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Throat Lozenges Market Research Report By Types (Hard candy lozenges, Soft lozenges, Compressed lozenges), By Ingredient (Menthol, Mint, Eucalyptus oil, Peppermint oil, Honey & Ginger, Lemon, Others), By Indication (Sore throat, cough and cold, Throat diseases) - Global Forecast till 2023
ID: MRFR/Pharma/0705-CR | October 2018 | Region: Global | 123 pages
Market Overview
According to MRFR, the global throat lozenges market is expected to witness a moderate CAGR of 4.20% and generate a market value of USD 6.58 Billion by the end of 2023.
COVID-19 Analysis
A positive effect of the COVID-19 pandemic is expected on the Global 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 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 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 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 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 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 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 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 market for throat lozenges. Global 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 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.
Report Overview
By Type
- Hard candy lozenges
- Soft lozenges
- Compressed lozenges
By Ingredient
- Menthol
- Mint
- Eucalyptus oil
- Peppermint oil
- Honey & ginger
- Lemon
- Others
By Indication
- Sore throat
- Cough and cold
- Throat diseases
Frequently Asked Questions (FAQ) :
The global throat lozenges market is estimated to generate a valuation of USD 6000 MN by the year 2023.
The global throat lozenges market is estimated to grow at 4.2% CAGR during the forecast period (2018-2023).
North America holds the largest share in the global throat lozenges market followed by Europe and Asia Pacific, respectively.
Thornton & Ross, Gepach International, Bliss GVS Pharma Ltd., Ricola AG, GlaxoSmithKline, Mondelēz International group, Pfizer Inc., Ernest Jackson, Doestsch Grether AG, Wrigley Company, Prestige Brands Inc., Reckitt Benkiser Group plc, Procter & Gamble, and Bausch Health Companies Inc., are some of the major players operating in the global throat lozenges market.
Strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology/ product launch are some of the growth strategies that players operating in the global throat lozenges market adopt to gain a larger competitive advantage.
Throat lozenges are a go-to over-the-counter solution for a sore throat and are easily found worldwide. The global throat lozenges market is anticipated to witness a moderate CAGR of 4.20% during the forecast period from 2018 to 2023. Often considered as first-line treatment when the common cold, flu or any other cause for a bad throat, the demand has been observed to be growing. Valued at USD 5147.48 Mn in 2017, the global throat lozenges market is expected to grow to generate a market value of USD 6588.72 Mn by the end of 2023.
Increasing number of occurrences of the common cold and cough have significantly contributed to driving the growth of the global throat lozenges market. Common cold & cough and the flu tend to occur all year round with seasonal changes being one of the leading causes. Moreover, they tend to be contagious so living or working in closed spaces with infected individuals can cause sore throats to spread. Up to a whopping 20 % of the U.S population is afflicted with the flu on a yearly basis, according to the CDC Foundation. The increasing use of throat lozenges is tied in with this as market players are continually launching new and more effective formulas. Additionally, the global birth rate has increased, and people are living longer lives than ever before which means there is an increasing pediatric and geriatric population which has affected market growth. These demographics are normally prone to lower immunity which is likely to lead to increased contraction of sore throat related diseases, thus increasing the demand for throat lozenges.
Advancements in medicine and ongoing research & development of alternative as well as more effective remedies have led to the availability of alternative over-the-counter treatment options for throat infections. Non-steroidal anti-inflammatory drugs (NSAIDs) are useful for relieving pain and reducing inflammation which is often associated with a sore throat or a throat infection. Other options such as throat sprays, cough syrups, and antiseptic gargling solutions are challenging the growth of the throat lozenges market. However, rising to the challenge, market players are increasingly introducing innovative product offerings which are likely to yield market opportunities in the coming years.
