Global Flavours into Over-the-Counter (OTC) Pharmaceuticals Market: Overview
The demand within the global flavours into over-the-counter (OTC) pharmaceuticals market is projected to grow at a sturdy pace in the times to follow. It is essential for the pharmaceutical industry to mask the taste of sour drugs and active pharmaceutical industry. This has gradually turned into a necessary requirement as people look for utility and taste in the medications that they consume. Sale of over-the-counter drugs is not preceded by a medical prescription that could give patients or buyers an idea about the taste of the medicine. Therefore, pharmaceutical companies have an obligation to mask the sour taste of active pharmaceutical ingredients used for over-the-counter drugs. Furthermore, the need for ensuring resales across the OTC industry has also brought flavours for over-the-counter (OTC) pharmaceuticals under the spotlight of attention.
In this review by Transparency Market Research (TMR), several logical assertions related to the growth of the global flavours into over-the-counter (OTC) pharmaceuticals market have been enunciated. The need to eradicate pungent smelling OTC medications has caused ripples across the global market. There has been an increase in the purchase of OTC drugs, suggesting that the taste and effectiveness of these medications have improved in recent years.
Global Flavours into Over-the-Counter (OTC) Pharmaceuticals Market: Competitive Landscape
The leading players existing in the flavours into over-the-counter (OTC) pharmaceuticals market are unravelling several new growth strategies such as use of taste masking excipients. These excipients help in imparting a congenial taste to the medication, while also nullifying the sourness of the active ingredient. Active ingredients used in OTC cough syrups and digestion pills are pungent to taste. Therefore, it is important for the vendors to mask the taste of these ingredients in order to drive sale of the corresponding products.
OTC drugs meant to manage the symptoms of COVID-19 are projected to attract increased demand in the times to follow. Therefore, vendors with a foothold in the market are capitalising on manufacturing COVID-19 management medications in larger quantities. The need to nullify the sour taste of medications meant to COVID-19 symptoms has created new pathways market expansion. Some of the prominent players existing in the flavours into over-the-counter (OTC) pharmaceuticals market are Kerry Group, International Flavors & Fragrances, Sensient Technologies, and GOLD COAST INGREDIENTS.
Global Flavours into Over-the-Counter (OTC) Pharmaceuticals Market: Key Trends
The growing competition in the market for over-the-counter drugs is pushing drug manufacturers to develop sapid-tasting medications. OCT drugs bought for use in children and youngsters need to be masked for their pungent taste, creating new revenue streams across the global flavour in over-the-counter drugs market. The trend of consuming flavoured tablets for management of illnesses such as common cold, indigestion, and dizziness has also given a thrust to the growth of the global flavours into over-the-counter (OTC) pharmaceuticals market. Over the course of the next decade, people are expected to follow trends of self-management and care. This trend is supported by growing knowledge of the masses related to medical prescriptions and drugs.
It is worthwhile to expect that the global flavours into over-the-counter (OTC) pharmaceuticals market would grow alongside advancements in self-care and medical management. The coronavirus pandemic has caused an increase in the sale of OTC drugs meant to manage symptoms of the disease. This trend is especially prominent across the developing regions where the healthcare sector is still far from acquiring fruition. Besides, the use of OTC drugs to avoid hospital visits has also created new avenues for market expansion.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.