Market Insights Health Pharmacies OTC Products

Skin Treatment (Pharmacies) - Belgium

Belgium

Revenue in the Skin Treatment market is projected to reach US$88.49m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.14%, resulting in a market volume of US$108.40m 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$7.55 are generated in 2024.

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

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Analyst Opinion

The Skin Treatment (Pharmacies) market in Belgium has witnessed significant growth in recent years. Customer preferences have shifted towards natural and organic skincare products, driving the demand for these products in the market. Additionally, the increasing awareness about the importance of skincare and the growing aging population have also contributed to the market's development.

Customer preferences: Belgian customers have shown a strong preference for natural and organic skincare products. They are increasingly concerned about the ingredients used in skincare products and their potential side effects. As a result, there has been a growing demand for products with natural and organic ingredients, such as plant extracts and essential oils. Customers are also seeking products that are free from harsh chemicals and are environmentally friendly. This shift in customer preferences has led to the introduction of a wide range of natural and organic skincare products in the market.

Trends in the market: One of the key trends in the Skin Treatment (Pharmacies) market in Belgium is the rising demand for anti-aging products. The country has a growing aging population, and individuals are becoming more conscious about maintaining youthful and healthy-looking skin. This has led to an increased demand for anti-aging skincare products, such as creams, serums, and masks that target fine lines, wrinkles, and age spots. Another trend in the market is the popularity of multi-functional skincare products. Customers are looking for products that offer multiple benefits, such as moisturizing, brightening, and anti-aging properties. This trend has led to the development of innovative skincare products that cater to the diverse needs of customers.

Local special circumstances: Belgium has a well-developed healthcare system, which includes a strong network of pharmacies. Pharmacies play a crucial role in the distribution of skincare products in the country. They provide easy access to a wide range of skincare products, including both over-the-counter and prescription products. This accessibility has contributed to the growth of the Skin Treatment (Pharmacies) market in Belgium.

Underlying macroeconomic factors: The Belgian economy has been stable in recent years, which has positively impacted the skincare market. The stable economy has resulted in increased disposable income, allowing consumers to spend more on skincare products. Additionally, the growing tourism industry in Belgium has also contributed to the market's development. Tourists often purchase skincare products as souvenirs or for personal use, further boosting the market's growth. In conclusion, the Skin Treatment (Pharmacies) market in Belgium is developing due to changing customer preferences, such as a preference for natural and organic skincare products, and the increasing demand for anti-aging products. The well-developed pharmacy network and stable economy in Belgium have also played a significant role in the market's growth.

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.