The global throat lozenges market, in the report, has been segmented on the basis of type, ingredient, indication, and region. Throat lozenges are broadly available in three types, namely, hard candy lozenges, soft lozenges, and compressed lozenges. The hard lozenges segment is divided further into center filled hard candy lozenges, and chewy or caramel based medicated tablets. Hard candy lozenges make up more than 45% of the market and come in a variety of shapes, sizes, and flavors making them highly popular with people of age groups. Compressed lozenges are the fastest growing segment which will grow at a CAGR of 4.35% during the assessment period. Compressed lozenges are long-lasting and a prolonged dissolution time provides long lasting relief.
Various ingredients are used in throat lozenges and are segmented into menthol, eucalyptus oil, mint, peppermint oil, honey & ginger, lemon, and others. Menthol accounts for the most significant segment by ingredients and is expected to value USD 2084.62 Mn by the end of the assessment period. Although the compound itself has limited medical benefits, the flavor is highly popular thus putting it in a leadership position. Eucalyptus oil accounts for the fastest growing segment with the highest anticipated CAGR of 4.72% during the forecast period. Eucalyptus oil is a traditionally used antibacterial ingredient which has been attributed with long-lasting soothing properties making it increasingly popular.
Indications, where throat lozenges are commonly used, include cold & cough, sore throat, throat diseases, and others. The sore throat segment is far ahead of all other segments with regards to market size. Meanwhile, the fastest growing segment is the cough & cold segment which is expected to witness the highest CAGR of 4.51%. The contagious nature of cough & cold combined with increased cases of the common cold are expected to drive the segment's growth.
Regional Analysis
The Americas are broadly divided between North America and South America among which the North American market accounts for a share of over 70%. The Americas is the largest geographical market segment due to the presence of a rapidly increasing aged population. Moreover, increasing government spending and the presence of a wide variety of product offerings drive the market. The U.S is one of the most important country level markets. The growth of the Americas market is expected to occur at a CAGR of 3.27% during the assessment period. Europe follows the Americas in terms of market size and follows a similar growth trajectory. Increasing government spending and a rising birth rate have been identified as key drivers for the market.
Meanwhile, the Asia Pacific market is expected to be the fastest growing market which will register a CAGR of 4.77% during the forecast period. Emerging economies such as China, Japan, and India are among the markets in the region. Rapid economic growth, awareness regarding over-the-counter medication and its cost-effectiveness have been found to be key drivers of the APAC market. The region has a high pediatric population and a rising geriatric population which also add to the regional markets growth.
Competitive Tracking
Notable market participants that have been profiled in the report include 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., and Gepach International. Acquisitions and new product offerings are some of the main growth influencing strategies used by these players.
Numerous players are operating in the global throat lozenges market. Some of the big players have captured a significant share in the global market, taking advantage of their strong position and presence in the number of countries and regions across the world.
The top players in the global throat lozenges market Procter & Gamble, Mondelez International group, Reckitt Benckiser Group plc, Thornton & Ross, and GlaxoSmithKline.
Procter & Gamble accounted for 18.5% of the global throat lozenges market share in 2017. It is one of the largest and fastest growing market players in consumer goods and healthcare segments.
Mondelez International group accounted for the second-largest market share of 17.3% in 2017. It operates in around 160 countries and is one of the major players in the throat lozenges market.
Reckitt Benckiser Group plc has a presence in more than 60 countries and deals in four business segments, namely health, hygiene, home, and portfolio brands. The company accounted for 15.2% of the total market share in 2017.
Thornton & Ross holds the fourth position in the global throat lozenges market with a market share of 3.6%. It is one of the largest Over the Counter (OTC) medicine manufacturers in the UK and exports the products to more than 80 countries, around the globe.
GlaxoSmithKline plc operates in four segments, namely pharmaceuticals, pharmaceuticals R&D, vaccines, and consumer healthcare. The company offers healthcare products in the form of tablets, caplets, infant syrup drops, syrups, topical gels, nasal sprays, effervescent, lozenges, gum, and transdermal patches. It holds the fifth position in the global throat lozenges market with a market share of 2.4%.
