SAN FRANCISCO, Feb. 18, 2022 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Throat Lozenges – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 6; Released: February 2022
Executive Pool: 866
Companies: 87 – Players covered include Bliss GVS Pharma Ltd.; GlaxoSmithKline plc; Honibe (Island Abbey Food Science Ltd.).; Prestige Consumer Healthcare, Inc.; Procter & Gamble Company; Reckitt Benckiser Group Plc; Ricola AG; Sanofi S.A; Thornton & Ross Ltd.; Wm. Wrigley Jr. Company and Others.
Coverage: All major geographies and key segments
Segments: Type (Hard Candy, Soft, Compressed); Indication (Sore Throat, Cough & Cold, Throat Diseases)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Throat Lozenges Market to Reach US$6.5 Billion by the Year 2026
Throat lozenge, also referred to as cachou cough drop, cough sweet or troche, constitutes a medicated tablet that dissolves in the mouth, slowly, and stops cough. The small tablet works by soothing and lubricating irritated tissues of the throat and thus pacifying a strep or sore throat caused by common cold or influenza. Growth in the global market is driven by the growing incidence of sore throat, cough and cold. Cold & cough are common diseases worldwide and sore throat lozenges are used as first-line treatments, which is also a prominent market growth promoting factor. Another major factor driving growth is the rise in geriatric population that is at the higher risk of contracting infections because of their lower immunity levels. Furthermore, Increasing HIV penetration is also a major market growth promoting factor because HIV patients are at greater risk of developing infections. Decreased immunity in people due to dietary habit changes and lifestyles becoming more sedentary also increase demand for the lozenges as the factors lead to increased throat infections. The global market for throat lozenges has been positively impacted by the ongoing COVID-19 pandemic. Cough and sore throat are common COVID-19 symptoms.
Amid the COVID-19 crisis, the global market for Throat Lozenges estimated at US$5.4 Billion in the year 2022, is projected to reach a revised size of US$6.5 Billion by 2026, growing at a CAGR of 4.8% over the analysis period. Hard Candy, one of the segments analyzed in the report, is projected to grow at a 5.2% CAGR to reach US$4.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Soft segment is readjusted to a revised 4% CAGR for the next 7-year period. This segment currently accounts for a 21.5% share of the global Throat Lozenges market. Hard candy lozenges are popular due to its easy availability in a variety of shapes, sizes and flavors.
The U.S. Market is Estimated at $1.3 Billion in 2022, While China is Forecast to Reach $1.1 Billion by 2026
The Throat Lozenges market in the U.S. is estimated at US$1.3 Billion in the year 2022. The country currently accounts for a 24.26% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$1.1 Billion in the year 2026 trailing a CAGR of 6.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.3% and 4.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.5% CAGR while Rest of European market (as defined in the study) will reach US$338.2 Million by the end of the analysis period. North America is the largest market for throat lozenges attributed to the many awareness programs focused on alleviating infectious diseases in the region and also to the presence of many major manufacturers of throat lozenges. Cold weather of the region that accentuates microorganisms growth leading to infections of the throat, also contributes to market growth in the region. Europe is another key market and growth is attributed to the major presence of geriatric population and cold weather factors.
Continuous innovations and new product launches fortified with natural herbs and ingredients is expected to sustain growth in the market. Reckitt, manufacturer of OTC cough and cold products, announced the launch of a new product line, namely Mucinex InstaSoothe. The new product line comprises of throat lozenges and sprays formulated to soothe and relieve sore throat pain. Mucinex InstaSoothe Sore Throat + Soothing Comfort Lozenges, available in honey and echinacea flavors, and formulated with real honey and hexylresorcinol are designed to quickly soothe and relieve. Herbal remedies have long been used to treat infections and viruses such as the common cold, influenza, fever and herpes. Herbs that may benefit the immune system include echinacea, garlic, ginseng, and reishi mushrooms. Echinacea has been shown to reduce the severity and duration of bacterial and viral infections such as the common cold. Ginseng can boost the immune system by regulating immune cells, like T cells, that can help the body to fight off threats. Consuming garlic is also beneficial for the immune system, since it contains allicin, a compound that has antibacterial properties. Allicin can help fight chest infections and respiratory infections. Consumers over the age of 50 years are prominent users of vitamins and herbal supplements. The aging population is usually at a higher risk of contracting diseases or falling ill. This is pushing demand for various products that enhance general body health and boost immunity, and which are cost competitive when compared to relatively steeper priced pharmaceutical products. With increase in standard of living of various ethnic groups, manufacturers are increasingly focusing attention to develop products to meet requirements specific to these groups. Traditional Medicinals, seller of wellness tea, launched Throat Coat Lozenges containing menthol and pectin, as well as herbal extracts and essential oils. Throat Coat Lozenges are available in eucalyptus mint, sweet orange fennel and lemon ginger echinacea, with the former two containing menthol and the latter containing pectin.
Compressed Segment to Reach $1.1 Billion by 2026
Compressed lozenges are long lasting because of their prolonged dissolution, thus providing extended relief to people suffering from sore throat. In the global Compressed segment, USA, Canada, Japan, China and Europe will drive the 4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$674.7 Million will reach a projected size of US$894.2 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$157.7 Million by the year 2026, while Latin America will expand at a 4.5% CAGR through the analysis period. More
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SOURCE Global Industry Analysts, Inc.