The Hand Sanitizer (Pharmacies) market in Panama has witnessed significant growth in recent years.
Customer preferences: Customer preferences for hand sanitizers have shifted towards products that are effective in killing germs and viruses. With the outbreak of the COVID-19 pandemic, there has been a heightened awareness of the importance of hand hygiene, leading to an increased demand for hand sanitizers. Customers are now looking for hand sanitizers that have a high alcohol content and are approved by health authorities for their effectiveness against viruses and bacteria. Additionally, customers are also seeking hand sanitizers that are gentle on the skin and do not cause any irritation or dryness.
Trends in the market: One of the key trends in the Hand Sanitizer (Pharmacies) market in Panama is the rise in the number of local manufacturers. The demand for hand sanitizers has surged in the country, leading to a shortage of supply. To meet the growing demand, local manufacturers have entered the market and are producing hand sanitizers in large quantities. This has not only helped in addressing the supply shortage but has also contributed to the growth of the domestic economy. Another trend in the market is the increasing use of online platforms for purchasing hand sanitizers. With the implementation of social distancing measures and the closure of physical stores, customers have turned to online platforms to buy essential products, including hand sanitizers. This shift towards online shopping has not only provided convenience to customers but has also opened up new opportunities for retailers and manufacturers to reach a wider customer base.
Local special circumstances: Panama is a country that heavily relies on tourism, and the COVID-19 pandemic has severely impacted the tourism industry. As a result, there has been a decline in the number of tourists visiting the country, leading to a decrease in the demand for hand sanitizers in tourist areas. However, the local population's increased awareness of hand hygiene has offset this decline to some extent, resulting in sustained demand for hand sanitizers in the domestic market.
Underlying macroeconomic factors: The growth of the Hand Sanitizer (Pharmacies) market in Panama can be attributed to several underlying macroeconomic factors. Firstly, the country has experienced steady economic growth in recent years, which has led to an increase in disposable income among the population. This has enabled customers to spend more on personal care products, including hand sanitizers. Secondly, the government has implemented strict regulations and guidelines regarding hand hygiene in public places, such as schools, offices, and public transportation. This has created a greater need for hand sanitizers, both for personal use and for use in public spaces. The government's proactive approach towards promoting hand hygiene has further fueled the demand for hand sanitizers in the country. In conclusion, the Hand Sanitizer (Pharmacies) market in Panama has experienced significant growth due to customer preferences for effective and approved products, the rise of local manufacturers, the increasing use of online platforms, and the local special circumstances and underlying macroeconomic factors. The market is expected to continue growing as the importance of hand hygiene remains a priority for individuals and public health authorities.
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.
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