Market Insights Health Pharmacies OTC Products

Hand Sanitizer (Pharmacies) - South Korea

South Korea

Revenue in the Hand Sanitizer market is projected to reach €44.64m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.70%, resulting in a market volume of €50.99m by 2029.
In global comparison, most revenue will be generated in China (€357.20m in 2024).
In relation to total population figures, per person revenues of €0.86 are generated in 2024.

Key regions: Japan, United States, Europe, United Kingdom, Canada

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Analyst Opinion

The Hand Sanitizer (Pharmacies) market in South Korea has been experiencing significant growth in recent years.

Customer preferences: South Korean consumers have become increasingly conscious of personal hygiene and the importance of hand sanitization. This shift in consumer behavior can be attributed to several factors, including increased awareness of the importance of hand hygiene in preventing the spread of diseases and the COVID-19 pandemic. As a result, there has been a surge in demand for hand sanitizers in the country.

Trends in the market: One of the key trends in the Hand Sanitizer (Pharmacies) market in South Korea is the growing popularity of alcohol-based hand sanitizers. Alcohol-based hand sanitizers are known to be effective in killing germs and bacteria, and consumers in South Korea are increasingly opting for these products. Additionally, there has been a rise in the demand for hand sanitizers with moisturizing properties, as consumers are becoming more aware of the potential drying effects of frequent hand sanitization. Another trend in the market is the increasing availability of hand sanitizers in various formats and sizes. In addition to traditional liquid hand sanitizers, there has been a rise in the popularity of gel-based hand sanitizers and sanitizing wipes. This variety in product formats allows consumers to choose the option that best suits their needs and preferences.

Local special circumstances: South Korea has a well-developed healthcare system and a high level of healthcare awareness among its population. This has contributed to the strong demand for hand sanitizers in the country. Additionally, South Korea has a large number of pharmacies, making it convenient for consumers to access hand sanitizers.

Underlying macroeconomic factors: The Hand Sanitizer (Pharmacies) market in South Korea is also influenced by macroeconomic factors. The country has a strong economy and a high level of disposable income, which allows consumers to prioritize personal hygiene and invest in products such as hand sanitizers. Furthermore, the government has implemented various measures to promote public health and hygiene, which has further contributed to the growth of the hand sanitizer market. In conclusion, the Hand Sanitizer (Pharmacies) market in South Korea is experiencing significant growth due to increasing consumer awareness of the importance of hand hygiene and the availability of a wide range of hand sanitizer products. The market is driven by customer preferences for alcohol-based hand sanitizers and products with moisturizing properties. The local special circumstances, such as a well-developed healthcare system and a large number of pharmacies, contribute to the strong demand for hand sanitizers. Additionally, underlying macroeconomic factors, such as a strong economy and government initiatives, further support the growth of the market.

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.