A new research study conducted by Persistence Market Research (PMR), unveils that the global sales of effervescent products is expected to reach ~ US$ 34 Bn by the end of 2019. According to the report, the effervescent products market is estimated to grow by ~6% Y-O-Y by the end of 2020 over 2019, primarily influenced by the changing trends in the pharmaceutical industry.
According to the report, the demand for effervescent products in user-friendly dosage forms is expected to rise, and with manufacturers are expected to increase focus on catering to the dynamic trends in the pharmaceuticals industry to maintain an edge in the market. The study further signifies that even though North America continues to dominate the effervescent products market, Asia Pacific will offer significant growth opportunity through the forecast period.
Regional Outlook Highlighting Asia Pacific to be a Profitable Market
North America is dominating the global effervescent products market due to large consumer base, high affordability and awareness, and favorable reimbursement scenario. Factors such as technological innovations, collaborations between pharmaceutical and contract research organizations, and growing preventive healthcare industry are some factors driving the expansion of the effervescent products market in Europe.
Asia Pacific is estimated to expand at a significant CAGR during 2019-2029 due to promising demographics, improved healthcare policies, and consistently expanding economies. Brazil and Mexico offer strong expansion opportunities due to increasing focus on R&D and rising healthcare expenditure, along with rising demand for new technologies in the region. The effervescent products market in Middle East is in developing phase, which offers strong expansion potential in the near future due to increasing demand for preventive healthcare.
Changing Consumer Preferences to Drive Innovations in Effervescent Products Market
Increasing awareness about health and rising disposable income have influenced a large population to move to luxury health products, such as dietary supplements, probiotics, along with vitamins, and minerals. in order to lead a healthy lifestyle. Market players are capitalizing on this trend by focusing on launching new effervescent products such as dietary supplements in order to prevent diseases, address nutritional deficiencies, as well as to enhance general health and lifestyle of consumers, opines the PMR study.
According to a survey conducted by International Food Information Council Foundation in 2017, 40% of the consumers say that they look forward to weight loss/management while 15% of the respondents are interested in products which help in cardiovascular health, 11% of the consumers look for products benefiting digestive health, the other 34% respondents are switching to products, which benefit immune function, muscle health, oral health, and others. The changing consumer preferences have been a factor that companies involved in functional foods are looking to add to new products in various segments.
New Sales Opportunities for Effervescent Products in E-Retail Sector
Pharmaceuticals and functional food products are currently experiencing exponential growth, and have huge potential to increase a company’s profitability. The rising popularity of online sales leverage huge growth opportunities for pharmaceuticals and dietary supplement companies.
The North America and European effervescent product markets are currently witnessing high growth in this sector. Online sales enhance the company’s sales and create brand awareness by user-friendly features of the website. The e-Commerce sector has also saved the overall operational costs, which are much lower in online retail in comparison to retail format or physical store format.
Degree of Competition Leading to Enhancement in Products
Companies are trying to expand their market presence by increasing their effervescent products market share in the overall effervescent products market through launch of new products, product innovations by launching new flavors of existing products, acquisitions, and collaborations. The increasing trend across the globe towards the outsourcing for cost effectiveness, profitability, and less R&D expenditure is enhancing the competition as companies are increasing their overall productivity.
This study underlines key opportunities in the effervescent products market and finds that the market would exhibit growth at a value CAGR of ~ 6% during forecast period. For in-depth information on effervescent products market, write in to the analyst at email@example.com.