Flavors into Over-the-Counter (OTC) Pharmaceuticals Market Overview:
The Global Flavors into Over-The-Counter (OTC) Pharmaceuticals Market was valued at USD 3.45 billion in 2022 and expected to grow at a CAGR of 6.5% during the forecast period. Flavors are substances that are used to alter the taste and smell of products.
Ingredients known as flavors are added to commodities to change its flavor and aroma. Flavors are frequently employed in the pharmaceutical sector to enhance the flavor and aroma of over-the-counter (OTC) drugs. Over-the-Counter (OTC) medications are those that are available without a prescription and are frequently used to treat minor illnesses including allergies, migraines, and symptoms of the flu and cold. OTC drugs can be made more appealing by adding flavors, which can also encourage patients to take them as directed. The U.S. Food and Drug Administration (FDA) regulates flavors for over-the-counter (OTC) drugs, which may contain natural or artificial components.
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Impact of COVID
Since the Covid-19 outbreak, people have grown more conscious of the value of self-care, which has spurred the expansion of categories including vitamins and minerals and nutritional supplements. This is another important aspect that will drive market expansion over the forecast period.
For mild ailments including a cough, cold, allergies, discomfort, fever, acidity, diarrhoea, and skin disorders, patients frequently turn to pharmacists rather than doctors. In most nations, buying certain medications over-the-counter is permitted. “Over-the-Counter (OTC) Medicines” refers to pharmaceuticals that pharmacists are permitted by law to sell without a prescription.
Market Growth Factors:
Over the projected period, a consistent growth in the global flavors into over-the-counter (OTC) medications market is anticipated. The industry is mostly driven by the growing need for over-the-counter medications, particularly in developing nations. Growing awareness of self-medication and an increase in disease incidence are driving the market for over-the-counter medications. The demand for flavored over-the-counter medications is being driven by the fact that their use adds flavor and facilitates consumption.
Although issues like strict laws governing the use of flavors in pharmaceuticals and the possibility of adverse consequences from OTC medication use could impede the market’s expansion. Furthermore, the market expansion may be limited by the high cost of producing flavored over-the-counter medications.
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Market Segments:
By Type
- Liquid Flavors
- Powder Flavors
By Application
- Liquid Medications
- Supplements
- Chewable tablets
- Prebiotics
- Other
Regional Analysis:
North America: Because of the region’s growing health concerns, expanding demand for natural and organic products, and growing consumer knowledge of the advantages of over-the-counter medications, the region is predicted to lead the world in flavors for OTC pharmaceuticals.
Europe: The market is anticipated to increase significantly as a result of the region’s aging population, rising incidence of chronic illnesses, and rising demand for cutting-edge pharmaceuticals.
Asia Pacific: Due to increased disposable income, population growth, and the growing demand for over-the-counter pharmaceuticals, the Asia Pacific market is anticipated to develop at the fastest rate over the forecast period.
Middle East & Africa: The region’s OTC drug acceptance and growing health consciousness are projected to fuel the market’s modest expansion.
Latin America: The region’s market is anticipated to expand moderately as a result of rising disposable income, a rise in the number of health-conscious consumers, and increased knowledge of the advantages of over-the-counter pharmaceuticals.
Leading Key Players Included in this report are:
Givaudan SA, International Flavors & Fragrances Inc., Kerry Group, Sentient Technologies Corp., GOLD COAST INGREDIENTS, INC., Trinova Group LLC., Carmi Flavour and Fragrance Co. Inc., Aromatic Group seral., Marc Flavours, Quest Nutria Pharmaceuticals, Sapphire Flavors & Fragrances, TASTE MASTER FLAVOURS PVT LTD., Virginia Dare, Concept Flavours & Fragrances PVT. Ltd., and Flavor & Fragrance Specialties. These players are focusing on product innovation, expansion, and partnerships to strengthen their market position and meet the growing demand for Flavors into Over-The-Counter (OTC) Pharmaceuticals globally.
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