June 13, 2024
Throat Lozenges market

Throat Lozenges Market is Estimated to Witness High Growth Owing to Rising Prevalence of Respiratory Infections

The throat lozenges market mainly constitutes cough lozenges and throat drops that provide temporary relief from sore throat, cough, and cold symptoms. Lozenges are medicated sweets containing active ingredients like menthol, eucalyptus oil, zinc that soothe irritation and relieve cough. They are easy to carry and consume anywhere without water. The growing prevalence of respiratory infections like common cold, sore throat, cough, and flu has increased the demand for throat lozenges.

The Global throat lozenges market is estimated to be valued at US$ 6.80 Bn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the Throat Lozenges Market Size are Novartis AG, Cipla, Procter & Gamble, GSK plc, Sanofi, Lozen Pharma, Bliss GVS Pharma Ltd., Honibe, Ricola, Prestige Consumer Healthcare Inc., Traditional Medicinals, Inc, MondelÄ“z International, Inova Pharmaceuticals, Johnson & Johnson Services, Inc., Reckitt Benckiser Group PLC. These players are focused on new product launches and expansion strategies to strengthen their market presence.

Key opportunities: Rising health awareness and increasing disposable incomes in developing countries provide significant opportunities for throat lozenges manufacturers. Furthermore, the growing demand for organic and herbal formulations without artificial ingredients and colors presents an opportunity for premium throat lozenges brands.

Global expansion: Major players are focused on global expansion plans to penetrate developing markets. Partnerships with local distributors help established global footprints. Additionally, the e-commerce boom enables online sales of throat lozenges in remote locations.

Market drivers: The increasing air pollution levels and changing lifestyles with sedentary jobs have contributed to rising incidence of respiratory problems driving the throat lozenges market. Moreover, the growing health and wellness trend promotes the consumption of throat lozenges for instant relief of cough and sore throat. Busy schedules leave less time for proper nutrition, aggravating throat infections.

PEST Analysis

Political: The regulations and standards set by health organizations like WHO and FDA regarding the ingredients, manufacturing, and marketing of health products influence the throat lozenges market.
Economic: Factors like per capita income, healthcare spending, and demographic trends of a region determine the demand and spending power of consumers in the throat lozenges market.
Social: Social trends like awareness of health and wellness, preference for natural and herbal products, and self-medication influence the consumption patterns in the throat lozenges market.
Technological: Advancements in formulation technologies help manufacturers develop innovative lozenges with improved efficacy, convenience, and natural ingredients. Digital marketing tools also help companies promote and sell their products.

Geographical Regions with High Market Value
North America region accounts for the largest share of the global throat lozenges market in terms of value due to high healthcare expenditure, growing prevalence of throat infections, and wide availability of products in the region. The USA holds the major share within the North American throat lozenges market.

Fastest Growing Geographical Region
Asia Pacific region is expected to witness the fastest growth in the throat lozenges market during the forecast period. This is attributed to increasing health awareness, large population base prone to throat infections like cold and cough, growing disposable incomes, and improving access to healthcare in developing countries like India and China.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it