Global COVID-19 Impact on Medicated Confectionery Market is estimated to reach USD 8.01 billion by 2024. It can record a CAGR of 4.15% throughout the Forecast Period.
Medicated confectionery has gained recognition by patients to overcome the barriers associated with pills and capsules. Low production costs and stringent hygiene standards in its production are ensured to support its rise. The global medical confectionery market report by Market Research Future (MRFR) looks at the methods of production, compliance with FDA and other regulatory body standards, and new techniques for the period of 2020 to 2024 (forecast period). It takes into consideration of the impact of the COVID-19 pandemic and its effects.
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Huge demand for functional confectionery rich in nutritional content is likely to drive the market demand. The sale of candies, gummies, lollipops, and other confectionery can act as an ideal medium for providing functional and nutraceutical ingredients. Incidence of allergies such as hay fever, air pollution, and other medical issues has led to people turning to medical candy. The recommendation of lollipops for meeting the nutrition intake in children is likely to fuel market growth. In addition, innovations in pills and capsules which can relieve cough and colds have found takers in medical confectionery.
Packaging and marketing are bound to play a huge role in the sales of the product. Clean labeling policies and use of natural ingredients are deemed to drive the demand for medical confectionery. Initiatives by organizations such as the MaxLove Project for promoting wellness in cancer children are a prime example of the large potential of the market.
Universal Robina Corporation, The Hershey Company, Perfetti Van Melle Group B.V., Ernest Jackson & Co Ltd, Reckitt Benckiser Group PLC, Nestlé SA, Herbion International Inc., Mars, Incorporated, Piedmont Candy Co, Mondelēz International, Inc., Procter & Gamble Co., and Ricola LTD are prime players of the Global Medicated Confectionery Market. Starch-free processes are used in the production of medicated confectionery to ensure the delivery of the right therapeutic dose.
Global COVID-19 Impact on Medicated Confectionery Market has been segmented based on product type, category, and distribution channel.
By product type, the market is segmented into hard candies, soft confectionery, gummies & jellies, chewing gums, and others. Hard candies are anticipated to dominate the market till the end of the forecast period.
By category, it is bifurcated into conventional and organic.
The global market has been classified, based on distribution channel, as store-based and non-store-based. The store-based distribution channel has been further segmented into supermarkets & hypermarkets, convenience stores, and others. Among the two, the store-based channel is expected to dominate the global medicated confectionery market due to the availability of products at independent and retail pharmacies.
Global COVID-19 Impact on Medicated Confectionery Market has been analyzed for four key regions—North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
Among the regions, Europe accounted for 35% share in the global medicated confectionery market in 2020. The regional market is anticipated to be driven by the increasing health consciousness among consumers. Food allergies among the children are another driver of the market. New product launches are to be witnessed to appeal to consumer tastes. For instance, Ricola launched a new line of throat lozenges in three flavors in 2020.
North America is also estimated to account for 30% market share in the global market in 2020. It is projected to expand at a modest growth rate during the assessment period. Slow release of medications is another growth driver inducing demand for medicated confectionery. Some of the confectioneries are used to alleviate symptoms of cough, cold, and sore throat.
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However, Asia-Pacific region is projected to witness significant growth rate during the forecast period. The growth can be attributed to increasing prevalence of allergy caused by air pollution in the developing economies. China and India are collectively accounting for major market share in 2020.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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