The flavors for pharmaceutical and healthcare applications market is likely to be worth more than USD 1.2 Billion in 2023 and is estimated to expand at a CAGR of 5.5% from 2023 to 2033 due to the increasing incidence of medical problems worldwide.
Growing consumer awareness of the significance of physical well-being and fitness is cruising customer engagement in the consumption of nutritional supplements to boost immune function, resulting in greater product demand. Enhanced minerals and vitamin deficiency among the global population as a result of a dearth of consumption of nutrient-rich foods are likely to increase demand for flavors from dietary supplements.
Soaring industrialization, high disposable incomes, and rising consumer perceptions of health issues may stimulate consumers to incorporate nutritional supplements into their daily diet, thereby fueling the product landscape. The growing use of botanicals or plant-based ingredients as nutritional supplements should boost the flavor market for pharmaceutical and healthcare applications. Considering the aforementioned facts and figures, the market is projected to exhibit a good rate of growth.
| Report Attribute | Details |
|---|---|
| Expected Market Value (2023) | USD 1.2 Billion |
| Anticipated Forecast Value (2033) | USD 2.05 Billion |
| Projected Growth Rate (2023 to 2033) | 5.5% CAGR |
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In the aftermath of the COVID-19 pandemic, customers were gaining wide acceptance for natural ingredients, boosting the usage of botanical extracts in foodstuffs, which was expected to significantly impact the product perspective over the historical period.
The adoption of nutritious food and a healthy lifestyle as a result of the coronavirus pandemic has contributed to the expansion of the flavors for the pharmaceutical and healthcare applications market with a CAGR of 4%. According to a survey conducted by Amway, a health and wellness expert, 9 out of 10 Thai adults are taking important steps to maintain their health following the COVID-19 outbreak, which is predicted to increase sales revenue in the coming decades.
The growing working-woman population and rising awareness about child nutritional requirements will drive flavor demand for infant nutrition compositions. Increasing clean label prerequisites are raising the significance of plant-based ingredients in pharmaceutical formulations, which is expected to expand market statistics during the forecast timeframe.
With the rising prevalence of age-related and lifestyle-related ailments, consumers are becoming increasingly aware of preventive healthcare initiatives and, as a result, are gravitating toward health-benefiting products such as food additives, which are expected to drive the global market. Increased innovation by both major and minor market players is fueling the global growth of the dietary supplement flavors market.
Multiple Governmental Initiatives and Rising participation in Sports are fueling Market Expansion
Various initiatives are being undertaken by regulatory agencies such as the Food and Drug Administration of the USA (USFDA) to guarantee that only high-quality food supplements are offered on the market, thereby encouraging customers to use dietary supplements. Moreover, the rising use of food nutritive additives is anticipated to increase consumer needs for healthcare product flavors in the coming years.
Another factor driving the market growth is people's strong interest in sports and bodybuilding. Athletes and sportspeople are becoming more engaged in sports nutrition products and supplements to strengthen their stamina and efficiency. The growing popularity of sports nutrition, vitamin, and performance-enhancing aspects will benefit the market in the coming years.
Greater Awareness of Artificial Flavoring may stifle Industry Development
Consumers’ awareness of the usage of artificial flavoring substances is expanding, which is restricting overall growth. Food processors have been obligated to include artificially curated flavors in their products due to rising food intake. Despite this, people's widespread perception that natural flavors are superior to artificial substances has stymied the growth of the flavors for the pharmaceutical and healthcare applications market.
Nevertheless, due to the increasing integration of natural-flavored products in company offerings, as well as the upsurge in health conditions, the adaptation of flavored pharmaceutical products is expected to aid industry players in combating this concern.
The popularity of flavored infant formula and nutrients to supplement children's food intake drives the market
From 2023 to 2033, the Asia Pacific flavors market for the pharmaceutical and healthcare industry is anticipated to rise at a CAGR of 5.7% CAGR. Flavors are widely used in dietary supplements, OTC drugs, therapy nutrition, and healthcare nutrition in the regional market, which is predicted to expand product penetration.
Furthermore, the high demand for flavored infant formula and nutrients to augment food intake among kids is increasing the deployment of various flavors in infant nutrition, which is expected to enhance the business strategy in the APAC region over the next several decades.
In addition, due to high population density, leading global market players are forecast to expand their desire to expand their industrial base and product offerings across Asian and Southeast Asian countries such as South Korea, Malaysia, India, China, and others.
The aging population is propelling the market in Europe
The European healthcare product flavors market is expected to exceed USD 335 Million by 2033, with a CAGR of 5.2%. The aging population is one of the most visible social and demographic dynamics of the twenty-first century, particularly in European countries.
