Market Insights Health Pharmacies OTC Products

Skin Treatment (Pharmacies) - Sri Lanka

Sri Lanka

Revenue in the Skin Treatment market is projected to reach US$20.22m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.21%, resulting in a market volume of US$30.00m 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$0.92 are generated in 2024.

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

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Analyst Opinion

The Skin Treatment (Pharmacies) market in Sri Lanka is experiencing significant growth due to changing customer preferences and increasing awareness about skincare.

Customer preferences: Customers in Sri Lanka are becoming more conscious about their skin health and are increasingly seeking out skincare products to address their specific concerns. There is a growing demand for skin treatments that target issues such as acne, aging, hyperpigmentation, and dryness. Customers are also looking for natural and organic products that are free from harmful chemicals. Additionally, there is a preference for products that are affordable and easily accessible through pharmacies.

Trends in the market: One major trend in the Skin Treatment (Pharmacies) market in Sri Lanka is the rise of personalized skincare. Customers are looking for products that are tailored to their individual needs and skin types. This has led to the development of customized skincare solutions that address specific concerns and provide targeted results. Another trend is the increasing popularity of multi-functional skincare products, which offer multiple benefits in a single product. For example, moisturizers with SPF protection or serums that also act as primers.

Local special circumstances: Sri Lanka has a tropical climate, which means that customers often face challenges related to sun damage and skin pigmentation. This has led to a higher demand for products with sun protection properties and skin brightening ingredients. Additionally, traditional Ayurvedic skincare practices have a strong influence in Sri Lanka, and customers often look for products that incorporate natural ingredients and follow Ayurvedic principles.

Underlying macroeconomic factors: The growing middle class and increasing disposable income in Sri Lanka have contributed to the growth of the Skin Treatment (Pharmacies) market. As people have more money to spend on personal care products, they are willing to invest in high-quality skincare treatments. Furthermore, the expansion of the retail sector and the increasing number of pharmacies in urban areas have made skincare products more accessible to a wider customer base. In conclusion, the Skin Treatment (Pharmacies) market in Sri Lanka is thriving due to changing customer preferences, including a focus on personalized skincare and multi-functional products. Local special circumstances, such as the tropical climate and the influence of Ayurvedic skincare practices, also play a role in shaping the market. Additionally, underlying macroeconomic factors such as the growing middle class and increasing disposable income contribute to 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.