Flavors Market for Pharmaceutical & Healthcare Applications (OTC Drugs, Dietary Supplements [Vitamins & Minerals, Proteins & Amino Acids, Dietary Fibers, Omega Fatty Acids, Botanicals], Therapeutic Nutrition, Healthcare Nutrition [Infant Nutrition, Sports Nutrition, Clinical Malnutrition]), Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Jan 2021  |  Report ID: GMI4921  |  Authors: Kunal Ahuja, Amit Rawat

Report Format: PDF   |   Pages: 220   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Flavors market for pharmaceutical & healthcare applications exceeded USD 920 Million in 2019 and is estimated to register over 5.5% CAGR between 2020 and 2026. Increasing working woman population and growing awareness regarding child health and nutrition is likely to raise the demand for flavors from infant nutrition formulations is likely to fuel the business expansion.
 

Flavors market for pharmaceutical & healthcare applications

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Flavors are used to impart better and sweeter taste profiles to pharmaceutical and healthcare products and to make them more acceptable among consumers. Flavors aid in masking the bitter and undesirable taste of Active Pharmaceutical Ingredients (API). Flavored pharmaceutical drugs and formulations are predominantly preferred by infants and children owing to their unwillingness to consume medicines, syrups, and other formulations with bitter and undesirable tastes.
 

Rising prevalence of lifestyle disorders among consumers, including diabetes, blood pressure, obesity and heart problems, is likely to raise the demand for flavored pharmaceutical drugs and formulations. The high rate of occurrence of chronic diseases among people can be attributed to increasing consumption of fast food and incorrect habits including excessive consumption of tobacco, cigarettes, and alcohol. Statistics indicate that nearly 45% (133 million) of all Americans suffer from at least one chronic disease.
 

The increasing efforts by pharmaceutical companies to incorporate new and improved flavors in drug formulations to suit the taste profiles of consumers are expected to stimulate the market growth. Rising consumer preference for fruit flavored pharmaceutical products is an ongoing trend in the market. Increasing consumer awareness regarding ingredients used in manufacturing drug formulations and clean label packaging requirements is likely to boost demand for natural and organic flavors derived from herbal extracts in the pharmaceutical products in the coming years. Anise oil, cardamom, wild cherry, lemon, orange, and peppermint are some of the natural flavors commonly used in drug formulations.
 

For instance, in April 2018, International Flavors & Fragrances, Inc. acquired Frutarom, a company engaged in developing, manufacturing, and marketing high-quality flavors and fine ingredients for use in the food & beverage, fragrance, cosmetic, flavor, pharmaceutical and nutraceutical industries. This strategic acquisition would enable the company to complement its existing portfolio of flavors and further strengthen its position in the flavors market for pharmaceutical and healthcare applications.
 

COVID 19 outbreak has led to imposition of shutdown of manufacturing units, travel ban and offices & marketplaces by governments across the world. Due to such measures has led to supply chain disruption across the world. This has negatively affected raw materials supply for flavors. However, As pharmaceuticals are considered as an “Essential Good”, there was a low to medium impact on flavors market growth for pharmaceutical and healthcare applications due to COVID 19.
 

Flavors Market Report Coverage
Report Coverage Details
Base Year:2019
Market Size in 2019:USD 920 Million
Forecast Period:2020 to 2026
Forecast Period 2020 to 2026 CAGR:5.9%
2026 Value Projection:USD 1.4 Billion
Historical Data for:2015 to 2019
No. of Pages:220
Tables, Charts & Figures:161
Segments covered:Application
Growth Drivers:
  • Prevalence of health problems accompanied by new health nutrition product development.
  • Increasing consumption of dietary supplements owing to rising health consciousness
  • Penetration of natural flavors in the overall flavoring agent market
Pitfalls & Challenges:
  • Rise in consumer awareness pertaining to the use of artificial flavoring substances

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Fostering OTC drugs sales will boost flavors market for pharmaceutical & healthcare applications statistics

Flavors industry for pharmaceutical & healthcare applications from OTC drugs

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Flavors industry for pharmaceutical & healthcare applications from OTC drugs is estimated to exceed USD 310 million and register over 5.5% CAGR through 2026. Over the counter has gained notable traction due to the virtue of increasing consumer consciousness about personal health during the ongoing pandemic. The increasing demand for flavored tablets owing to the higher acceptance among young and old is driving the market share. In addition to these, increasing consumer inclination toward organic flavors of OTC pharmaceutical products is also supporting the market outlook of flavors market for pharmaceutical & healthcare applications.
 

