Market Highlights
Global Medicated Confectionery Market is projected to be valued at USD 6,861.0 Million by 2026, expanding at a CAGR of 4.51% during the forecast period. Medicated confectionery consists of formulations of active ingredients such as antacids, fruit vitamins extracts, and herbal extracts. They are formulated as confectionery products. They are used for many conditions such as minor throat irritations, coughs, colds, respiratory tract congestion, tooth whitening, allergies, and to quit smoking. The global medicated confectionery market is projected to grow at a significant pace during the forecast period. Health benefits associated with medicated confectionery is driving the growth of the market. The growth of the organized retail sector in Asia-Pacific is contributing to market growth. New product development is anticipated to create an opportunity for the manufacturers of medicated confectionery. However, increasing obesity and diabetes among the consumers is likely to hamper the market growth.
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The Asia-Pacific market is expected to exhibit the highest CAGR during the study period. The growing adoption of healthy lifestyles is expected to be the major driver of the Asia-Pacific medicated confectionery market. New product launches with increasing investment in medicated confectionery products is expected to fuel the growth of the medicated confectionery market in Asia-Pacific. The expanding organized retail sector in the emerging economies of Asia-Pacific is also expected to augment the growth of the medicated confectionery market during the forecast period. Key manufacturers are emphasizing on the e-commerce platform to promote their products and increase the sale. The market in Europe is anticipated to acquire the second-largest share during the review period. The growing geriatric population and increasing healthcare expenditure are the major factors driving the growth of the regional market. Also, the growing consumer inclination toward alternative medicines is projected to propel the growth of the medicated confectionery market in Europe.
Segmental Analysis
Global Medicated Confectionery Market has been segmented on the basis of Type, Category, Distribution Channel, and Region.
By type, the market has been divided into hard candies and soft confectioneries. The soft confectionery segment is further divided as chewing gums, gummies & jellies, pastilles, and others. The hard candies segment accounted for the maximum market share in 2019, whereas the soft confectioneries segment is expected to register a highest CAGR of 4.58% during the forecast period. Hard candies, also referred to as boiled sweet, are made by boiling one or more sugar syrups at 160 °C temperature. In case of sugar-free hard candies, usually isomalt and maltitol are used as a sugar substitute and artificial sweeteners are added to enhance sweetness. Medicated hard candies have for a long time been associated with cough drops. Such candies accurately replicate the properties of modern cough drops and offer an additional extended flavor release.
By category, the market has been divided into sugar-based and sugar-free. The sugar-based segment accounted for a maximum market share in 2019, whereas the sugar-free segment is expected to register a higher CAGR of 4.66% during the forecast period. The sugar-free segment includes medicated confectionery made from sugar alternatives such as maltitol, xylitol, and other such alternative sweeteners. Increasing health conscious customer base is driving the growth of the sugar-free segment.
Based on distribution channel, the global medicated confectionery market has been classified as store-based and non-store-based. The store-based segment is further divided into supermarkets and hypermarkets, specialty stores, discount stores, and others. The store-based segment accounted for a dominant share of the market in 2019 in terms of value. The supermarkets and hypermarkets sub-segment is expected to be the largest as these channels account for the maximum sales of medicated confectionery. Convenience & specialty stores also play a significant role in the distribution of medicated confectionery. Discount stores also contribute to the sales of medicated confectionery, especially in terms of volume sales, as they offer products at discounted rates and ongoing buying schemes for the customers throughout the year.
Regional Analysis
Geographically, the global medicated confectionery market has been categorized as North America, Europe, Asia-Pacific, and the Rest of the World. As per MRFR analysis, Asia-Pacific dominated the market, accounting for the largest share in 2019. The Asia-Pacific medicated confectionery market is projected to register a CAGR of 4.69% during the forecast period.
Key Players
Market Research Future recognizes 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) as the Key Players in the Global Medicated Confectionery Market.
Key Findings of the Study
The global medicated confectionery market is projected to register a growth rate of 4.51% from 2020 to 2026. Health benefits associated with medicated confectionery is projected to propel the growth of the market.
The hard candies segment is estimated to retain its prominent share by 2026, whereas the soft confectioneries segment is anticipated to register a growth rate of 4.58% during the forecast period.
The sugar-based segment is estimated to retain its prominent share by 2026, whereas the sugar-free segment is anticipated to register a growth rate of 4.66% during the forecast period.
The store-based segment is estimated to retain its prominent share by 2026, whereas the non-store-based segment is anticipated to register a growth rate of 4.59% during the forecast period.
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