Over-the-counter (OTC) pharmaceuticals have gained notable traction over the years, primarily driven by different flavors offered in the market. The adoption rate of conventional flavors is very high, especially in regions such as East Asia and South Asia, contributing a major revenue in the market. With the growth in the number of health-conscious consumers, the organic flavors in OTC pharmaceuticals are gaining rapid traction in the market. The rising demand for flavored tablets on the back of high acceptance in older and younger demographics is paving the way for the market to grow. Growing penetration of e-commerce and online channels is boosting the growth of this pharmaceutical landscape. These channels are highly preferred for their cost-effectiveness and they involve direct sales of these pharmaceutical products from the manufacturer to the consumers. Favorable government regulations are boosting the flavored OTC pharmaceutical market for pediatrics. High demand for oral drug formulation has diverted the attention of the manufacturers towards developing innovative and solid oral drug forms such as chewable tablets and lozenges. Introductions of such attractive forms are expected to escalate the sale of OTC pharmaceuticals, positively influencing the market revenue.Major players profiled in the over-the-counter pharmaceutical market are Prinova Group LLC, Sensient Technologies Inc., and Kerry Group.
The flavors into over-the-counter (OTC) pharmaceuticals market has gained notable traction in recent times. Conventional flavors are expected to hold a large revenue share in the flavors into over-the-counter (OTC) pharmaceuticals market during the forecast period. It has been seen that the adoption of conventional flavors is high, especially in South Asia and East Asia where health care services have expanded at a phenomenally high rate.
On the other hand, organic flavors are expected to grow at a significant rate owing to their health benefits and increasing awareness around their use in North America and Europe.
Growing Penetration of E-Commerce and Online Stores to Offer Significant Opportunities
Increasing number of e-commerce and online stores is an important factor, which can boost the sales of flavors into over-the-counter (OTC) pharmaceuticals. The easy availability of flavored tablets and syrups, through online stores, is fueling the growth of flavors into over-the-counter (OTC) pharmaceuticals market.
Moreover, online channels are providing products that have specific labels, showcasing trending flavors into the over-the-counter (OTC) pharmaceuticals market. Some of the widely sought-after flavors are- organic, natural, gluten-free, GMO- free etc.
Sales of pharmaceutical products through online channels is a cost-effective strategy because the distribution and retailing of the products is directly done by the manufacturers.
Hence, many people prefer to order medicines through online stores and this can increase the sales of flavored medicines, thus giving an impetus to the growth of flavors into over-the-counter (OTC) pharmaceuticals market.
Increasing Research in Pediatric Formulations to Raise the Demand for Flavored Oral Medicines
New regulations have been introduced for flavored pharmaceuticals for pediatrics. These regulations in general, focus on the safety impacts of the excipients with reference to the chemical structure, chemical reactivity, doses used, and toxicity observed in the pediatric population.
This has been shifting the focus of manufacturers on the development of excipients used in both oral, solid and liquid pediatric formulations, which are flexible, dispersible and multi-functional. They also have a high appeal value for children, infants and toddlers. Hence, the demand for flavored pediatric medicines is increasing, boosting the growth of flavors into the over-the-counter (OTC) pharmaceuticals market.
Increasing Demand for Flavored Tablets to Boost the Market Growth
A notable rise in demand for flavored tablets, is one of the main factors, influencing the growth of the flavors into over-the-counter (OTC) pharmaceuticals market.
Demand for oral drug formulations has been witnessing a steady increase over the past five years, owing to their ease of consumption by a large number of patients, including children.
Oral dosage formulations generally require a larger number of excipients than other forms during the drug manufacturing process, and are being promoted due to the adoption of increased patient-centric approaches by drug manufacturers.
This has prompted drug companies to devise more innovative and solid, oral product forms such as orally disintegrating granules (ODGs), effervescent tablets, lozenges and chewable tablets. This is expected to create a substantial demand for flavors into over-the-counter (OTC) pharmaceuticals in the foreseeable future.
High Preference for Liquid Flavors by Pharmaceuticals Marks the Prominent Trend
Liquid form of flavors for over-the-counter (OTC) pharmaceuticals is highly preferred by drug formulators and manufacturers.
