiene and health, leading to a surge in demand for hand sanitizers. This shift in preferences can be attributed to the growing awareness about the importance of hand hygiene in preventing the spread of diseases, especially in the wake of the COVID-19 pandemic. As a result, hand sanitizers have become an essential item for many individuals and households in Iceland.

Trends in the market: The Hand Sanitizer (Pharmacies) market in Iceland is witnessing several trends that are driving its growth. Firstly, there is a growing preference for hand sanitizers that are alcohol-based, as they are considered more effective in killing germs and viruses. Additionally, there is a rising demand for hand sanitizers with moisturizing properties, as frequent use of sanitizers can lead to dry skin. This trend is driven by the increasing consumer focus on maintaining skin health and preventing irritation. Another trend in the market is the emergence of eco-friendly and sustainable hand sanitizers. Customers in Iceland are becoming more conscious of the environmental impact of their purchases and are seeking products that are made from natural ingredients and have minimal packaging waste. This trend is also influenced by global movements towards sustainability and eco-consciousness.

Local special circumstances: Iceland's unique geographical location and relatively small population have contributed to the growth of the Hand Sanitizer (Pharmacies) market. As a remote island nation, Iceland has limited access to international markets, making it more reliant on local production and distribution. This has created opportunities for local manufacturers to cater to the increasing demand for hand sanitizers, leading to the growth of the domestic market. Furthermore, Iceland's well-developed healthcare system and high healthcare standards have fostered a culture of health consciousness among its population. This has further fueled the demand for hand sanitizers, as individuals in Iceland are proactive in taking preventive measures to protect their health.

Underlying macroeconomic factors: The Hand Sanitizer (Pharmacies) market in Iceland is also influenced by underlying macroeconomic factors. The country's stable economy and high disposable income levels contribute to the affordability of hand sanitizers for the majority of the population. This enables consumers to purchase hand sanitizers regularly, driving market growth. Moreover, the government's proactive approach towards public health and safety has played a crucial role in shaping the Hand Sanitizer (Pharmacies) market in Iceland. The government has implemented strict regulations and guidelines to ensure the quality and efficacy of hand sanitizers, instilling confidence in consumers and encouraging them to make regular purchases. In conclusion, the Hand Sanitizer (Pharmacies) market in Iceland is experiencing significant growth due to changing customer preferences, global trends, local special circumstances, and underlying macroeconomic factors. The increasing focus on hygiene and health, the preference for alcohol-based and moisturizing hand sanitizers, the demand for eco-friendly products, and Iceland's unique healthcare system and economic stability are all contributing to the growth of the market.

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.