Market Insights Health Pharmacies OTC Products

Skin Treatment (Pharmacies) - Canada

Canada

Revenue in the Skin Treatment market is projected to reach €274.20m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.27%, resulting in a market volume of €354.50m by 2029.
In global comparison, most revenue will be generated in the United States (€3,077.00m in 2024).
In relation to total population figures, per person revenues of €7.01 are generated in 2024.

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

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Analyst Opinion

The Skin Treatment (Pharmacies) market in Canada has been experiencing steady growth in recent years, driven by changing customer preferences and trends in the market.

Customer preferences: Customers in Canada have shown a growing interest in skincare and are increasingly seeking out skin treatment products from pharmacies. This shift in preference can be attributed to several factors. Firstly, customers are becoming more conscious of the importance of skincare and the impact it can have on their overall appearance and well-being. Secondly, there is a growing awareness of the harmful effects of pollution, stress, and aging on the skin, leading customers to seek out products that can address these concerns. Lastly, the convenience of purchasing skin treatment products from pharmacies, which are easily accessible and often offer a wide range of options, has also contributed to the increasing popularity of this market segment.

Trends in the market: One of the key trends in the Skin Treatment (Pharmacies) market in Canada is the growing demand for natural and organic skincare products. Customers are becoming more discerning about the ingredients in the products they use, and are actively seeking out products that are free from harmful chemicals and additives. This trend is driven by a desire for healthier and more sustainable skincare options, as well as a growing concern for the environment. As a result, pharmacies in Canada are increasingly stocking natural and organic skincare products to cater to this demand. Another trend in the market is the rising popularity of anti-aging skincare products. With an aging population, there is a growing demand for products that can help reduce the signs of aging and maintain youthful-looking skin. Pharmacies in Canada are responding to this trend by offering a wide range of anti-aging skincare products, including creams, serums, and treatments that target specific concerns such as wrinkles and fine lines.

Local special circumstances: In addition to changing customer preferences and trends, there are also some local special circumstances that are influencing the Skin Treatment (Pharmacies) market in Canada. One such circumstance is the highly regulated nature of the Canadian skincare market. Health Canada, the regulatory body responsible for overseeing the safety and efficacy of skincare products, has strict guidelines in place for the sale and labeling of these products. This has created a level playing field for pharmacies, as they are required to meet the same standards as other retailers when it comes to selling skincare products.

Underlying macroeconomic factors: The growth of the Skin Treatment (Pharmacies) market in Canada can also be attributed to underlying macroeconomic factors. Canada has a strong and stable economy, with a high standard of living and disposable income. This provides consumers with the means to invest in skincare products and treatments. Additionally, the Canadian population is aging, which has led to an increased demand for skincare products that can address the specific needs of mature skin. These factors, combined with the changing customer preferences and trends, have contributed to the growth of the Skin Treatment (Pharmacies) market in Canada.

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.