Key regions: Germany, Europe, South Korea, France, China
The Skin Treatment (Pharmacies) market in Baltics has been experiencing significant growth in recent years. Customer preferences for skincare products have shifted towards natural and organic ingredients, driving the demand for these products in the market. Additionally, the increasing awareness about the importance of skincare and the availability of a wide range of products in pharmacies have also contributed to the growth of the market.
Customer preferences: Customers in the Baltics are increasingly seeking skincare products that are made from natural and organic ingredients. This preference is driven by the growing awareness about the potential harmful effects of synthetic chemicals on the skin. Customers are also becoming more conscious about the environmental impact of their skincare choices and are therefore opting for products that are eco-friendly and sustainable. Furthermore, customers are looking for products that are suitable for their specific skin types and address their individual skincare concerns.
Trends in the market: One of the key trends in the Skin Treatment (Pharmacies) market in the Baltics is the rising demand for anti-aging skincare products. As the population in the region ages, there is a growing need for products that can help reduce the signs of aging and improve the overall appearance of the skin. This trend is driven by the desire to maintain a youthful and healthy-looking complexion. Another trend in the market is the increasing popularity of multi-functional skincare products. Customers are looking for products that offer multiple benefits, such as moisturizing, sun protection, and anti-aging properties. This trend is driven by the convenience and cost-effectiveness of using a single product that can address multiple skincare needs.
Local special circumstances: The Baltic countries have a relatively small population compared to other European countries. This means that the market size for skincare products is smaller, which can pose challenges for companies operating in the region. However, the market is also less saturated compared to larger markets, presenting opportunities for new entrants to establish their presence and gain market share.
Underlying macroeconomic factors: The strong economic growth in the Baltics has contributed to the increasing disposable income of consumers. This has allowed customers to spend more on skincare products and invest in their personal well-being. Additionally, the growing tourism industry in the region has also boosted the demand for skincare products, as tourists often purchase these products as souvenirs or for personal use during their travels. In conclusion, the Skin Treatment (Pharmacies) market in the Baltics is developing due to the changing customer preferences for natural and organic skincare products, the rising demand for anti-aging products, and the popularity of multi-functional skincare products. Despite the smaller market size, the strong economic growth in the region and the growing tourism industry are 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.
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