The global E-pharmacy beauty and personal care (BPC) market was estimated at US$ 60.99 billion in 2022, according to E-pharmacy Beauty and Personal Care (BPC) Market Report, by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa).
The global e-pharmacy beauty and personal care (BPC) market is projected to reach US$ 264 billion by 2030, exhibiting a CAGR of 20.1% during the forecast period. The market growth is driven by increasing internet penetration and rising demand for beauty and personal care products. Moreover, increasing government initiatives and investment by private players is also expected to boost market growth over the forecast period. The regional governments are taking various initiatives to improve the online infrastructure and provide the population with high-speed internet connectivity, which is expected to drive the growth of e-pharmacy and other e-commerce businesses. According to the Ministry of Electronics & Information Technology, Government of India, the Digital India Programme was launched in July 2015. This flagship program was introduced by the government of India with a vision to transform India into a digitally empowered society. Internet and mobile phones revolutionized the way people used to buy and sell products. E-pharmacy is an online platform that offers pharmacy and personal care products to consumers directly at their doorsteps. Increasing internet penetration, a rising millennial population coupled with growing awareness about personal care products, resulting in high demand for beauty and personal care products is expected to drive the growth of the E-pharmacy Beauty and Personal Care (BPC) Market. According to a report by Internet World Stats published in December 2018, the number of internet users reached 4,208 million in June 2018 (with 55.1% penetration), up from 3,270 million in 2015 (with 45.0% penetration) across the globe. North America and Europe E-pharmacy Beauty and Personal Care (BPC) Markets are mature markets due to higher internet penetration rate.
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Key Trends and Analysis of the E-pharmacy Beauty and Personal Care (BPC) Market:
- Increasing preference for e-pharmacy owing to benefits offered such as convenience, better accessibility, and low cost is contributing to the higher demand for e-pharmacy (BPC) products. Furthermore, increasing internet penetration and the growth of the smartphones industry is fueling demand for online pharmacy and other e-commerce portals. Mobile phones make online shopping easier for consumers.
- The restrictions imposed by government agencies on regulating and registering online pharmacies is expected to restrain the growth of online pharmacy stores in the near future. Several governments are focused on formulating and implementing policies in order to regulate the e-pharmacy industry. For instance, according to the Department of Health and Family Welfare under the Indian Ministry of Health and Family Welfare’s report published in August 2018, the Drugs and Cosmetic Rules, 1945 amends the requirements and conditions for the sales of drugs through e-pharmacy. Retail pharmacy laws are also applicable to e-pharmacy, however, specific guidelines are essential for clarity.
Key Takeaways of the Market:
- North America accounted for the largest market share of 45% in 2022, in the global E-pharmacy Beauty and Personal Care (BPC) Market on account of the presence of numerous e-pharmacy companies in the region. Few of the major companies operating in the region are CVS Health, Walgreen Company, Familymeds, Inc., The Medicine Shoppe Pharmacy, H E Butt Drug Stores, and Rite Aid Corporation.
- Customer preference is shifting towards e-pharmacy, owing to ease and convenience in ordering and accessing websites. Accessing a wide range of products at competitive prices at a single click of a button is attracting the consumer base towards e-pharmacy stores. For instance, in 2016, a survey conducted by the Consumer Online Foundation and Bureau of Research on Industry and Economic Fundamentals (BRIEF), showed 61% of people prefer to buy medicines online in India.
- Major players operating in the global e-pharmacy (BPC) market include Newpharma, LLOYDS Pharmacy Limited, Pharmacy2u Ltd., Gordons Direct, Shop Apotheke and Cardinal Health
- Companies operating in the e-pharmacy industry are undertaking various strategic initiatives such as mergers & acquisitions, product development, and business expansions with the launch of new stores in the untapped regions to enhance their market share. In 2018, 111, Inc. company partnered with Tianjin Zhongxin Pharmaceuticals Group Co., Ltd, and Mentholatum (China) Pharmaceuticals Co., Ltd, both producers of healthcare products. This will help 111, Inc. to enhance its product portfolio in the online platform.