Between 2010 and 2060, the percentage of the population aged 65 and up is expected to nearly double, rising from 16% to 29% of the overall population of CEB (Council of Europe Development Bank) member countries, representing approximately 160 million individuals. As a result, the market's demand for adequate nutrients, drugs, and supplements increased as the population grew older. As a consequence, this factor should motivate regional market trends.
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Changes in diet and living habits are promoting the expansion of the dietary supplement segment
The flavors for pharmaceutical and healthcare applications market from the dietary supplements end-use segment is expected to witness significant growth, with revenue exceeding USD 745 Million by 2033.
Dietary supplements, which can take the form of pills, capsules, tablets, powders, or liquids, enhance the human diet by providing nutrients harvested from food or synthetic sources to increase the quantity consumed.
Changes in eating habits and lifestyles are contributing to the emergence of several ailments, growing at a significant rate for dietary supplements because of their numerous health advantages, which is expected to drive market expansion.
Omega-3 fatty acids promote intellectual development and reduce Asthma Risks
The omega fatty acid segment is anticipated to expand at a CAGR of 7.1% through 2033. Omega fatty acids seem to become important tools in clinical science and have been shown to provide medical benefits for people of all ages, from infancy to old age. They are in high demand among consumers because they aid in intellectual growth and lower asthma risks.
Furthermore, the pharmaceutical industry creates, discovers, manufactures, and markets pharmaceutical drugs for use as medications to be administered to patients to cure or vaccinate them. Because baby boomers and millennials are largely concerned with product taste, automakers are embracing omega fatty acids in chewable capsules of various colors and flavors, establishing lucrative opportunities for the industry.
Keva Flavours, Gold Coast Ingredients, International Flavours & Fragrances (IFF), Symrise AG, Prinova Nagasa Group, Mane SA, Firmenich, Taste Master Flavors, Wild Flavors & Specialty Ingredients, Quest Nutra Pharma, Concept Flavors & Fragrances, Carmi Flavors & Fragrances, and Sapphire Flavors & Fragrances, among others are some of the major players in the flavors market for pharmaceutical & healthcare applications.
| Report Attribute | Details |
|---|---|
| Market Value in 2022 | USD 1.2 Billion |
| Market Value in 2033 | USD 2.05 Billion |
| Growth Rate | CAGR of 5.5% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2017 to 2021 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | End-user, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East & Africa |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, Mexico, Germany, United Kingdom, France, Spain, Italy, India, China, Japan, South Korea, Australia, Saudi Arabia, South Africa, United Arab Emirates(UAE), Israel |
| Key Companies Profiled | International Flavors & Fragrances; Keva Flavours; Symrise AG; Mane SA; Prinova Nagase Group; Taste Master Flavours; Firmenich; Wild Flavors and Specialty Ingredients; Concept Flavors & Fragrances; Quest Nutra Pharma; Carmi Flavors & Fragrances; Gold Coast Ingredients; Sapphire Flavors & Fragrances |
| Customization | Available Upon Request |
FMI projects the global Flavors Market for Pharmaceutical & Healthcare Applications to expand at a 5.5% value CAGR by 2033.
The global Flavors Market for Pharmaceutical & Healthcare Applications is estimated at a market value of USD 1.2 Billion
The global Flavors Market for Pharmaceutical & Healthcare Applications is expected to garner a market value of 2.05 Billion
FMI has projected Asia Pacific to be one of the key regions for the Flavors Market for Pharmaceutical & Healthcare Applications.
Keva Flavours, Gold Coast Ingredients, International Flavours & Fragrances (IFF), Symrise AG, Prinova Nagasa Group, Mane SA, Firmenich, Taste Master Flavors, Wild Flavors & Specialty Ingredients, Quest Nutra Pharma, Concept Flavors & Fragrances, Carmi Flavors & Fragrances, and Sapphire Flavors & Fragrances.
| Market Size Value in 2023 | USD 11.64 billion |
|---|---|
| Market Forecast Value in 2033 | USD 18.79 billion |
| Market Growth Rate (2023 to 2033) | 4.9% CAGR |
| Expected Market Value (2023) | USD 8233.6 million |
|---|---|
| Anticipated Forecast Value (2033) | USD 18,871 million |
| Projected CAGR (2023 to 2033) | 8.6% |
| Expected Market Value (2023) | USD 4.4 billion |
|---|---|
| Projected Forecast Value (2033) | USD 7.1 billion |
| Anticipated CAGR (2023 to 2033) | 5.5% |
| Market Size Value in 2022 | USD 2,912.9 Million |
|---|---|
| Market Forecast Value in 2032 | USD 4,790.2 Million |
| Growth Rate (2022 to 2032) | 5.1% CAGR |
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Flavors for Pharmaceutical & Healthcare Applications Market
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