Throat Lozenges Market Poised to Capture a Healthy CAGR of 3.5% | Vital Players and Geographical Analysis - During 2018-2023

Market Overview:

Lozenges are solid medicated confections that dissolve in the mouth, intended to treat infection of mouth or pharynx. Lozenges are made up of analgesics like Ketamine, paracetamol, codeine; antifungal like ketoconazole, amphoterisin B, miconazole; anesthetics like benzocaine; antimicrobials like artesunate and their composition vary from company to company. They are used to get temporary relief from coughs, throat soreness and might also be prescribed to patients suffering from pharyngitis. They are available over the counter or may be prescribed by a physician. The affordability and reliability of throat lozenges are of the driving factors for market growth.

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Every year 10-15% of the world’s population suffers from common cold, says WHO. Increase in global geriatric population and increasing prevalence of allergy and common cold are common drivers of the market. The global air pollution levels are reaching epidemic proportions which are one of the causes of respiratory infections, mainly throat infections. Additionally, a gradual increase in smoking across the globe is another cause of throat irritation. The market is also driven by unemployed and less developed economies where self-diagnosis and medication practices are quite common. According to a research report published by Market Research Future (MRFR), the global throat lozenges market is set to capture a CAGR of 3.5 % during the forecast period 2017-2023.

The lozenges market is a subset of the throat remedies market so growth in throat remedies market will result in a growth of the throat lozenges market.

Increase in labor costs, intensive advertising expenditures are some of the hindrances to the market growth. Also, short-term effect and availability of herbal alternatives, which have no side-effects hamper the growth of the market. The throat lozenges market sales are subject to fluctuations as cold and flu-related problems are less likely to happen during the summer season. Patients who have asthma cannot take throat lozenges, allergies, are on heart disease medication or pregnant. Moreover, throat lozenges contain considerable amounts of sugar and hence are not preferred by diabetic and health-conscious people. Innovations are being made in throat lozenges to enhance taste, reduce calorie content, and modify the drug release characteristics.

Segmentation:

The global throat lozenges market is segmented based on ingredients types, applications, and usage. By ingredients types, the market is segmented into menthol throat lozenges and non-menthol throat lozenges. Menthol throat lozenges are sub-segmented into mint, eucalyptus, peppermint oil and others. Non-menthol throat lozenges are sub-segmented into pectin, zinc gluconate glycine, and others. By usage, the market is segmented into antibacterial lozenges, pharmaceutical lozenges, and others. By application, the market is segmented into throat diseases, cough and cold, throat soreness and others.                                                                                                                                                                                                                                                        
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Regional Analysis

The key markets for the global throat lozenges are the Americas, Europe, and Asia-Pacific. America accounts for the most significant share of the market owing to the presence of many of key manufacturers in the region. Besides, incidents of cough and cold are widespread in the region due to frigid temperatures. Europe ranks the second followed by Asia-Pacific.

Competitive Landscape

The global throat lozenges market is consolidating, and it is expected that many new vendors will enter the market in future, bringing fiercer competition for the existing market players. Established players are implementing various strategies such as collaboration, mergers, partnerships and new product launches to strengthen their footprint in the market. GlaxoSmithKline Pharmaceuticals Limited (UK), Procter & Gamble (P&G) (US), Bliss GVS Pharma Ltd (India), Hershey Foods Corp. (US), Thornton & Ross, Pfizer, Inc (US), United Confections Throat lozenge (UK), Perfetti (Italy), Roshen Confectionery Corp (Ukraine), united confections(US), Yildiz Holding (Turkey), August Storck KG (Germany), Ezaki Glico Co., Ltd. (Japan), CRM Group (Brazil) and Crown Confectionery Co. Ltd. (South Koera) are the key players dominating the market.

Industry Updates

CR Pharma, the leading drug dealer of China and a manufacturer of throat lozenges, has confirmed that it is planning to acquire controlling stake in Jiangzhong, its rival company. The cooperation is a strategic step towards promoting development.

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This release was published on openPR.