Throat Lozenges Market Research Report-Forecast till 2027

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

ID: MRFR/Pharma/0705-CR | 123 Pages | Published By Rahul Gotadki on February 2021         

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Throat Lozenges Market

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

Segmentation
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
Key Players
Companies Profiled   Mondel─ôz International group   Doetsch Grether AG   Bliss GVS Pharma Ltd   GlaxoSmithKline   Ernest Jackson   Thornton & Ross   Reckitt Benckiser Group plc   Bausch Health Companies Inc   Ricola AG
Drivers
Market Driving Forces   Are sold in bulk and low-cost for the treatment
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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.



  • Mondel─ôz 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



Report Scope:

Report Attribute/Metric Details
  Market Size

  • 2023: USD 6.58 Billion
  • 2027: Significant Value
  •   CAGR   4.31% (2021-2027)
      Base Year   2019
      Forecast Period   2020-2027
      Historical Data   2018
      Forecast Units   Value (USD Billion)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Type, Ingredient, Indication,
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   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, Mondel─ôz International group, GlaxoSmithKline, Pfizer Inc., Doestsch Grether AG
      Key Market Opportunities   Product Innovation to Create Growth Avenues for Key Players
      Key Market Drivers   Growing Prevalence of Sore Throat Causing Disorders


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    Frequently Asked Questions (FAQ) :

    The throat lozenges market is estimated to generate a valuation of USD 6000 MN by the year 2027.

    The throat lozenges market is estimated to grow at 4.2% CAGR during the forecast period (2020-2027).

    North America holds the largest share in the throat lozenges market followed by Europe and Asia Pacific, respectively.

    Thornton & Ross, Gepach International, Bliss GVS Pharma Ltd., Ricola AG, GlaxoSmithKline, Mondel─ôz 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 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.