Market Insights Health Pharmacies OTC Products

Skin Treatment (Pharmacies) - Western Africa

Western Africa

Revenue in the Skin Treatment market is projected to reach US$145.50m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.12%, resulting in a market volume of US$235.60m 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$0.35 are generated in 2024.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Skin Treatment (Pharmacies) market in Western Africa is experiencing significant growth due to changing customer preferences, emerging trends, and local special circumstances. Customer preferences in Western Africa are shifting towards natural and organic skincare products. Consumers are becoming more conscious about the ingredients used in skincare products and are opting for products that are free from harmful chemicals and artificial additives. This preference for natural products is driving the demand for organic skin treatments in pharmacies across the region. Trends in the market indicate a growing interest in skin treatments that target specific skin concerns. Consumers are increasingly looking for products that address issues such as acne, hyperpigmentation, and aging. This has led to the introduction of specialized skincare products in pharmacies, catering to the diverse needs of customers. Additionally, there is a rising demand for multi-functional skincare products that offer multiple benefits, such as moisturizing, brightening, and anti-aging properties. Local special circumstances in Western Africa, such as the prevalence of skin conditions like hyperpigmentation and eczema, have contributed to the growth of the skin treatment market. These conditions are common among the population in the region, and consumers are actively seeking effective solutions to address them. Pharmacies play a crucial role in providing accessible and affordable skincare products to meet the needs of the local population. Underlying macroeconomic factors, such as increasing disposable income and urbanization, have also contributed to the growth of the skin treatment market in Western Africa. As more individuals move to urban areas and experience an improvement in their living standards, there is a greater willingness to invest in skincare products. Additionally, the rise of the middle class in the region has led to an increase in purchasing power, further driving the demand for skin treatments in pharmacies. In conclusion, the Skin Treatment (Pharmacies) market in Western Africa is witnessing growth due to changing customer preferences towards natural and organic products, emerging trends in specialized skincare treatments, local special circumstances such as prevalent skin conditions, and underlying macroeconomic factors such as increasing disposable income and urbanization. This presents opportunities for pharmacies to cater to the evolving needs of customers and expand their product offerings in the region.

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.