Market Insights Health Pharmacies OTC Products

Hand Sanitizer (Pharmacies) - Cyprus

Cyprus

Revenue in the Hand Sanitizer market is projected to reach US$0.91m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 6.26%, resulting in a market volume of US$1.16m 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$0.72 are generated in 2024.

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

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Analyst Opinion

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

Customer preferences: One of the main reasons for this growth is the increasing awareness among consumers about the importance of hand hygiene in preventing the spread of diseases. With the rise in global health concerns, people are becoming more conscious of the need to keep their hands clean and free from germs. As a result, there has been a surge in demand for hand sanitizers, particularly in pharmacies where consumers can easily access these products.

Trends in the market: In addition to the growing awareness of hand hygiene, there are several other trends driving the growth of the hand sanitizer market in Cyprus. Firstly, there has been a shift towards natural and organic products, with consumers becoming more health-conscious and seeking out products that are free from harmful chemicals. This has led to an increase in the demand for hand sanitizers that are made from natural ingredients and do not contain any artificial additives. Another trend in the market is the introduction of innovative hand sanitizer products. Manufacturers are constantly developing new formulations and packaging designs to attract consumers. For example, there are now hand sanitizers available in spray bottles, pocket-sized containers, and even as wipes. These convenient and portable options have become popular among consumers who are always on the go and need a quick and easy way to sanitize their hands.

Local special circumstances: Cyprus is a popular tourist destination, attracting millions of visitors each year. This has created a unique market for hand sanitizers, as tourists often look for products that they can easily carry with them during their travels. As a result, pharmacies in Cyprus have seen an increase in the demand for travel-sized hand sanitizers, catering to the needs of both local residents and tourists.

Underlying macroeconomic factors: The growth of the hand sanitizer market in Cyprus can also be attributed to several macroeconomic factors. The country has a strong healthcare system and a high level of healthcare expenditure, which has contributed to the overall awareness and importance of hand hygiene. Additionally, the government has implemented strict regulations and guidelines regarding hygiene practices, further emphasizing the need for hand sanitizers. Furthermore, the COVID-19 pandemic has had a significant impact on the hand sanitizer market in Cyprus. The outbreak of the virus has led to a surge in demand for hand sanitizers, as people are taking extra precautions to protect themselves from the virus. This increased demand has prompted pharmacies to stock up on hand sanitizers and ensure a steady supply for customers. In conclusion, the Hand Sanitizer (Pharmacies) market in Cyprus is experiencing growth due to increasing customer awareness about hand hygiene, the introduction of innovative products, and the unique market demands of tourists. Additionally, underlying macroeconomic factors such as a strong healthcare system and government regulations have contributed to the growth of the market. The COVID-19 pandemic has further fueled the demand for hand sanitizers, making it a lucrative market for pharmacies in Cyprus.

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.