Throat Lozenges Market Size, Growth and Share Analysis by Types (Hard candy lozenges, Soft lozenges, Compressed lozenges), Ingredient (Menthol, Mint, Eucalyptus oil, Peppermint oil, Honey & ginger, Lemon), Indication (Sore throat, Cough and cold, Throat diseases) and Region, Forecast till 2023
Throat Lozenges Market Analysis
The Global Throat Lozenges Market is predicted to touch USD 6,000 million at a 4.2% CAGR during the forecast period (2018-2023), as per the new Market Research Future (MRFR) report. Throat lozenges are also commonly known as troche, cachou, cough drop, or cough sweet. These are basically small medicated tablets. They are diamond-shaped which gets dissolved in the mouth easily, thereby helping to offer temporary relief from coughs as well as other types of throat problems. Throat lozenges help in soothing and lubricating the tissues of the throat, which are affected due to common cold or influenza. Due to excessive smoking and changing lifestyles, people experience a decrease in their immune system, thereby becoming more susceptible to getting affected by bacteria and viruses. The geriatric and pediatric populations are highly susceptible to getting affected through the foreign organism.
Be it the icky summer throat or the flu season, throat lozenges are always the go-to-product that people are found reaching for at pharmacies. Today, throat lozenges are available in different brands and flavors to choose from. These lozenges work by increasing the production of saliva in keeping the throat moist. Although, it does not cure sore throat, but can definitely work wonders in soothing the pesky symptoms of sore throat.
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Various factors are propelling the throat lozenges market growth. These factors, as per the new MRFR report, include the aging population as they tend to suffer more from a throat infection, a growing number of HIV patients, rising incidence of cough and cold, and development of new flavors and new ingredients. Additional factors pushing market growth include low cost of throat lozenges and rapid product penetration, especially in fast-developing countries.
On the flip side, the availability of various alternative therapies and treatments is likely to hinder the throat lozenges market growth over the forecast period.
Throat Lozenges Market Segmentation
The MRFR report provides a complete segmental analysis of the throat lozenges market report on the basis of indication, ingredient, and type.
Based on type, the throat lozenges market is segmented into compressed lozenges, soft lozenges, and hard-candy lozenges. The hard-candy lozenges are again segmented into center filled hard-candy lozenges and caramel based or chewy medicated tablets. Of these, the hard candy lozenges segment will have the largest share in the market over the forecast period.
Based on ingredient, the throat lozenges market is segmented into lemon, honey and ginger, peppermint oil, mint, eucalyptus oil, menthol, and others. Of these, the menthol segment will dominate the market over the forecast period. It is predicted to grow at a 3.45% CAGR.
Based on indication, the throat lozenges market is segmented into throat diseases, sore throat, cold and cough, and others. Of these, the sore throat segment will lead the market over the forecast period.
Throat Lozenges Market Regional Analysis
By region, the throat lozenges market report covers the latest trends and growth opportunities across Europe, the Asia Pacific (APAC), North America, and the Middle East and Africa (MEA). Of these, North America will remain the driving force in the market over the forecast period. This is chiefly due to growing sales of over the counter medical products, especially throat lozenges.
The throat lozenges market in Europe is predicted to have a healthy growth over the forecast period. The prevalence of common cold is high in different parts of this region that is boosting the market growth.
The throat lozenges market in the APAC region is predicted to grow at the fastest pace while that in the Middle East and Africa is predicted to have a steady growth over the forecast period.
Throat Lozenges Market Key Players
Prominent players profiled in the global throat lozenges market report include Doestsch Grether AG, Pfizer Inc., GlaxoSmithKline, Mondelēz International group, Ernest Jackson, Ricola AG, Thornton & Ross, Bliss GVS Pharma Ltd, Gepach International, Reckitt Benkiser Group plc, Wrigley Company, Prestige Brands Inc, Procter & Gamble, and Bausch Health Companies Inc. Leading players have used several strategies to create a foothold in the market such as product innovations, new product launches, mergers and acquisitions, partnerships/joint ventures, collaborations, expansions, and research and development activities.
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