Throat Lozenges Market is Surprised to Register a Promising CAGR of 4.20% During Forecast to 2023

Market Overview:

Throat lozenges are taken to ease sore throats and reduce the sensation of scratchiness or itchiness in the throat. The throat lozenges market has been driven by the simplicity of throat lozenges, as simplypopping one in at regular intervals can help soothe sore throats and ease congestion and irritation in thethroat. The throat lozenges market has also been driven by the easy over the counter availability of throat lozenges in basic medical stores, as the easy availability and low costs have driven the demand from the throat lozenges market in rich and poor areas alike. In many regions, throat lozenges are considered in the same price bracket as small candy and other sweets, making them affordable for a wide range of consumer demographics and enabling widespread adoption.

 

Throat-lozenges are the most preferred go-to solution for sore throat. Not only are the easily accessible but also cost-effective, which makes them the preferred choice of medication among patients. The global Throat Lozenges Market Analysis is anticipated to reach USD 6588.72 Mn at a CAGR of 4.20% over the forecast period of 2018-2023.

The global Throat Lozenges Market Statistics is driven by the towering prevalence of common cold and flu across the globe. Common cough and cold tend to occur all year round and are contagious in nature due to which they keep on spreading. Due to the inherent trend of resorting to over-the-counter medications, throat lozenges are predominantly the first line of treatment in case of throat infections. These lozenges are available in different flavors, and new flavors are being introduced continually, which has increased adoption among consumers. In addition, throat lozenges can be purchased and consumed without a prescription due to which they can be commercialized faster. Throat lozenges have evolved to become more effective in the past few years. Other factors supporting the growth of the market include the development of new ingredients and rapid product penetration in emerging economies.

Competitive Landscape:                                  

• Bausch Health Companies Inc
• Ricola AG
• Prestige Brands Inc
• Gepach International
• Ernest Jackson
• Procter & Gamble
• Thornton & Ross
• Doetsch Grether AG
• Bliss GVS Pharma Ltd
• Reckitt Benckiser Group plc
• Wrigley Company

Segmentation:

• The throat lozenges market has been segmented based on type, ingredient, and indication.
• By type, the throat lozenges market has been segmented into hard candy lozenges, soft lozenges, and compressed lozenges. The hard lozenges segment has been further segmented into center filled hard candy lozenges, and chewy or caramel based medicated tablets.
• By ingredient, the throat lozenges market has been segmented into menthol, eucalyptus oil, mint, peppermint oil, honey & ginger, lemon, and others. The menthol segment is the largest segment and is anticipated to reach USD 2084.62 Mn by the end of the forecast period.
• By indication, the throat lozenges market has been segmented into cold & cough, sore throat, throat diseases, and others. The sore throat segment is leading the market while the cough & cold segment is likely to be the fastest-growing segment over the forecast period.

Regional Analysis:
Region-wise, the throat lozenges market size has been segmented into the Americas, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).

The Americas market has been broadly categorized into South America and North America, where North America accounts for the majority share of 70%. High investment in healthcare and the presence of a broad base of aged population is aiding the growth of the market in the region. The Americas market is likely to expand at a CAGR of 3.72% over the forecast period.

Europe is the second-largest throat lozenges market and follows a similar growth pattern as the Americas'. High prevalence of the common cold in the region, along with increased healthcare spending is boosting the growth of the market.

The APAC throat lozenges market is anticipated to be the fastest-growing market over the forecast period. The presence of high geriatric as well as a pediatric population, who are more prone to cough and cold, is supporting the growth of the market. In addition, the prevalence trend of resorting to over-the-counter medications and preference for lozenges due to its cost-effectiveness has also been key to market growth. The APAC throat lozenges market is likely to expand at CAGR of 4.77% over the forecast period.

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