Growing popularity of conventional flavors has boosted the expansion of the flavors into OTC pharmaceutical market’s revenue. Both elderly and young adults are showing preference of flavored tablets, especially in Asian nations. Of note, South Asia and East Asia are expected to see new revenues. Rise in demand for OTC pharmaceuticals in hospital pharmacies has also fueled the prospects for drug makers in the flavors into OTC pharmaceutical market. Ecommerce channels are gathering steam on the back of cost-effectiveness.
On the other hand, government regulations are also playing a crucial role in shaping the growth trajectories of the market. In this regard, there has been extensive demand in oral drug formulations.
A segment that is likely to be increasingly lucrative in the OTC pharmaceutical market is pediatrics. Growing popularity of chewable tablets and lozenges in developing nations is fueling the generation of robust revenue potential for drug makers. Rising demand for syrups among children and even young adults has paved way to new avenues in the flavors in the OTC pharmaceuticals market.
The penetration of e-commerce channels has made a large bearing on the growth avenues in the flavors into the OTC pharmaceuticals market. Rise in popularity of organic, natural, and gluten-free flavors into OTC pharmaceuticals is opening new avenues in the market.
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A large number of players are focusing on distribution and retailing chains help meet a large cross-section of demand in flavors into the OTC pharmaceuticals market. On the other hand, companies are increasingly focusing on the safety of the pharmaceutical excipients used. This is increasingly attracting attention among solid, liquid, and oral pediatric formulations. Growing popularity of flavored pediatric medicines in emerging economies has spurred revenue potential of the overall flavors into the OTC pharmaceuticals market.
Drug makers are also focusing on meeting the regulatory norms pertaining to oral drug formulations. In addition, they are leaning on adopting patient-centric approaches to position their brands uniquely and further in order to consolidate their shares. Players in the OTC pharmaceuticals market looking for high value-grab opportunities are focusing on new, organic flavors for liquid formulations.
Rise in consumption of OTC medicines in urban as well rural populations in several developing economies is bolstering the uptake of flavor types. Generic players are entering with new flavors in medicines used to treat fever, cough, cold, and vitamin supplements.
Some of the key regional markets are North America, Europe, Asia Pacific and Latin America. Key product types in the flavors into the OTC pharmaceuticals market are liquid flavors and powdered flavors. Broadly, key application segments that will play key role in augmenting the revenue potential in the flavors into the OTC pharmaceuticals market are liquid medications, supplements, chewable tablets, and prebiotics.
Some of the key players aiming at consolidating their shares or positions in the flavors into the OTC pharmaceuticals market are Flavor & Fragrance Specialties, Virginia Dare, Sapphire Flavors & Fragrances, Quest Nutra Pharmaceuticals, Marc Flavours, AromataGroup, Carmi Flavour and Fragrance, Prinova Group, Gold Coast Ingredients Inc., International Flavors & Fragrances, and Givaudan.