Asia-Pacific Medicated Confectionery Market - Segmented by Distribution Channel, and Geography â€“ Growth, Trends, and Forecast (2018 - 2023)
The Asia-Pacific medicated confectionery market is expected to reach USD 2,757 million by 2023 witnessing a fastest CAGR during the forecast period. The Asia-Pacific medicated confectionery sale has surpassed 101 million Kg in 2017. The Asia-Pacific Medicated Confectionery market grew from 92.6 million Kg in 2013 to 104.5 million Kg in 2018 registering a volume CAGR of 2.5%, during the historic period.
The scope of the market includes sugar confectionery containing herbs and/or plants extracts, cough drops, lozenges, and all other sugar confectionery products that make health claims e.g. Halls. Asia-Pacific is the most significant market holding a market share of 34% in 2017 mainly driven by India and China. China is the fastest growing Medicated Confectionery market witnessing a value CAGR of 5.2%, during the forecast period. Expanding retail distribution, such as supermarkets/hypermarkets, remains the key driver for the region.
Functional Ingredients in High Demand
Rising health concern among consumers for confectionery products has increased the demand for herbs and active ingredients into products. Medicated confectionery containing active ingredients, such as antacids, vitamins, and herbal extracts are used to prevent such cases, thus, driving sales. Herbs, such as guarana, ginsengs imparts energy while extracts, such as green tea, superfruits provide antioxidants that boosts immune. The demand for antioxidants is growing owing to its health benefits in herbal confectionery market. Acerola and ginseng are the most consumed active ingredients used in the product, which is followed by green tea extracts. Growing adoption of western lifestyle is giving rise to allergic rhinitis in the countries. The cases of hay fever, asthma and allergen are more prominent in developing region as compared to developed countries. Herbal confectionery is gaining attraction due to natural and organic nature and its health claim. Medicated confectionery infused with herbs are continue to grow at a faster pace. However, vitamin fortified confectionery sale is expected to dominate in future as well, owing to cheap price and bulk volume demand.
China and Japan Dominates the Sale
China dominates the medicated confectionery market in Asia-Pacific, which is followed by Japan. Asia-Pacific medicated confectionery market size around 101.2 million Kg in 2017, which is growing at a faster rate. Rising higher living standard and awareness are driving consumer towards better confectionery products. Increased average consumer spending on small packaged confectionery that are price-sensitive is further supporting the market growth. Despite of the economic slowdown on consumer goods in China, medicated confectionery has performed well. Increased demand for herbal infused products due to its health benefit is driving the market. Medicated confectionery has high demand mainly during winters due to increased influence of cold and cough.
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