Market Insights Health Pharmacies OTC Products

Hand Sanitizer (Pharmacies) - Colombia

Colombia

Revenue in the Hand Sanitizer market is projected to reach US$35.65m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 4.30%, resulting in a market volume of US$42.19m by 2028.
In global comparison, most revenue will be generated in China (US$385.20m in 2024).
In relation to total population figures, per person revenues of US$0.68 are generated in 2024.

Key regions: Japan, Germany, Europe, Australia, France

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Analyst Opinion

The Hand Sanitizer (Pharmacies) market in Colombia has witnessed significant growth in recent years.

Customer preferences: Colombian consumers have shown an increasing preference for hand sanitizers, especially those available in pharmacies. This can be attributed to the growing awareness about personal hygiene and the importance of hand sanitization in preventing the spread of diseases. Additionally, the convenience of purchasing hand sanitizers from pharmacies, which are easily accessible and trusted sources of healthcare products, has also contributed to the popularity of this distribution channel.

Trends in the market: One of the key trends in the Hand Sanitizer (Pharmacies) market in Colombia is the rising demand for natural and organic hand sanitizers. Consumers are becoming more conscious about the ingredients used in personal care products and are actively seeking products that are free from harsh chemicals and artificial fragrances. This trend is in line with the global shift towards natural and organic products, driven by health and environmental concerns. Another trend in the market is the increasing availability of hand sanitizers with moisturizing properties. Traditional hand sanitizers often have a drying effect on the skin due to the high alcohol content. However, manufacturers have recognized this issue and have started introducing moisturizing ingredients such as aloe vera and glycerin in their products. This has been well-received by consumers, who now have more options to choose from based on their specific skincare needs.

Local special circumstances: Colombia has a tropical climate, which can contribute to higher incidences of sweating and increased need for hand sanitization. The hot and humid weather conditions make people more prone to bacterial and fungal infections, making hand sanitizers an essential part of personal hygiene routines. This local special circumstance has further fueled the demand for hand sanitizers in the country.

Underlying macroeconomic factors: The Hand Sanitizer (Pharmacies) market in Colombia is also influenced by various macroeconomic factors. The country has been experiencing steady economic growth in recent years, leading to an increase in disposable income levels. This has resulted in higher consumer spending on personal care products, including hand sanitizers. Furthermore, the COVID-19 pandemic has had a significant impact on the market. The outbreak of the virus has heightened public awareness about the importance of hand hygiene, leading to a surge in demand for hand sanitizers. The Colombian government has also implemented strict hygiene measures and regulations to curb the spread of the virus, further driving the demand for hand sanitizers in pharmacies. In conclusion, the Hand Sanitizer (Pharmacies) market in Colombia is witnessing growth due to customer preferences for hygiene products, including natural and moisturizing hand sanitizers. Local special circumstances, such as the tropical climate, contribute to the higher demand for hand sanitizers. Additionally, underlying macroeconomic factors, such as economic growth and the impact of the COVID-19 pandemic, are also driving 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.