Market Insights Health Pharmacies OTC Products

Skin Treatment (Pharmacies) - Cyprus

Cyprus

Revenue in the Skin Treatment market is projected to reach US$10.77m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 7.19%, resulting in a market volume of US$14.22m by 2028.
In global comparison, most revenue will be generated in the United States (US$3,319.00m in 2024).
In relation to total population figures, per person revenues of US$8.49 are generated in 2024.

Key regions: Canada, United States, France, Europe, United Kingdom

Market

Region

Region comparison

Currency

Analyst Opinion

The Skin Treatment (Pharmacies) market in Cyprus has been experiencing significant growth in recent years. Customer preferences have shifted towards natural and organic skincare products, driving the demand for these products in the market. Additionally, the increasing awareness about the importance of skincare and the availability of a wide range of products in pharmacies have contributed to the growth of the market.

Customer preferences: Customers in Cyprus are increasingly opting for natural and organic skincare products. They are becoming more conscious about the ingredients used in skincare products and are looking for products that are free from harmful chemicals. This shift in customer preferences has led to an increase in the demand for natural and organic skincare products in the market. Customers are also looking for products that cater to specific skin concerns such as acne, aging, and dryness. As a result, pharmacies are stocking a wide range of skincare products to meet the diverse needs of customers.

Trends in the market: One of the key trends in the Skin Treatment (Pharmacies) market in Cyprus is the rise of online sales. With the increasing popularity of e-commerce platforms, customers are now able to purchase skincare products online, making it more convenient for them. This trend has led to the growth of online pharmacies and the emergence of new online skincare retailers. Pharmacies are also adapting to this trend by expanding their online presence and offering a seamless shopping experience to their customers. Another trend in the market is the growing demand for anti-aging skincare products. As the population in Cyprus ages, there is a higher demand for products that can help reduce the signs of aging and improve skin health. Pharmacies are capitalizing on this trend by offering a wide range of anti-aging skincare products, including serums, creams, and masks. These products often contain ingredients such as retinol, hyaluronic acid, and collagen, which are known for their anti-aging properties.

Local special circumstances: Cyprus is a popular tourist destination, attracting visitors from all over the world. This has a significant impact on the Skin Treatment (Pharmacies) market, as tourists often purchase skincare products during their stay. Pharmacies in tourist areas cater to the needs of these visitors by offering a variety of skincare products from different brands. They also provide personalized recommendations and advice to help tourists choose the right products for their skin.

Underlying macroeconomic factors: The growth of the Skin Treatment (Pharmacies) market in Cyprus can be attributed to several macroeconomic factors. The country has experienced steady economic growth in recent years, resulting in higher disposable incomes for consumers. This has led to an increase in consumer spending on skincare products. Additionally, the healthcare system in Cyprus is well-developed, with a strong emphasis on preventive care. This has created a favorable environment for the growth of the skincare market, as consumers are encouraged to take care of their skin and seek professional advice from pharmacists.

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.