Flavors Market Size

Flavors Market Size

Flavors Market for Pharmaceutical & Healthcare Applications size was valued at more than USD 1 billion in 2022. Driven by the rising health consciousness among people globally, the industry is expected to grow at over 5% CAGR from 2023 to 2032.

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The growing instances of chronic diseases are driving the uptake of pharmaceutical products. The significant prevalence of health problems accompanied by the development of new nutritional products is set to drive the growth of the flavors market for pharmaceutical and healthcare applications. An upsurge in consumer preference for flavored food supplements is foreseen to augment business growth further. Moreover, in light of the COVID-19 pandemic, consumers are increasingly opting for natural ingredients, thereby bolstering the use of botanical extracts in food products, which is likely to positively impact the product outlook.

Moreover, the mounting consumption of dietary supplements due to rising health consciousness is fostering the demand for flavors in pharmaceutical and healthcare products. As a result of the coronavirus pandemic, the adoption of healthy food and lifestyle has fueled the growth of the flavors market for pharmaceutical & healthcare applications. A survey conducted by Amway, a health & wellness expert, indicated that 9 out of 10 Thai adults are taking important measures to improve their health after the COVID-19 outbreak, which is foreseen to stimulate product sales.