Market Insights Health Pharmacies OTC Products

Skin Treatment (Pharmacies) - India

India

Revenue in the Skin Treatment market is projected to reach €0.57bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.07%, resulting in a market volume of €0.88bn 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 €0.40 are generated in 2024.

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

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Región

Comparación de regiones

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Analyst Opinion

The Skin Treatment (Pharmacies) market in India has been experiencing significant growth in recent years.

Customer preferences: Indian consumers are becoming increasingly conscious about their skin health and appearance, leading to a growing demand for skin treatment products available at pharmacies. This trend can be attributed to several factors. Firstly, there is a rising awareness about the importance of skincare and the impact it can have on overall well-being. Secondly, the influence of social media and beauty influencers has played a significant role in shaping consumer preferences and creating a desire for flawless skin. Lastly, the increasing disposable income of the middle class has made skincare products more affordable and accessible to a larger population.

Trends in the market: One of the key trends in the Indian Skin Treatment (Pharmacies) market is the growing popularity of natural and organic products. Consumers are becoming more conscious about the ingredients used in skincare products and are opting for formulations that are free from harmful chemicals. This trend is driven by a desire for safer and more sustainable options. As a result, pharmacies are witnessing a surge in demand for natural and organic skincare brands. Another trend in the market is the increasing demand for anti-aging products. With a growing aging population and a desire to maintain youthful-looking skin, consumers are seeking products that target signs of aging such as wrinkles and fine lines. Pharmacies are responding to this demand by stocking a wide range of anti-aging creams, serums, and treatments.

Local special circumstances: India is a country with a diverse climate, ranging from extreme heat in some regions to cold winters in others. This variation in weather conditions creates specific skincare needs for consumers. In hot and humid regions, consumers look for products that provide oil control and hydration, while in colder regions, moisturizing and nourishing products are in high demand. Pharmacies in India need to cater to these specific needs by offering a range of products suitable for different climates.

Underlying macroeconomic factors: The growth of the Skin Treatment (Pharmacies) market in India can also be attributed to several macroeconomic factors. Firstly, the Indian economy has been experiencing steady growth, leading to an increase in disposable income. This has allowed consumers to spend more on personal care products, including skincare. Secondly, the expansion of organized retail in India has made skincare products more accessible to a larger population. Pharmacies, in particular, have benefited from this trend as they offer a wide range of skincare products under one roof. Lastly, the increasing urbanization in India has led to a shift in consumer lifestyles, with more people adopting Western beauty standards and investing in skincare products. In conclusion, the Skin Treatment (Pharmacies) market in India is witnessing significant growth due to changing customer preferences, including a focus on natural and organic products and a demand for anti-aging solutions. The local special circumstances, such as diverse climate conditions, also influence the market trends. Additionally, underlying macroeconomic factors, such as increasing disposable income and the expansion of organized retail, contribute to the market's development.

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.