The global e-pharmacy beauty and personal care (BPC) market was estimated at US$ 7.69 billion in 2018, according to E-pharmacy Market Report, by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
The global e-pharmacy beauty and personal care (BPC) market is projected to reach US$ 20.20 billion by 2027, exhibiting a CAGR of 11.4% 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 the market growth over the forecast period.
The regional governments are taking various initiatives to improve the online infrastructure and provide population with high speed internet connectivity, which is expected to drive growth of e-pharmacy and other e-commerce businesses. According to the Ministry of Electronics & Information Technology, Government of India, 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, 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 growth of the e-pharmacy 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 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:
Key Takeaways of the Market:
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