June 17, 2024
Throat Lozenges market

Throat Lozenges Market is Estimated to Witness High Growth Owing to Advanced throat relief formulations

The throat lozenges market involves medicated candies or tablets that are designed to relieve sore or scratchy throat and cough symptoms. Throat lozenges help soothe irritation and reduce swelling in the throat through ingredients such as menthol, analgesics, zinc, and natural oils. They are frequently used as a first line of defense for mild throat discomfort caused by cold, flu, allergies or dry air.

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 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. Key players are focused on developing advanced throat relief formulations with soothing properties.

The key opportunities in the throat lozenges market include developing sugar-free options and expanding availability across multiple distribution channels including online pharmacies and e-commerce platforms. Technological advancements include using natural ingredients like honey and herbal extracts along with active ingredients to provide quick relief without side effects.

Market drivers

The primary driver for the throat lozenges market is rising incidence of throat infections due to cold, flu and other respiratory illnesses. Growing pollution levels in urban areas is increasing throat irritation caused by allergens and ambient particles. Self-medication trend and availability of lozenges as an over-the-counter product without prescription are boosting market growth. increasing awareness about natural remedies and herbal medicines is propelling the demand for herbal throat lozenges.

Current Challenges in Throat Lozenges Market
Battling throat infections has become a rising challenge across many regions. The rapid spread of viruses like common cold, influenza, and Covid-19 have led to a surge in throat irritation issues globally. While demand for remedies like throat lozenges has increased, ensuring continuous supply chains and steady procurement of key ingredients remain problems due to prevailing uncertainties. Rising awareness about side effects of excessive medication is also prompting firms to invest more in herbal and natural formulations. However, maintaining affordability remains a challenge considering the constant raw material price fluctuations.

SWOT Analysis
Strength: Wide product offerings in different flavors cater to diverse consumer preferences. Convenience of lozenges makes them easy to consume anytime.
Weakness: Over-reliance on seasonal demand leads to unstable revenues annually. Changing consumer trends towards herbal alternatives pose threat to marketShare .
Opportunity: Growth prospects in developing countries with rising incomes and health awareness. New formulations targeting specific ailments present new revenue avenues.
Threats: Intense competition from alternative remedies poses pricing pressures. Strict regulations over ingredients and manufacturing can increase compliance costs.

Geographical Regions with Highest Market Value
North America currently accounts for the lion’s share of the global throat lozenges market, both in terms of value and volume. This is attributed to high per capita healthcare spending and widespread adoption of OTC medication for minor health issues in the region. Europe holds the second largest market position driven by increasing prevalence of throat infections across nations.

Fastest Growing Regional Market
The Asia Pacific region is projected to witness the fastest growth during the forecast period, with China and India emerging as highly lucrative markets. Factors such as rising disposable incomes, growing health consciousness, and increasing self-medication tendency will boost demand for throat relief products in the Asia Pacific region. Improving accessibility of OTC drugs along with large population base offers immense growth potential for throat lozenges market players in the Asia Pacific.