ID: MRFR/F-B & N/3889-CR | 100 Pages | Author: Pradeep Nandi | December 2020
Medicated Confectionery Market is expected to be worth USD 2.60 billion By 2030, growing at a CAGR of 4.30% from 2022 to 2030
Medicated Confectionery Market is anticipated to be worth USD 2.60 billion, and Growing from 2022 to 2030 at a CAGR of 4.30%. Medicated confectionery comprises active component formulations such as antacids, fruit vitamin extracts, and herbal extracts. Medicated confectionaries are mostly used to manufacture medicines for various ailments such as congestion, cough, throat inflammation, colds, and others. The rise in consumer preference for a healthy lifestyle is one of the key factors anticipated to boost the market growth for medicated confectionery during the forecast period. The market for medicated candy is also expected to develop due to changing consumer preferences and rising sugar-related costs. Additionally, more cases of cough, cold, throat irritation, and other illnesses are treated with functional sweetness, which is predicted to slow the market for medicated confectionery growth.
COVID-19 Impact Analysis
COVID-19 significantly impacted the market for medicated confectionery as people were more concerned about their health during the pandemic, and customers' purchasing habits changed. Since the coronavirus symptoms included coughing, colds, throat discomfort, etc., these products were mainly consumed to prevent the virus, resulting in market growth. Consequently, the pandemic has had a favorable impact on the market.
Coughs, colds, throat discomfort, and other conditions that can be treated with edible candies have become more prevalent in recent years. Additionally, several industries' investments in high-product innovation from market leaders like sugar-free and organic chocolates are helping to fuel the expansion of the global industry. The regular product launches are significantly contributing to the industry's expansion. Some widely used medicated confectionery products are pastilles, chewing gums, and powerful candies. Children can easily and quickly consume these medications, increasing market demand. For instance, in April 2020, to increase Halls XS's visibility in Singapore, Mondelez International, the company that owns the renowned medicated confectionery brand Halls, introduced Halls XS Honey Lemon.
Cough suppressants are becoming increasingly popular around the world. This is due to the therapeutic properties of these products, which aid in removing congestion and making breathing easier. According to the Centers for Disease Control and Prevention in the United States, consumers with sore throats can heal in 7 to 10 days. As customers' lifestyles change, so does their awareness of natural herbal goods. Herbal confectioneries, which include components such as guarana and ginseng, provide energy, while extracts like green tea and superfruits provide antioxidants that promote immunity and are gaining popularity due to their natural and organic origin, as well as their health claims. Thus, the need for cough suppressants is growing; this is one of the factors driving the global medicated confectionery application market.
Due to quick changes in production and demand on the international market, the price of raw materials needed to make medicated confection has fluctuated over the past few years. The raw material is impacted by poor weather, agricultural diseases, labor availability, stock ratios, and other economic issues that impede the smooth exchange of supply and demand in the market. The annual price of the raw materials varies, as a result, going from low to high, which causes an excess or understock of the raw materials needed to make the sugar and chocolate goods sold on the market. Thus, it is anticipated that the overall demand will be muted in the next year by changes in raw material prices.
The need for convenience snacks as part of the daily diet is mostly driven by growing modernization and a hectic combination of work and personal commitments. Due to their hectic schedules, customers cannot spend time cooking or dining out during their working hours, which makes them search for food products that are simple and quick to prepare. Furthermore, because more consumers are in the workplace, it is difficult for them to maintain a healthy work-life balance. To provide consumers with a balanced diet, manufacturers and marketers are actively creating and promoting a variety of chocolate snacks, including bars, on-the-go snacks, and others. The rising popularity of chocolate among young people and other working populations is expected to fuel the expansion of the medicated confectionery market in the forecast period.
Based on type, the global medicated confectionery market is divided into hard candies and soft confectioneries. The hard candies category had a prominent share in 2021. With more than 80% of the total revenue coming from sales, hard-boiled candies or lozenges are the market's most profitable product category. The category is anticipated to rise due to the usage of these products to treat hay fever, coughs, and other cold-related symptoms.
Based on category, the global medicated confectionery market is divided into sugar-based and sugar-free. The sugar-free category had a prominent share in 2021. Consumer knowledge and health consciousness are generally rising, fueling demand for low-sugar and sugar-free medicated candy. The major market suppliers are expanding their product ranges to include low-calorie and sugar-free options to stay current with shifting consumer tastes. Due to increased brand recognition and marketing initiatives by producers like Wrigley, these sugar-free goods are more popular.
