Market Insights Health Pharmacies OTC Products

Skin Treatment (Pharmacies) - Bangladesh

Bangladesh

Revenue in the Skin Treatment market is projected to reach US$90.24m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 14.74%, resulting in a market volume of US$179.50m by 2029.
In global comparison, most revenue will be generated in the United States (US$3,319.00m in 2024).
In relation to total population figures, per person revenues of US$0.52 are generated in 2024.

Key regions: Germany, Europe, South Korea, France, China

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Analyst Opinion

The Skin Treatment (Pharmacies) market in Bangladesh has been experiencing steady growth in recent years.

Customer preferences: Customers in Bangladesh have shown a growing interest in skin treatment products available at pharmacies. They are increasingly seeking out these products to address various skin concerns such as acne, dryness, and aging. This shift in customer preferences can be attributed to several factors including increased awareness about skincare, changing lifestyles, and the desire to achieve healthy and radiant skin.

Trends in the market: One of the key trends in the skin treatment market in Bangladesh is the rising demand for natural and organic products. Customers are becoming more conscious about the ingredients used in skincare products and are opting for those that are free from harmful chemicals. This trend is in line with the global shift towards natural and organic skincare products. Another trend in the market is the growing popularity of online pharmacies. With the increasing penetration of smartphones and internet connectivity, customers are now able to conveniently purchase skin treatment products online. This trend has been further accelerated by the COVID-19 pandemic, which has led to an increase in online shopping across various sectors.

Local special circumstances: Bangladesh is a densely populated country with a large youth population. This demographic factor plays a significant role in shaping the skin treatment market in the country. Young consumers are more likely to experiment with different skincare products and are willing to spend on products that cater to their specific needs. This has created a lucrative market for skin treatment products in Bangladesh.

Underlying macroeconomic factors: The economic growth of Bangladesh has had a positive impact on the skin treatment market. As disposable incomes rise, consumers are willing to spend more on skincare products. Additionally, the increasing urbanization in the country has led to a higher demand for skincare products, as urban dwellers are more exposed to pollution and other environmental factors that can affect the skin. In conclusion, the Skin Treatment (Pharmacies) market in Bangladesh is witnessing growth due to changing customer preferences, including a shift towards natural and organic products, the rising popularity of online pharmacies, and the country's demographic and macroeconomic factors.

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.