Selbyville, Delaware, Dec. 07, 2022 (GLOBE NEWSWIRE) — As per the report published by Global Market Insights Inc., the Global Flavors Market for Pharmaceutical & Healthcare Applications was estimated at USD 1 billion in 2022 and is expected to surpass a valuation of $1.5 billion by 2032, progressing at a CAGR of 5% from 2023 to 2032. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size, statistics & estimations, and major investment pockets.
Mounting consumer inclination towards healthy food & beverage consumption and high penetration of natural flavors in the overall flavoring agent market as the chief drivers of the growth of the flavors industry for pharmaceutical & healthcare applications. For instance, in November 2022, Myprotein, a sports nutrition brand, launched clear whey isolate in blackberry flavor. The product consists of high-quality hydrolyzed whey protein isolate and has been created as a light and juice-like alternative to protein shakes.
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Rising consumption of healthcare nutrition to augment flavors market expansion
Dployment of flavors for the enrichment of healthcare nutrition is foreseen to remain high through the forecast period. The healthcare nutrition segment was valued at more than USD 260 million in 2022, the report claims. Healthcare nutrition has gained prominence for varied needs ranging from products that boost immune health to dietary supplements to address nutritional deficiencies. The soaring demand for functional food and beverages is poised to spur product adoption. The segment growth is speculated to be further driven by the mounting popularity of healthcare nutrition, such as infant nutrition, sports nutrition, and clinical nutrition.
Key reasons for flavors market for pharmaceutical & healthcare applications growth:
- Prevalence of health problems accompanied by new health nutrition product development.
- Increasing consumption of dietary supplements owing to rising health consciousness
- Penetration of natural flavors in the overall flavoring agent market
Prevalence of strong pharmaceutical system to aid North America industry demand
North America, the flavors market for pharmaceutical & healthcare applications is projected to depict robust growth at over 4.5% CAGR between 2023 and 2032. The region may emerge as a major hub for this industry owing to the strong presence of some prominent pharma companies in the United States, which contributes to a leading share of the global pharmaceutical market. Moreover, extensive access to the biggest pharmaceutical systems in the world is providing lucrative opportunities, which are foreseen to push regional market growth.
New product launches to remain a key growth strategy
The strategic landscape of the flavors market for pharmaceutical & healthcare applications is expected to witness a series of growth mergers & partnerships, product innovation, and investments toward the expansion of production capacity by industry players. For instance, in October 2020, Firmenich, a Swiss fragrance and flavor firm, signed an innovative partnership with Authentic Products Madagascar for sourcing vanilla products. The initiative is set to enhance the company’s flavor product portfolio and unlock new business opportunities.
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In another instance, in May 2020, Gold Coast Ingredients, a flavoring, and fragrance company launched a new smoked Gouda flavor that compliments bakery and other snack items. The new flavor provides an experience of different cheese flavors and is available in powder and liquid forms. Some of the key players in the flavors market for pharmaceutical & healthcare applications profiled in the report include Gold Coast Ingredients, Wild Flavors & Specialty Ingredients, Keva Flavours, International Flavours & Fragrances (IFF), Mane SA, Symrise AG, Concept Flavors & Fragrances, Quest Nutra Pharma, and others.
Partial chapters of report table of contents (TOC):
Chapter 3 Industry Insights
3.1 Industry segmentation
3.2 Industry ecosystem analysis
3.3 Raw material Analysis
3.4 Technology landscape
3.5 Regulatory Landscape
3.6 Industry best practices and key buying criteria
3.7 Pricing analysis
3.8 Industry impact forces
3.9 Permissible or required flavor dosage in pharmaceutical products
3.10 Innovation & Sustainability
3.11 Growth potential analysis, 2022
3.12 Competitive landscape, 2022
3.13 Porter’s analysis
3.14 PESTLE analysis
3.15 Impact of COVID-19 on the flavors market for pharmaceutical & healthcare applications
3.16 Impact of COVID-19 on the world economy
3.17 Impact of Russia-Ukraine war on the flavors market for pharmaceutical & healthcare applications
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.