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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.
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.
Which factors will aid the expansion of the Asia Pacific market?
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.
Why is the flavors market for pharmaceutical & healthcare applications gaining traction in dietary supplements end-uses?
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.
Which companies manufacture flavors for pharmaceutical & healthcare applications?
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.
What is the Flavors Market size for Pharmaceutical & Healthcare Applications?
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.