Throat Lozenges Market Research Report By Types (Hard candy lozenges, Soft lozenges, Compressed lozenges), Ingredient (Menthol, Mint, Eucalyptus oil, Peppermint oil, Honey & Ginger, Lemon, Others), Indication (Sore throat, cough and cold, Throat diseases) - Forecast till 2027

Throat Lozenges Market Overview

According to MRFR, the throat lozenges market is expected to witness a moderate CAGR of 4.31% and generate a market value of USD 6.58 Billion by the end of 2027.

COVID-19 Analysis

A positive effect of the COVID-19 pandemic is expected on the Throat Lozenges Market. The typical signs of COVID-19 are a sore throat and coughing. Therefore, people under home confinement have been using at-home remedies for COVID-19 such as throat lozenges for chronic cough and over-the-counter pain relief for body aches. Therefore, in the next 2 to 3 years, the growing demand for throat lozenges for the treatment of initial COVID-19 symptoms of coughing and throat pain is expected to fuel the growth of the throat lozenges market for throat lozenges. The growing demand for throat lozenges has also led to the production of throat lozenges by companies from different industries. 

Market Dynamics

Drivers

Growing Prevalance of Sore Throat Causing Disorders to Drive Market Growth

Throat lozenges are sold in bulk and are low-cost for the treatment of sore throat caused by respiratory illnesses or common cold, similar to most medical options. Similarly, the growth of the demand for throat lozenges is also driven by a growing number of HIV patients around the world, since HIV patients typically suffer from throat infection. Furthermore, evolving habits will further stimulate the development of the demand for throat lozenges, as modern lifestyles are responsible for reducing the body's immunity. These are sold in various varieties and are Over-the-Counter (OTC) products, making them easy for patients to use. Often, at the time of buying, throat lozenges do not require any prescriptions, resulting in quick commercialization of the medication. Due to an improvement in at-home care of sore throat and cough, the ease of distribution of these items stimulates consumer moving. Throat lozenges brands continue to exploit marketing tools to improve the commercial exposure of their label. The production of new products, rapid product penetration in fast-developing markets, and low prices of throat lozenges are other factors correlated with the growth of the global demand for throat lozenges.

Opportunities

Product Innovation to Create Growth Avenues for Key Players

Innovative product offerings which are expected to yield business prospects in the coming years are gradually being launched by market players. Brands are adding new flavours, which have a positive impact on the throat lozenges market, to give buyers more options.

Restraints

Access to Alternative OTC medication to Impede Market Growth

The availability of alternative over-the-counter medication methods for throat infections has led to developments in medicine and continuing study & development of alternative as well as more efficient treatments. Non-steroidal anti-inflammatory medications (NSAIDs) are useful for pain management and inflammation control, often related to a sore throat or throat infection. The development of the throat lozenges market is threatened by other substitutes such as throat sprays, cough syrups and antiseptic gargling solutions.

Segmental Analysis

By Type

More than 45 percent of the market comprises hard candy lozenges that come in a range of shapes, sizes, and tastes that make them particularly popular with people of ages. Compressed lozenges are the fastest-growing segment that will evolve during the appraisal period at a CAGR of 4.35 percent. Long-lasting compressed lozenges and an extended breakdown period offer long-lasting relief.

By Ingredient

Menthol accounts for the most relevant ingredient category and is estimated to be worth USD 2084.62 Mn by the end of the appraisal period. Although the compound itself has few medicinal advantages, the taste is incredibly common, placing it in a position of leadership. With the highest estimated CAGR of 4.72 percent during the forecast period, eucalyptus oil accounts for the fastest rising category. Eucalyptus oil is a historically used antibacterial component attributed to long-lasting soothing properties, making it increasingly popular.

By Indication

With respect to market share, the sore throat segment is well ahead of all other categories. Meanwhile, the cough & cold segment, which is predicted to undergo the highest CAGR of 4.51%, is the fastest rising segment. Combined with elevated cases of common cold, the infectious aspect of cough & cold is expected to fuel development in the throat lozenges market.

Regional Analysis

Presence of Major Players Drives North America

North America and South America are broadly split between the Americas, with a share of over 70 percent in the North American throat lozenges market. Due to the emergence of an increasingly growing ageing demographic, the Americas is the main regional consumer segment. Moreover, rising government spending and the presence of a wide range of product options push the throat lozenges market. One of the most significant markets at the national level is the U.S. The American economy is projected to expand at a CAGR of 3.27 percent during the estimation period.

Germany to Drive Europe Market Growth

In terms of throat lozenges market size, Europe leads the Americas and follows a similar pattern of growth. As main factors for the sector, growing government spending and a rising birth rate have been established. The development of Europe's demand for throat lozenges is motivated by the emergence in the area of a significant number of suppliers of throat lozenges, along with growing government spending and the availability of a wide range of product offerings. In addition, cool temperatures in countries accentuate the occurrence of cold and cough, which in turn fuels demand in the demand for European throat lozenges.

Rising Awareness of OTC Medicines to Drive APAC

Meanwhile, it is anticipated that the Asia Pacific market will be the fastest growing throat lozenges market, with a CAGR of 4.77 percent during the projected period. Emerging economies such as China, Japan, and India are among the markets in the region. Main drivers of the APAC industry have been found to be fast economic development, awareness of over-the-counter medicine and its cost-effectiveness. The area has a large paediatric population and an increasing geriatric population that also leads to the development of regional markets.

Competitive Landscape

Mergers and Acuisitions to Remain Primary Focus of Market Players

There are several competitors competing in the global throat lozenges market. throat lozenges market is heavily saturated due to the involvement of a large number of local and multinational corporations. A vast variety of items on the market are available. The majority of businesses concentrate on cost-effective drugs, while others have embraced merger tactics and strategic partnerships for commercial expansion. Any of the major companies, taking advantage of their good position and presence in the number of countries and regions around the world, have gained a large share of the global throat lozenges market.

• Mondelēz International group


• Doetsch Grether AG


• Bliss GVS Pharma Ltd


• GlaxoSmithKline


• Ernest Jackson


• Thornton & Ross


• Reckitt Benckiser Group plc


• Bausch Health Companies Inc


• Ricola AG


• Prestige Brands Inc


• Procter & Gamble


• Wrigley Company


• Pfizer Inc.


• Gepach International

Recent Development

January 2021: The Moberg Pharma subsidiary has announced the issue of a BupiZenge-related European patent. The new patent covers the bupivacaine-containing extended release lozenge in order to treat or reduce discomfort in the oral cavity.

July 2020: Vitabeauti.com, a popular health and fitness e-commerce platform in the United States, now has the official Cool Day refreshing lozenges online.

March 2020: In reaction to the COVID-19 crisis, sweet maker Uncle Joe's Mint Balls moved production to its Throat And Chest and Herbal Cough lozenges.

Throat Lozenges Market Report Overview

Throat Lozenges Market By Type

• Hard candy lozenges


• Soft lozenges


• Compressed lozenges

Throat Lozenges Market By Ingredient

• Menthol


• Mint


• Eucalyptus oil


• Peppermint oil


• Honey & ginger


• Lemon


• Others

Throat Lozenges Market By Indication

• Sore throat


• Cough and cold


• Throat diseases