Home > Pressrelease > Flavors Market for Pharmaceutical & Healthcare Applications size to exceed $1.5 Bn by 2032
Flavors Market for Pharmaceutical & Healthcare Applications size to exceed $1.5 Bn by 2032
- Published Date: December 6, 2022
Flavors Market for Pharmaceutical & Healthcare Applications size is anticipated to surpass USD 1.5 billion in revenue by 2032, as per a recent research report announced by Global Market Insights Inc.
Mounting consumer inclination towards healthy food & beverage consumption and high penetration of natural flavors in the overall flavoring agent market as the chief drivers of the growth of the flavors industry for pharmaceutical & healthcare applications. For instance, in November 2022, Myprotein, a sports nutrition brand, launched clear whey isolate in blackberry flavor. The product consists of high-quality hydrolyzed whey protein isolate and has been created as a light and juice-like alternative to protein shakes.
Rising consumption of healthcare nutrition to augment flavors market expansion
Dployment of flavors for the enrichment of healthcare nutrition is foreseen to remain high through the forecast period. The healthcare nutrition segment was valued at more than USD 260 million in 2022, the report claims. Healthcare nutrition has gained prominence for varied needs ranging from products that boost immune health to dietary supplements to address nutritional deficiencies. The soaring demand for functional food and beverages is poised to spur product adoption. The segment growth is speculated to be further driven by the mounting popularity of healthcare nutrition, such as infant nutrition, sports nutrition, and clinical nutrition.
Prevalence of strong pharmaceutical system to aid North America industry demand
North America, the flavors market for pharmaceutical & healthcare applications is projected to depict robust growth at over 4.5% CAGR between 2023 and 2032. The region may emerge as a major hub for this industry owing to the strong presence of some prominent pharma companies in the United States, which contributes to a leading share of the global pharmaceutical market. Moreover, extensive access to the biggest pharmaceutical systems in the world is providing lucrative opportunities, which are foreseen to push regional market growth.
Browse key industry insights spread across 220 pages with 131 market data tables and 30 figures & charts from the report “Flavors Market for Pharmaceutical & Healthcare Applications Size By End Use (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]), COVID-19 Impact Analysis, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
New product launches to remain a key growth strategy
The strategic landscape of the flavors market for pharmaceutical & healthcare applications is expected to witness a series of growth mergers & partnerships, product innovation, and investments toward the expansion of production capacity by industry players. For instance, in October 2020, Firmenich, a Swiss fragrance and flavor firm, signed an innovative partnership with Authentic Products Madagascar for sourcing vanilla products. The initiative is set to enhance the company’s flavor product portfolio and unlock new business opportunities.
In another instance, in May 2020, Gold Coast Ingredients, a flavoring, and fragrance company launched a new smoked Gouda flavor that compliments bakery and other snack items. The new flavor provides an experience of different cheese flavors and is available in powder and liquid forms. Some of the key players in the flavors market for pharmaceutical & healthcare applications profiled in the report include Gold Coast Ingredients, Wild Flavors & Specialty Ingredients, Keva Flavours, International Flavours & Fragrances (IFF), Mane SA, Symrise AG, Concept Flavors & Fragrances, Quest Nutra Pharma, and others.