Flavors Market for Pharmaceutical & Healthcare Applications to exceed $1.4bn by 2026
Published Date: February 1, 2021 Authors: Kunal Ahuja, Amit Rawat
Flavors market for pharmaceutical & healthcare applications is set to surpass USD 1.4 Billion by 2026, according to a new research report by Global Market Insights, Inc.
Flavors play a vital role in masking taste of bitter active pharmaceutical ingredients (API) in the pharmaceutical and healthcare products. Rising consumer demand for pharmaceutical formulations with a better taste profile, especially in pediatric formulations and drugs, is likely to boost the industry demand. Rising consumer awareness regarding health and wellness coupled with growing trend of fruit-flavored pharmaceutical formulations should escalate product demand.
Growing product demand for therapeutic nutrition manufacturing will have a positive influence on market landscape
Global flavors market for pharmaceutical & healthcare applications from therapeutic nutrition is expected to exceed USD 50 million by 2026 with a CAGR of over 6%. Therapeutic nutrition is usually a prescribed diet plan, which is a part of medical condition treatment that controls the intake of certain food or nutrients. Prevalence of several diseases including obesity, diabetes, and blood pressure has increased therapeutic nutrition demand through different forms including food or supplementation, with the intention of optimizing health. Thus, many manufacturers are dawning various flavors in their end products. Additionally,
Dietitians are prescribing liquid, diabetic, and renal diets in various flavors to change the taste and flavor. Further, the population aging will have a major impact on the health and dietary supplements market. In the U.S., older population aged 65 years or older was over 46 million in 2015. They represented approximately 14.5% of the U.S. population. By 2060, there will be around 98 million people aging 65 years or older. Thus, these factors attribute toward the market demand over the forecast timeframe.
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 (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]), Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026)” in detail along with the table of contents:
“Flavors market for pharmaceutical & healthcare applications from clinical nutrition is anticipated to grow at a CAGR of over 4% from 2020 to 2026.”
Booming clinical nutrition demand will stimulate industry expansion.
Flavors industry for pharmaceutical & healthcare applications from clinical nutrition is expected to exceed USD 25 million by 2026. Increasing deficiency of nutrition, vitamins, and minerals is a significant reason leading to flavored nutrition or health supplements industry growth. These supplements are available in a variety of flavors including chocolate, vanilla, almond, and oatmeal, offering healthy balance of carbohydrates & fats.
Flavored nutrition bars and supplements offers low-calorie meal and contain a mixture of vitamins, fats and carbohydrates, which are easily digestible and support weight loss. Moreover, the demand for protein & meal supplement sales in the U.S. was valued at over USD 3 billion in 2018, which showed a favorable instance for market demand. Increasing focus on health maintenance has enabled consumers to choose low-calorie, fiber and protein-rich food options, accelerating the nutrition-rich supplements which concurrently supporting flavor market for pharmaceutical & healthcare applications market statistics from clinical nutrition.
“North America market is forecast to register over 5% CAGR through 2026”
Rising North American pharmaceutical industry should foster market expansion
North America flavors market for pharmaceutical & healthcare applications is expected to surpass USD 430 million by 2026, owing to presence of large number of major pharmaceutical manufacturers. Also, North America region has recorded highest strategic pharma partnerships in the global pharmaceutical industry from 2014 to H1 of 2019. Within this timeframe, the region has surpassed over 1,000 licensing agreements and 1,300 strategic partnerships were made within pharma worldwide. In addition, Rising R&D spending is expected to have affirmative impact on the North American pharmaceutical manufacturing market. Thus, these aforementioned factors should accelerate regional market growth.
Key manufacturers in flavors market for pharmaceutical & healthcare applications includes Symrise AG, IFF, Firmenich, Prinova Group and Mane SA. Companies are funding into latest product releases to enhance product portfolios. For instance, In October 2020, Firmenich signed an innovative partnership with Authentic Products Madagascar for the sourcing of vanilla products. This strategic initiative is expected to enhance the company’s flavor product portfolio and open up new business opportunities.