Key regions: Germany, Europe, South Korea, France, China
The Skin Treatment (Pharmacies) market in Vietnam has been experiencing significant growth in recent years.
Customer preferences: Customers in Vietnam have shown a growing interest in skin treatment products available in pharmacies. This can be attributed to several factors. Firstly, there is a rising awareness among consumers about the importance of skincare and the benefits of using specialized products. Secondly, the increasing disposable income of the middle-class population has allowed them to prioritize their personal care and invest in quality skincare products. Lastly, the influence of social media and beauty trends has played a significant role in shaping customer preferences, with many seeking out products endorsed by influencers and celebrities.
Trends in the market: One of the key trends in the Skin Treatment (Pharmacies) market in Vietnam is the growing demand for natural and organic products. Consumers are becoming more conscious about the ingredients used in skincare products and are actively seeking out products that are free from harmful chemicals. This trend is driven by a desire for healthier and more sustainable options, as well as a growing concern for the environment. 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, anti-aging, and sun protection, in order to simplify their skincare routines. This trend is driven by busy lifestyles and a desire for convenience.
Local special circumstances: Vietnam is a country with a strong cultural emphasis on beauty and skincare. The Vietnamese population has a long history of using natural remedies and traditional skincare practices, which has influenced their preferences in the modern market. This cultural heritage has created a demand for products that incorporate traditional ingredients and methods, such as herbal extracts and traditional massage techniques.
Underlying macroeconomic factors: The economic growth in Vietnam has contributed to the development of the Skin Treatment (Pharmacies) market. Rising disposable incomes and an expanding middle class have enabled more consumers to afford skincare products. Additionally, the increasing urbanization and modernization of the country have led to changes in lifestyle and beauty standards, further driving the demand for skincare products. In conclusion, the Skin Treatment (Pharmacies) market in Vietnam is experiencing growth due to customer preferences for natural and multi-functional products, as well as the influence of social media and beauty trends. The local cultural emphasis on skincare and the underlying macroeconomic factors of rising disposable incomes and urbanization are also contributing to the market's development.
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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