Key regions: Germany, Europe, South Korea, France, China
The Skin Treatment (Pharmacies) market in Mongolia has been experiencing 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 skincare and the desire for healthier and younger-looking skin have also contributed to the growth of the market.
Customer preferences: In Mongolia, customers have shown a growing preference for natural and organic skincare products. This shift in preference can be attributed to the increasing awareness about the potential harmful effects of chemicals and synthetic ingredients found in traditional skincare products. Customers are now seeking products that are made from natural ingredients and are free from harmful chemicals. This preference for natural skincare products has led to a surge in demand for products that are labeled as organic, cruelty-free, and environmentally friendly.
Trends in the market: One of the key trends in the Skin Treatment (Pharmacies) market in Mongolia is the rise of local skincare brands. These brands are focusing on using locally sourced natural ingredients, such as herbs and plants, to create skincare products that cater to the specific needs of Mongolian consumers. This trend is driven by the desire for products that are tailored to the local climate and skin types. Another trend in the market is the increasing popularity of anti-aging skincare products. With the growing emphasis on maintaining youthful and healthy-looking skin, consumers are seeking products that target signs of aging, such as wrinkles and fine lines. This has led to the introduction of a wide range of anti-aging skincare products in the market, including serums, creams, and masks.
Local special circumstances: Mongolia has a unique climate, with harsh winters and dry summers. These weather conditions can have a significant impact on the skin, leading to dryness, sensitivity, and other skin issues. As a result, there is a high demand for skincare products that provide hydration and protection against environmental factors. Local brands have capitalized on this demand by creating products that are specifically formulated to address the skincare needs of Mongolian consumers.
Underlying macroeconomic factors: The growing economy of Mongolia has contributed to the development of the Skin Treatment (Pharmacies) market. As disposable incomes have increased, consumers are willing to spend more on skincare products. This has created a favorable market environment for both local and international skincare brands. Additionally, the influence of social media and digital marketing has played a significant role in driving the growth of the market. Consumers are increasingly exposed to skincare trends and product recommendations through social media platforms, leading to an increase in demand for skincare products. In conclusion, the Skin Treatment (Pharmacies) market in Mongolia is experiencing growth due to customer preferences for natural and organic skincare products, the rise of local skincare brands, the popularity of anti-aging skincare products, the unique climate of Mongolia, and the underlying macroeconomic factors such as the growing economy and the influence of social media.
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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