Throat Lozenges Market Scenario
Market Research Future (MRFR) reports that the global throat lozenges market is projected to surge steadily at a CAGR of 3.5% during forecasted period (2017-2023). Changing lifestyle and increased smoking among population decrease the immune system, making them more susceptible to virus and bacteria. Moreover, growing pediatric and geriatric population trigger the global market growth.
Also, there has been an accelerated need for minimizing healthcare expenditure which drives the global throat lozenges market. Adding on to that is the increasing number of human immunodeficiency virus (HIV) patients worldwide since HIV patients usually suffer from throat infection. There are cases of hay fever and other allergies that irritate sinuses that also requires dose of throat lozenges. Conditions such as low humidity and air pollution also lead to throat irritation, leading to demand for throat lozenges and fuelling the market growth.
On the other hand, alternate therapies and treatments for throat infection may potentially hinder the market growth. However, throat lozenges are easy to consume, have an appealing sweet taste are small in size and help relieve coughs fast, on account of these pros the sale of throat lozenges is expected to witness unfaltering rise.
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Lately, throat lozenges manufacturers are coming up with new flavors to make them more appealing and attract more customers. This trend is particularly popular among pediatric population who suffer from throat related infection.
Market Segmentation
MRFR reports that the global throat lozenges market is segmented on the basis of ingredients, usage, and application.
The types of ingredients are menthol throat lozenges and non-menthol throat lozenges. Menthol throat lozenges are sub-segmented into eucalyptus oil, mint, peppermint oil, and others. Eucalyptus oil is quite popular for treating throat infection due to their easy accessibility as over-the-counter cough and cold products. Furthermore, owing to their health benefits such as ability to stimulate immunity, improve respiratory circulation and provide antioxidant protection, the market for eucalyptus oil for throat infection is booming immensely. On the other hand, non-menthol throat lozenges are sub-segmented into zinc gluconate glycine, pectin, and other.
By usage, the market is segmented on the basis of pharmaceutical lozenges, antibacterial lozenges, and others. Pharmaceutical lozenges are in high demand as they produce a feeling of numbness in the throat and reduce pain and swelling. Hence, it is highly favorable among patients who need temporary and instant relief. By applications, the market is segmented on the basis of cough and cold, throat soreness, throat diseases and other.
Regional Analysis
Geographically, the Global Throat Lozenges Market is spread across Americas, Europe, and Asia Pacific.
MRFR has analyzed that among all regions, the America region is leading the global market. This lead has been achieved owing to growing geriatric populace, general population with weak immunity system and large number of population habituated to smoking. Furthermore, increasing prevalence of chronic or lethal diseases like HIV in the region provides impetus to the market growth to a large extent.
Europe lands the second position in the global market on account of presence of large number of manufacturers that produce throat lozenges, growing pediatric population, rapid urbanization and growing awareness among people about throat infections.
On the other hand, Asia Pacific will observe rapid growth due to growing economy, presence of developing economies which contribute to massive market share, rising health-related awareness, increasing cases of chronic illnesses and elevating prevalence of allergy and common cold. Moreover, regional players are striving to expand their footprints in emerging nations like China and India, which gives an impetus to the market size in Asia Pacific.
Key Players
August Storck KG (Germany), Roshen Confectionery Corp (Ukrain), CRM Group (Brazil), United Confections Throat lozenge (UK), Yildiz Holding (Turkey), and Ezaki Glico Co. Ltd. (Japan) are some of the key players in the global throat lozenges market.
Industry Development
Ricola Asia Pacific and JacobAmanda collaborated to launch Ricola’s annual national consumer campaign titled “Soothe your way into 2018″. This is in a bid to increase sales for Ricola’s herbal candy and lozenges. Since its launch, the campaign has led to Ricola’s brand affinity with young millennial consumers and boosted sales for Ricola lozenges.
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