[March 24, 2017] |
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Global Medicated Confectionery Market - Drivers and Forecast from Technavio
Technavio
analysts forecast the global
medicated confectionery market to grow to USD 6.03
billion by 2021, at a CAGR of more than 3% over the forecast period,
according to their latest report.
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Technavio has published a new report on the global medicated confectionery market from 2017-2021. (Graphic: Business Wire)
The research study by Technavio on the global
medicated confectionery market for 2017-2021 provides a detailed
industry analysis based on the product (candies/lozenges; and gums and
chewing gums) and geography (the Americas, APAC, Europe, and MEA).
Medicated confectionery refers to sugar boiled confectionery that is
used as a remedy for cough and throat infections. Hard boiled candies or
lozenges are the leading product segment of the global medicated
confectionery market, generating more than 80% of the overall revenue.
The use of these products to treat hay fever, cough, and other
cold-related issues is expected to drive market segment.
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Technavio's sample reports are free of charge and contain multiple
sections of the report including the market size and forecast, drivers,
challenges, trends, and more.
Technavio analysts highlight the following three factors that are
contributing to the growth of the global medicated confectionery market:
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Smoking ban in public places
-
Increasing hay fever and allergy cases
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Growing demand for sugar-free medicated confectionery
Smoking ban in ublic places
Smoking is banned in several public spaces by criminal laws and
occupational safety and health regulations. This ban in public places
across the world is aiding the market in growing as more people are
switching to medicated confectionery such as mint-based candies or
chewing gums instead to curb the habit.
"People who have quit smoking tend to seek alternatives to keep
them engaged, which is resulting in increasing adoption of medicated
confectionery. This is acting as a key factor positively impacting the
adoption of medicated confectionery such as throat sweets and breath
fresheners," says Manjunath Reddy, a lead analyst at Technavio
for food
research.
Increasing hay fever and allergy cases
Globally, the number of incidences of hay fever and other allergies is
positively impacting the medicated confectionery market. The more
frequent occurrences of cold and cough during winter months increases
the demand for medicated confectionery to soothe the throat itch. Also,
increasing levels of pollutions and allergies are resulting in rising
demand for medicated confectionery. The hay fever season in spring and
summer is another important time, which vendors capitalize on to boost
sales of medicated confectionery market.
Growing demand for sugar-free medicated confectionery
"There is a general increase in awareness and health consciousness
among consumers, driving the demand for low-sugar and sugar-free
medicated confectionery. In European countries like France and Spain,
sugar-free medicated confectionery accounted for one-third of the total
sales," says Manjunath.
To keep up with the changing consumer preferences, the key market
vendors are adding low-calorie and sugar-free alternatives to their
product lines. These sugar-free products are more preferred, driven by
brand awareness and marketing campaigns by manufacturers such as Wrigley.
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
resellers, and end-users.
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at [email protected].
View source version on businesswire.com: http://www.businesswire.com/news/home/20170324005139/en/
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