Increasing prevalence of allergy and common cold along with ongoing research & development for more effective remedies to drive global throat lozenges market through 2025
According to TechSci Research report, “Global Throat Lozenges Market By Type (Hard Candy Lozenges, Soft Lozenges & Compressed Lozenges), By Flavor (Menthol (Mint), Honey & Ginger, Orange, Lemon, Others), By Throat Problem (Sore Throat, Cough & Others), By Region, Competition, Forecast & Opportunities, 2025”, global was valued USD 6700 Million in 2019 and is forecast to reach USD 8867.25 Million by 2025. The rate of common cold, influenza and sore throat is growing at a rapid pace, especially during the COVID-19 pandemic. The symptoms of coronavirus involve sore throat, respiratory problems, fever and cough. According to WHO, about 10-15% of the world’s total population suffers from the common cold annually. The demand for sore throat mediations is accelerating across the globe, which in turn is fueling the growth of throat lozenges.
With the rising ageing population across the globe, the usage of throat lozenges is also increasing at a robust pace, which is anticipated to contribute towards the growth of the global throat lozenge market. Factors such as ease of ordering, availability of multiple brands and verified customer reviews are helping throat lozenges manufacturers in boosting their reach as well as sales. Furthermore, nowadays doctors are issuing a direct prescription through various online pharmacies, which in turn is leading to increase in online sales of the throat lozenges as well as other over the counter products.
“Global Throat Lozenges Market”
In terms of type, global throat lozenges market is categorized into hard candy lozenges, soft lozenges and compressed lozenges. Hard candies accounted for share of 65.05% of the global throat lozenges market in 2019. On the other hand, compressed lozenges are expected to witness a steady growth during forecast period owing to their long-lasting ability and prolonged dissolution time of these candies, which provide long lasting relief.
Some of the major players operating in global throat lozenges market are The Procter & Gamble Company, Reckitt Benckiser Group Plc, Prestige Consumer Healthcare Inc., Bliss GVS Pharma Ltd., GlaxoSmithKline plc, Sanofi S.A, Ricola AG, Wm. Wrigley Jr. Company, Thornton & Ross Ltd and Honibe (Island Abbey Food Science Ltd.). The increasing number of mergers and acquisitions and product launches are some of the latest trends in the global throat lozenges market. GlaxoSmithKline plc, one of the major players in the global throat lozenges market, has recently completed a joint venture with Pfizer, which combines the consumer healthcare business of both the companies. This joint venture has enhanced the product portfolio of GSK.