Market Insights Health Pharmacies OTC Products

Hand Sanitizer (Pharmacies) - Serbia

Serbia

Revenue in the Hand Sanitizer market is projected to reach US$2.12m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.25%, resulting in a market volume of US$2.37m by 2029.
In global comparison, most revenue will be generated in China (US$385.20m in 2024).
In relation to total population figures, per person revenues of US$0.30 are generated in 2024.

Key regions: Japan, United States, Europe, United Kingdom, Canada

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Analyst Opinion

The Hand Sanitizer (Pharmacies) market in Serbia has witnessed significant growth in recent years, driven by changing customer preferences and increasing awareness of the importance of hand hygiene.

Customer preferences: Serbian customers have become increasingly conscious of the need for hand hygiene, particularly in the wake of the COVID-19 pandemic. As a result, there has been a surge in demand for hand sanitizers in pharmacies across the country. Customers are seeking products that are effective, convenient to use, and have a pleasant fragrance. They also prefer hand sanitizers that are gentle on the skin, as frequent use can lead to dryness and irritation.

Trends in the market: The Hand Sanitizer (Pharmacies) market in Serbia is witnessing several key trends. Firstly, there has been a shift towards natural and organic hand sanitizers, as customers are becoming more mindful of the ingredients in the products they use. This trend is in line with the global movement towards natural and sustainable products. Secondly, there is a growing demand for hand sanitizers with moisturizing properties. Serbian customers are increasingly looking for products that not only kill germs but also keep their hands moisturized and nourished. This trend is driven by the need to combat the dryness and irritation caused by frequent hand sanitizer use. Lastly, there is a rising preference for locally-produced hand sanitizers. Serbian customers are showing a strong inclination towards supporting domestic brands and products. This trend is influenced by a desire to contribute to the local economy and promote local businesses.

Local special circumstances: The Hand Sanitizer (Pharmacies) market in Serbia is also influenced by local special circumstances. Serbia is a landlocked country in the Balkans, which means that it relies heavily on imports for certain products. However, the government has been actively promoting domestic production of hand sanitizers to reduce dependence on imports and ensure a steady supply of essential products during times of crisis.

Underlying macroeconomic factors: Several underlying macroeconomic factors contribute to the development of the Hand Sanitizer (Pharmacies) market in Serbia. The country has a well-developed healthcare system, with a high number of pharmacies spread across urban and rural areas. This widespread availability of pharmacies makes it convenient for customers to access hand sanitizers. Additionally, the Serbian government has implemented strict regulations and guidelines for the production and sale of hand sanitizers. These regulations ensure that the products meet quality and safety standards, instilling confidence in customers and encouraging them to purchase hand sanitizers from pharmacies. In conclusion, the Hand Sanitizer (Pharmacies) market in Serbia is experiencing growth due to changing customer preferences, including a demand for natural and moisturizing products, as well as a preference for locally-produced brands. The market is also influenced by local special circumstances, such as the promotion of domestic production, and underlying macroeconomic factors, including the widespread availability of pharmacies and government regulations.

Methodology

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.