Global Medicated Confectionery Market is projected to register a CAGR of 4.51% and reach USD 6,861.0 Million during the forecast period.
Over the last few years, the global medicated confectionery market has experienced significant expansion. During the forecast period, the growing prevalence of cough, cold, and throat infections among customers is projected to serve as one of the significant reasons for the increasing growth of the global demand for medicated confectionery. In addition, during the projected era, the increasingly growing organized retail sector is expected to stimulate the global medicated confectionery industry. The growth of the global medicated confectionery market during the forecast period is expected to be constrained by rising obesity and diabetes among customers. Rising demand for sugar-free confectionery is expected to provide the producers of medicated confectionery a lucrative opportunity.
New products are being launched by the makers of medicated confectionery to win competitive market share. There has been a growing trend in demand for fortified/functional confectionery products attributable to demand for the inclusion of active ingredients such as antacids, vitamins, and herbal extracts used to avoid diseases. Due to rising health issues among customers, the market for gummies with balanced active ingredients, such as vitamins, omega-3 fatty acids, proteins, minerals, and probiotics, is trending. However, one of the big restrictions on the industry is growing obesity among customers. Increased understanding of wellbeing has resulted in a trend for consumers to follow a healthier lifestyle and healthy habits of food intake.
However, the decreasing supply of the sugar alternatives and production of artificial sweeteners have shifted tastes of consumers towards artificial sweeteners and is thus restricting the market.
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Global Medicated Confectionery Market has been segmented on the basis of Type, Category, Distribution Channel, and Region.
By type, the market has been bifurcated into hard candies and soft confectioneries. The soft confectionery segment is further divided as chewing gums, gummies & jellies, pastilles, and others. In 2019, the hard candy segment accounted for the highest market share, while during the projected period, the soft candy segment is predicted to record a strong CAGR of 4.58 percent.
The market has been divided by category into sugar-based and sugar-free. In 2019, the sugar-based segment accounted for maximum market share, while during the forecast timeframe the sugar-free segment is predicted to record a higher CAGR of 4.66 percent.
On the basis of distribution channel, the global medicated confectionery market has been divided into store-based and non-store based. It is projected that the store-based segment will lead the global market and hit USD 5,595.6 million by the end of 2026. It is estimated that the non-store segment will report the highest CAGR of 4.59 percent over the review period.
Asia-Pacific is projected to constitute a leading share of the medicated confectionery market during the forecast era. In 2019, the region accounted for 41.84 percent of the international market. China is among the major contributors to the Asia-Pacific market’s rise. During the forecast period from 2020 to 2026, the demand in the area is expected to report a significant CAGR of 4.69 percent. In the developing economies of Asia-Pacific, the expanding organized retail sector is also expected to increase the growth of the medicated confectionery market during the forecast era. Key producers are focusing the marketing of their goods and rising sales on the e-commerce website. Owing to the intensified effect of cold and cough, medicated confectionery has a strong demand, mainly during winters. Despite the economic downturn on consumer products in China, medicated confectionery has done well. The online market for the purchase of confectionery goods, including medicated confectionery, has also seen fast growth globally over the last 3-4 years with rising internet penetration.
During the study period, the demand in Europe is projected to gain the second-largest share. The main factors driving the growth of the regional market are the rising geriatric population and raising healthcare spending. The rising customer penchant for alternative medicines is also expected to fuel the development of Europe’s medicated confectionery industry.
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Prominent players in the global medicated confectionery market include Procter & Gamble Co. (US), Reckitt Benckiser Group PLC (UK), Mondel?z International, Inc. (US), Mars, Incorporated (US), Perfetti Van Mell (Netherlands), Herbion International Inc. (US), LanesHealth (UK), Ricola (Switzerland), Lofthouse of Fleetwood Ltd (UK), Baker Perkins (UK), and UHA Mikakuto (Japan).
Players operating in the global medicated confectionery market are focusing on strengthening their regional footprint by expansion, product launch, agreement, partnership, acquisition, and investing in R&D. Moreover, regular product launches play a crucial role in the growth of the industry. Furthermore, strong candies, chewing gums, and pastilles are some of the popular forms of medicated confectionery products.
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