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Flavors Market Size

Report ID: GMI4921
Published Date: Nov 2022
Report Format: PDF

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Flavors Market Size

Flavors Market for Pharmaceutical & Healthcare Applications size was valued at more than USD 1 billion in 2022. Driven by the rising health consciousness among people globally, the industry is expected to grow at over 5% CAGR from 2023 to 2032.

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The growing instances of chronic diseases are driving the uptake of pharmaceutical products. The significant prevalence of health problems accompanied by the development of new nutritional products is set to drive the growth of the flavors market for pharmaceutical and healthcare applications. An upsurge in consumer preference for flavored food supplements is foreseen to augment business growth further. Moreover, in light of the COVID-19 pandemic, consumers are increasingly opting for natural ingredients, thereby bolstering the use of botanical extracts in food products, which is likely to positively impact the product outlook.

Moreover, the mounting consumption of dietary supplements due to rising health consciousness is fostering the demand for flavors in pharmaceutical and healthcare products. As a result of the coronavirus pandemic, the adoption of healthy food and lifestyle has fueled the growth of the flavors market for pharmaceutical & healthcare applications. A survey conducted by Amway, a health & wellness expert, indicated that 9 out of 10 Thai adults are taking important measures to improve their health after the COVID-19 outbreak, which is foreseen to stimulate product sales.

Flavors Market Report Attributes
Report Attribute	Details
Base Year:	2022
Flavors Market Size in 2022:	USD 1.1 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	5.2%
2032 Value Projection:	USD 1.8 Billion
Historical Data for:	2018 to 2022
No. of Pages:	220
Tables, Charts & Figures:	161
Segments covered:	End Use
Growth Drivers:	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
Pitfalls & Challenges:	Rise in consumer awareness pertaining to the use of artificial flavoring substances

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Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

Flavors Market for Pharmaceutical & Healthcare Applications was valued at more than USD 1 billion in 2022 and is set to progress at over 5% CAGR over the next 10 years owing to a significant preference for flavored healthcare products and the growing health consciousness among people.

The dietary supplements application segment is poised to surpass a valuation of USD 740 million by 2032 owing to surging eating habits and lifestyle changes of people that are contributing to the emergence of several diseases.

Some of the major participants in the flavors industry for pharmaceutical & healthcare applications are 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, and Concept Flavors & Fragrances, among others.

The Asia Pacific flavors market size for pharmaceutical & healthcare applications is primed to witness over 5.5% CAGR from 2023 to 2032 as a result of the high demand for flavored infant formula and nutrients to bolster food intake among children is increasing the adoption of various flavors in infant nutrition in the APAC region.