Preference for fruit flavors in medicines is an ongoing trend in the flavors into over-the-counter (OTC) pharmaceuticals market. The consumption of fruit flavor formulations by leading manufacturers is relatively high as compared to other flavors.
Strong consumer preference for fruit flavors has prompted manufacturers of OTC pharmaceuticals to develop unique formulations using them.
Fruit flavors such as pineapple, strawberry, cherry and orange are mostly preferred flavors for pharmaceuticals. The adoption of flavored pharmaceuticals, especially in medicines for kids, is increasing because of the taste masking effect of these medicines.
Citrus and lemon flavors, followed by fruit flavors, are commonly used by formulators of pharmaceuticals.
Lemon and mint flavors are generally preferred in chewable tablets or gums. Vanilla or other dairy-based flavors are the least preferred flavors, used in medicines.
PMR has also found that the adoption of flavored medicines, among geriatric patients is lesser as compared to those for pediatric patients.
Outsourcing and Industrial Consolidation – Key Winning Imperatives
The report states that the companies manufacturing OTC pharmaceuticals typically focus on volume, and hence have been shown to be involved in several industrial collaborations. Key players in the flavors into over-the-counter (OTC) pharmaceuticals market are focusing on entering into strategic collaborations and acquisitions of companies operating in related industry to strengthen their position and extend their global reach.
For Example, in 2018, Sensient Technologies Corp. completed the acquisition of Mazza Innovation Limited, a botanical extraction business with patented solvent-free extraction processes, located in Vancouver, Canada.
Similarly, in 2017, International Flavors & Fragrances Inc. acquired “David Michael”, a privately held flavor company. Through this acquisition, International Flavors & Fragrances, Inc. strengthened its flavor market position in North America.
Tapping into Opportunities in Developing Countries
Most of the pharmaceutical players are focusing on developing markets, due to the stagnation of the major markets and presence of a large number of local manufacturers, especially in developing countries.
Changes in disease pattern caused due to changes in the lifestyle, increase in disposable income, improved access to healthcare services, and increasing demand for high-quality healthcare make these markets highly profitable for pharmaceutical companies.
However, this trend is currently opposite in developed economies with sophisticated manufacturing practices, where demand for superior quality excipients is increasing.
An increase in the adoption of continuous processing of excipients, is also an ongoing trend in flavors into the over-the-counter (OTC) pharmaceuticals market. Continuous processing of excipients refers to flow production of the raw material without any kind of interruption.
Manufacturers Target towards Production Capacity Expansion
Over the past few years, major pharmaceutical companies have been expanding their external and internal capacity in production.
Outsourcing opportunities arise in all innovator, generic, as well as other markets for OTC medications.
Even though manufacturing technologies for OTC medications have rapidly matured in the past two decades, the manufacturing of low-margin OTC generics requires the usage of old technologies.
While major pharmaceutical companies are investing resources on newer technologies, the manufacturing of generic OTC drugs and branded over-the-counter drugs is being outsourced.
South Asia & East Asia Remain Prominent Markets
South Asia and East Asia are expected to show significant growth of the flavors in over-the-counter (OTC) pharmaceuticals market. A large portion of the population of Asia remains undertreated, majorly due to the unavailability of effective prescribed drugs, and this is providing growth opportunities for the flavors into over-the-counter (OTC) pharmaceuticals market.
Low Awareness and Poor Availability of OTC Drugs to Hinder the Market Growth
Lack of awareness about the flavors into OTC pharmaceuticals, especially in the developing economies, continues to create a hindrance in the market growth.
Poor availability of drugs at hospital pharmacies and retail pharmacies can be responsible for decreasing the overall growth of the flavors into over-the-counter (OTC) pharmaceuticals market. Also, the marketing of OTC pharmaceutical products requires skilled, trained and knowledgeable pharmacists. A lack of skilled and trained pharmacists, especially in the developing regions, can hinder the overall growth of the flavors into over-the-counter (OTC) pharmaceuticals market.
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This study underlines key opportunities in the flavors into over-the-counter (OTC) Pharmaceuticals market and finds that the market would exhibit growth at a value CAGR of ~ 7% during forecast period. For in-depth information on flavors into over-the-counter (OTC) pharmaceuticals market, write in to the analyst at media@persistencemarketresearch.com
