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Flavors into Over-the-Counter (OTC) Pharmaceuticals Market Segmented By Liquid, Powder in Organic, Conventional Form with Vanilla, Chocolate and Cocoa, Fruit Flavor, Cream and Milk Flavors, Citrus and Mint Flavour
The Flavors Into Over The Counter OTC Pharmaceuticals Market witnessed a CAGR of 5% between 2014 and 2021. The global Flavors Into Over The Counter OTC Pharmaceuticals Market is expected to witness a 6.7% CAGR between 2022 and 2029. In 2022, the global Flavors Into Over The Counter OTC Pharmaceuticals Market size was worth US$ 1,995.3 million, which is projected to reach US$ 3,139.5 million by the year 2029.
| Attribute | Key Insights |
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Flavors Into Over The Counter OTC Pharmaceuticals Market Size (2022) |
US$ 1,995.3 Mn |
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Projected Market Value (2029) |
US$ 3,139.5 Mn |
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Global Market Growth Rate (2022-2029) |
6.7% CAGR |
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Share in parent market |
1.4% |
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The Flavors Into Over The Counter OTC Pharmaceuticals Market is expected to witness a CAGR of 6.7% during the forecast period between 2022 and 2029. The growing demand for flavored tablets, as well as the high demand for oral medicine formulation, has shifted manufacturers' focus to developing oral drug forms. The introduction of such forms is projected to increase the sale of flavored OTC medications, hence favorably increasing market revenue Furthermore, favorable government policies are driving growth in the flavored OTC pharmaceutical market.
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One of the major factors affecting the growth of flavors in the over-the-counter (OTC) pharmaceuticals market is a significant increase in demand for flavored tablets. Oral medicine formulations have shown steadiness in demand over the last five years. Due to the increasing patient-centric approaches, pharma companies are increasingly pushing oral dose formulations. As a result, novel and solid oral product forms, such as orally disintegrating granules (ODGs), effervescent tablets, lozenges, and chewable tablets have become popular, which is expected to result in a significant rise in demand for flavors in over-the-counter (OTC) pharmaceuticals in the near future.
Increased Demand for Dietary Supplements
The flavor market for pharmaceutical and healthcare applications from dietary supplements is expected to approach USD 550 million soon. The increasing demand for dietary supplements among consumers due to rising obesity rates is propelling the market growth. As a result, consumers are gravitating toward products that are high in nutrients, vitamins, protein, and fiber, as well as the ones that protect them from diseases. Furthermore, people like to try flavors in supplements such as mango, vanilla, strawberry, and many more. This provides the industry with significant growth opportunities.
Increased R&D in Pediatric Formulations
Flavored medications for children have been subjected to new regulations. This has prompted manufacturers to develop flexible, dispersible, and multi-functional excipients utilized in both oral, solid, and liquid pediatric formulations. They are also very appealing to youngsters, babies, and toddlers. As a result, the demand for flavored pediatric medications is expanding, fueling the expansion of flavors into the over-the-counter (OTC) pharmaceuticals market.
“Lack Awareness and Poor Availability of OTC Drugs”
To perform successful procedures, surgeons require high-quality surgical instruments. Surgeons rely highly on the quality of surgical tools to execute surgeries to the highest standards. However, surgeons frequently use newly purchased surgical power tools without first sterilizing them, which can lead to serious complications. Infectious pathogens are transmitted to patients when drills are not thoroughly disinfected or sterilized. The inadequate quality control and sterilization techniques are expected to hinder the market during the forecast period.
“Lack of Acceptance of Advanced Surgical Instruments and High Cost of Surgery”
The global Flavors Into Over The Counter OTC Pharmaceuticals Market has been hampered by a lack of awareness about the flavors in OTC medications and poor availability of medicines at hospitals and retail pharmacies, particularly in emerging markets. Furthermore, the commercialization of OTC medicinal items requires competent, qualified, and knowledgeable pharmacists. A shortage of qualified and educated pharmacists, particularly in developing countries, may impede the overall expansion of flavors in the over-the-counter (OTC) pharmaceuticals market.
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“Significant Increase in Demand Amid the COVID-19 Pandemic”
The COVID-19 pandemic wreaked havoc in the global economy, but it had a positive impact on the Flavors Into Over The Counter OTC Pharmaceuticals Market. COVID had varying effects on several OTC products. For example, the pandemic has increased awareness regarding the significance of self-care and has driven growth in categories such as vitamins and minerals or nutritional supplements. Also, increased precaution and cleanliness measures have resulted in a decline in sales of cough and cold products reported by most manufacturing companies. The increased demand for vitamins and minerals or nutritional supplements propelled the growth of Flavors Into Over The Counter OTC Pharmaceuticals Market during the pandemic.
The Flavors Into Over The Counter OTC Pharmaceuticals industry is moderately competitive and highly consolidated due to the presence of several large players. Key players in the market are focusing on mergers and acquisitions as the industry is in the growth phase. Companies are making strategic decisions to engage in mergers and acquisitions in order to expand their product portfolios and grow their market share.
| Attribute | Details |
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Forecast Period |
2022-2029 |
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Historical Data Available for |
2014-2021 |
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Market Analysis |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Customization & Pricing |
Available upon Request |
Flavors Into Over The Counter OTC Pharmaceuticals Market by Type
Flavors Into Over The Counter OTC Pharmaceuticals Market by Region
In 2022, the Flavors Into Over The Counter OTC Pharmaceuticals Market stands at USD 1,995.3 million, and it is expected to reach USD 3,139.5 million by 2029 at a CAGR of 6.7%.
Flavors Into Over The Counter OTC Pharmaceuticals Market exhibited a 5% CAGR between 2014 and 2021.
Lack of awareness and poor availability of OTC drugs are the key restraints in the Flavors Into Over The Counter OTC Pharmaceuticals Market.
The increasing demand for for flavored tablets and dietary supplements is the key factor driving the growth of the market.
Givaudan SA, International Flavors & Fragrances Inc., Kerry Group, Sensient Technologies Corp., and GOLD COAST INGREDIENTS, INC. are among the top players in the market.