Easy availability and cost effectiveness of liquid flavors are likely to remain the key growth promoters.
Growing Demand for OTC Medicines to Create Lucrative Opportunities
The demand for OTC medicines is increasing across the globe, which is led by increasing prevalence of commonly occurring diseases such as pain, cold, and cough along with growing awareness regarding over-the-counter medication among the general population.
Oral solids represent the largest growth opportunity for generic players or innovative companies that are planning to introduce the generic versions of their own brand.
Kerry Group, Sensient Technologies Inc., and Prinova Group LLC are the top players of the flavors into over-the-counter (OTC) pharmaceuticals market. The top players in the market are expected to hold approximately 30% of the revenue share.
A comprehensive view of the flavors into over-the-counter (OTC) pharmaceuticals market has led our analysts to conclude that the market is growing at an impressive rate, with East Asia and South Asia holding a large chunk of the global demand for flavors into over-the-counter (OTC) pharmaceuticals market. Increasing acceptance of generic medicines, especially in developed countries such as the U.S, Mexico, and Germany is spurring the growth of the global flavors into over-the-counter (OTC) pharmaceuticals market. Furthermore, the higher adoption of oral pharmaceuticals is more likely to support the growth of the flavors into over-the-counter (OTC) pharmaceuticals market over the forecast period. The flavors into over-the-counter (OTC) pharmaceuticals market is expected to have a robust growth in the forecast period in countries of the Asia Pacific region because of the increasing research and developmental activities for pediatric formulations.
Also, increasing incidence of acute pain is anticipated to create more opportunities for flavors into Over-the-Counter (OTC) pharmaceuticals market players. In addition, the growing awareness about the online medical stores and growing penetration of e-commerce is fueling the growth of the flavors into over-the-counter (OTC) pharmaceuticals market.
Flavors into Over-the-Counter (OTC) Pharmaceuticals Market - Scope of the Report
Persistence Market Research (PMR) recently published a market study on the global market for flavors into over-the-counter (OTC) pharmaceuticals. The study provides detailed assessment on the key market dynamics, including drivers, trends, opportunities restraints, and detailed information about the flavors into over-the-counter (OTC) pharmaceuticals market structure. The market study presents exclusive information about how the flavors into over-the-counter (OTC) pharmaceuticals market will grow during the forecast period of 2019-2029.
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market, and compounded annual growth rate (CAGR) are explained in PMR’s study in a comprehensive manner. This information can help readers understand the quantitative growth prospects of the flavors into over-the-counter (OTC) pharmaceuticals market during the forecast period.
The study is relevant for stakeholders in the flavors into over-the-counter (OTC) pharmaceuticals market, including flavors into over-the-counter (OTC) pharmaceuticals therapy manufacturers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Stakeholders in the flavors into over-the-counter (OTC) pharmaceuticals market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in PMR’s study.
The study also includes statistics as well as facts related to macro as well as microeconomic factors that are impacting developments in the market. It also offers actionable insights based on the future trends in the flavors into over-the-counter (OTC) pharmaceuticals market. Furthermore, small businesses and new entrants in the flavors into over-the-counter (OTC) pharmaceuticals market too can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Segments of the Flavors into Over-the-Counter (OTC) Pharmaceuticals Market
PMR’s study on the flavors into over-the-counter (OTC) pharmaceuticals market offers information divided into five important segments - Form, Nature, Type, End Use and by Region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
Key Questions Answered in PMR’s Flavors into Over-the-Counter (OTC) Pharmaceuticals Market Report
Flavors into Over-the-Counter (OTC) Pharmaceuticals Market: Research Methodology
In PMR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the flavors into over-the-counter (OTC) pharmaceuticals market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure accuracy and reliability of the conclusions.
Secondary resources referred to analysts during the production of the flavors into over-the-counter (OTC) pharmaceuticals market study include statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary resources and secondary resources acts as a validation from companies in the flavors into over-the-counter (OTC) pharmaceuticals market, and makes PMR’s projection on the growth prospects of the flavors into over-the-counter (OTC) pharmaceuticals market more accurate and reliable.