By Distribution Channel
Based on the distribution channel, the global medicated confectionery market is divided into store-based and non-store based. The store-based category had a prominent share in 2021. Supermarkets and hypermarkets are receiving a lot of support from customers worldwide. The flexibility of choice, wider product selections, and bundling programs provided by the mass merchandisers have all contributed to consumers' growing reliance on these facilities, increasing foot traffic on the floor. Due to their hectic schedules and busy lives, consumers prefer to buy groceries in bulk for a set period. Thus, store-based distribution channels give customers a convenient shopping experience all under one roof.
Global Medicated Confectionery Market Share by Region, 2021 (%)Regional Analysis
By region, the global medicated confectionery market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Europe accounted for the most extensive market share. Asia-Pacific is projected to exhibit the highest CAGR during the review period.
In 2021, the North American medicated confectionery market had the largest share because of the chocolate candy industry domination. Significant players will also help the region's medicated confectionery market to grow over the forecast period. Additionally, it is projected that the region's medicated confectionery market will expand due to its population increase and new brands by established players. For instance, in 2020, the German-based Schenck Process Group acquired the well-known participant in this market, Baker Perkins. The acquisition was made to grow the company's revenue and bolster its main business.
The Asia-Pacific medicated confectionery market is anticipated to encounter the fastest growth rate. Due to their health benefits, an increased need for herbal-infused products drives the market. For the increased influence of colds and coughs, medicated candy is in great demand, particularly during the winter. China leads the Asia-Pacific medicated confectionery market, followed by Japan. Despite the Chinese consumer goods industry's recession, medicated candy has performed successfully. In addition, with increased internet penetration, the global online market for purchasing confectionery items, including medicated candy, has grown rapidly in the previous 3-4 years. This sector has attracted a few vertical experts, such as Amazon, Carrefour, Walmart, and others. They capitalize on rising e-commerce growth and contend for a substantial online industry share.
The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have global reach with diverse product portfolios. Companies such as Procter & Gamble Co., Reckitt Benckiser Group PLC, Mondelēz International Inc., Mars Incorporated, and Perfetti Van Mellare dominate the global medicated confectionery market due to product differentiation, strategic developments, financial stability, and diverse regional presence. The players are concentrating on supporting research and development. They embrace strategic growth initiatives, such as development, product introduction, joint ventures, and partnerships, to strengthen their market position and capture an extensive customer base. For instance, in 2021, PRAM, one of the top pharmacy consulting firms and Novus Cannabis Medplan teamed. Consolidating the company's research and development departments is the partnership's strategy, allowing the business to advance in product creation. Similarly, in 2021, mini sugar-free cough drops, a new product from Halls, a subsidiary of Mondelez International, have been introduced. The company is aiming to appeal to a large number of consumers by diversifying its product line.
Prominent players in the global medicated confectionery market include Procter & Gamble Co. (US), Reckitt Benckiser Group PLC (UK), Mondelēz 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).
Scope of the Report
Global Medicated Confectionery Market, by Type
Global Medicated Confectionery Market, by Category
Global Medicated Confectionery Market, by Distribution Channel
Global Medicated Confectionery Market, by Region
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Market Size and Forecast:
To identify and estimate the market size for the global medicated confectionery market segmented by type, category, and distribution channel by value (in US dollars). Also, to understand the consumption/demand created by consumers of medicated confectionery between 2022 and 2030
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges for the global medicated confectionery market
Market Influencing Factors:
To find out the factors which are affecting the sales of medicated confectionery among consumers
Impact of COVID-19:
To identify and understand the various factors involved in the global medicated confectionery market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||USD 2.60 Billion|
|CAGR||4.30% CAGR (2022-2030)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Category, and Distribution Channel|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||Procter & Gamble Co. (US), Reckitt Benckiser Group PLC (UK), Mondelēz 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)|
|Key Market Opportunities||On-the-go snacks' increasing popularity will boost the medicated confectionery industry|
|Key Market Drivers||Increasing demand for cough suppressants|
The study period of the global medicated confectionery market is 2022 - 2030
The global medicated confectionery market is growing at a CAGR of 4.30% over the next 8 years.
Asia-Pacific is expected to register the highest CAGR during 2022 - 2030
Europe held the largest share in 2021
Procter & Gamble Co., Reckitt Benckiser Group PLC, Mondelēz International, Inc., Mars, Incorporated, and Perfetti Van Mell are the major companies operating in the global medicated confectionery market.
Key Questions Answered
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