The latest report published by Market Research Future (MRFR) reveals that the global market for throat lozenges will surpass a valuation of USD 6000 Mn by the year 2023. Throat lozenges have been receiving a positive response from consumers. Being an easily available OTC product, throat lozenges sales remain strong globally. In addition, they can be easily consumed having no unpleasant taste or smell unlike other medicines. Brands are introducing new flavours to offer more options to consumers, which is impacting positively on the market. Over the years, throat lozenges have become more effective in providing relief.
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Cold and cough is extremely common all over the world, which continues to drive the demand for treatments and medications that are aimed towards it. The aforementioned factors are supporting the growth of throat lozenges market. The market is projected to witness a compound annual growth rate of 4.20% during the assessment period (2018-2023).
Throat infections are common, and lozenges are usually the first line of defence for such conditions. Throat lozenges brands continue to leverage marketing tools to increase the commercial visibility of their product. Other factors that are linked with the growth of global throat lozenges market include the development of new ingredients, rapid product penetration in fast-developing countries and low-price of throat lozenges. However, the availability of alternative treatments and therapies somewhat inhibit the market opportunities for throat lozenges.
Global Throat Lozenges Market: Segmental Analysis
MRFR’s report include a descriptive segmental analysis of the market based on type, ingredient, and indication. By type, the market has been segmented into hard-candy lozenges, soft lozenges, and compressed lozenges. The hard-candy segment is further sub-segmented into chewy or caramel based medicated tablets and center filled hard-candy lozenges. The hard candy lozenges segment currently accounts for more than one-third share of the market and is expected to remain highly lucrative during the forecast period. In 2017, over USD 2400 Mn worth hard-candy lozenges were sold globally. By ingredient, the market has been segmented into menthol, eucalyptus oil, mint, peppermint oil, honey & ginger, lemon, and others. Among these, the menthol segment accounts for the largest market share.
Global Throat Lozenges Market: Regional Analysis
The report also includes a regional analysis of the market that covers Europe, North America, Asia Pacific (APAC), South America and the Middle East & Africa (MEA). Currently, North America and South America collectively account for the largest market share. In 2017, the Americas accounted for more that 31% share of the market. North America in particular is expected to remain an important market for throat lozenges during the review period. Sales of OTC medial products including throat lozenges will continue to grow in the region in the years to come. Meanwhile, Europe has emerged as the single largest market for throat lozenges. Prevalence of common cold is considerably high in various parts of Europe, which acts as favorable element for the region’s throat lozenges market.
Global Throat Lozenges Market: Competitive Landscape
Bausch Health Companies Inc, Procter & Gamble, Prestige Brands Inc, Wrigley Company, Reckitt Benkiser Group plc, Gepach International, Bliss GVS Pharma Ltd, Thornton & Ross, Ricola AG, Ernest Jackson, Mondelēz International group, GlaxoSmithKline, Pfizer Inc., Doestsch Grether AG are some of the leading companies profiled in MRFR’s report.
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