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Throat Lozenges Market 2020 Global Segments, Size, Industry Growth and Recent Trends by Forecast to 2023
Size of the global market for throat lozenges surpassed USD 5000 Mn in 2017, with North America and Europe accounting for significant percentage of the overall sales. Throat lozenges are a commonly found Over-the-Counter (OTC) product and popular across the globe. They are easy to consume and a low-priced product. Throat lozenges are manufactured with ingredients that are used in throat itching remedies. A variety of throat lozenges with different flavors have come up in recent years. They are capable of healing throat infection to an extent and provide momentary relief. Most OTC products including throat lozenges can be consumed without a prescription therefore, they can be commercialized fasters. Such factors reflect favorably on the global market for throat lozenges.
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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 centre 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. In 2017, the segment reached a market valuation in excess of USD 1700 Mn and projected to expand at a CAGR of 3.45% by 2023. By indication, the market has been segmented into cold and cough, sore throat, throat diseases, and others. The sore throat segment holds the pole position and the trend is likely to continue over 2023. The segment surpassed a market valuation of USD 2400 Mn in 2017.
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, MondelÄ"z International group, GlaxoSmithKline, Pfizer Inc., Doestsch Grether AG are some of the leading companies profiled in MRFR's report.
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