Moreover, many consumers also stock up over the counter’ drugs for several infectious diseases including flu, cold, and fever. This is also attributing toward market growth. Moreover, rising awareness along with the increasing demand for vitamin, nutrition, and other related supplements coupled with weight-loss products has massive contribution to industry growth during the forecast timeframe. Additionally, the increasing number of supermarkets and pharma stores has led to a broader accessibility of OTC drugs, cost benefits, and positive results, fueling the product demand from over-the-counter drugs. 
 

Persuading product attributes for dietary supplements application will stimulate market forecasts

Global Flavors Market for Pharmaceutical & Healthcare Applications from Dietary Supplements

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Flavors market for pharmaceutical & healthcare applications from dietary supplements is anticipated to exceed USD 550 million by 2026. Rising prevalence of dietary products among consumers owing to increasing obesity is driving market growth. Consumers are thereby inclining toward products, which are rich in nutrients, vitamins, and fiber, and protecting individuals from diseases. In addition to this, consumers are also eager to try out new flavors including mango, vanilla, strawberry, and many others. This is creating lucrative growth opportunities for the market.
 

Rising dietary supplements demand in Asia Pacific will stimulate regional product demand

Asia Pacific Flavors Market for Pharmaceutical & Healthcare Applications

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Asia Pacific flavors market for pharmaceutical & healthcare applications is estimated to reach over USD 505 million with CAGR of over 6.5% through 2026. Asia Pacific is expected to witness remarkable growth during the assessment period owing to the increasing consumer awareness regarding health and fitness. The increasing adoption of sports and physical fitness activities by consumers coupled with the increasing consumption of dietary supplements to add to the nutritional value and improve overall health profile should further propel market trends in the region.
 

Gradual increase in working woman population in different countries of Asia Pacific including Singapore and Australia is expected to attract the attention of the working women toward infant nutrition products to prioritize infant health while still focusing on their careers.
 

New product releases and R & D to be major business master plans by manufacturers

Global flavors market for pharmaceutical & healthcare applications share is moderately consolidated owing to presence of major players including International Flavors & Fragrances, Inc., Symrise AG, Firmenich, Mane SA and Prinova Group.
 

Participants in flavors industry for pharmaceutical & healthcare applications are incorporating strategies including capacity expansions, mergers & acquisitions, new product launches and partnerships & collaborations. For example, In November 2020, Symrise signed a purchase agreement to acquire the fragrance and aroma chemicals business of Sensient Technologies Corporation. This decision is aimed at strengthening the renewable fragrance unit business and expand the company’s customer base in Latin America & EMEA regions.
 

Global flavors market for pharmaceutical & healthcare applications research report includes in-depth coverage of the industry trends, with estimates & forecast in terms of volume (Kilo Tons) and revenue (USD Million) from 2015 to 2026, for the following segments:
 

By Application

  • OTC drugs
  • Dietary supplements
    • Vitamins & minerals
    • Proteins & amino acids
    • Dietary fibers
    • Omega fatty acids
    • Botanicals
  • Therapeutic nutrition
  • Healthcare nutrition
    • Infant nutrition
    • Sports nutrition
    • Clinical malnutrition
    • Others

The above information has been provided for the following regions:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Netherlands
    • Poland
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Indonesia
    • Thailand
  • LATAM
    • Brazil
    • Argentina
    • Mexico
  • MEA
    • South Africa
    • Saudi Arabia
    • UAE
       

Frequently Asked Questions (FAQ) :

The market for flavors from pharma and healthcare applications had reached USD 920 million in 2020 and is expected to witness more than 5.5% CAGR up to 2026.
OTC drugs segment contributed around USD 310 million towards flavors market for pharmaceutical & healthcare applications during 2019 and the share will expand at 5.5% CAGR over 2020-2026.
The market share from dietary supplement segment is anticipated to cross USD 550 million by 2026 with rising healthcare concerns including diabetes and other disorders.
APAC market is projected to surpass USD 505 million in valuation by 2026 and exhibit a 6.% CAGR over the forecast period due to higher consumer awareness about health and fitness products.

Premium Report Details

  • Published Date: Jan 2021
  • Pages: 220
  • Tables: 131
  • Charts / Figures: 30
  • Companies covered: 13
  • Countries covered: 23

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