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Throat Lozenges Market Size, Insights, Growth Rate, Trends Analysis And Forecast To 2033
Throat Lozenges Market Size
According to The Business Research Company's, The throat lozenges market size has grown strongly in recent years. It will grow from $4.89 billion in 2023 to $5.16 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to increased incidence of throat discomfort, consumer awareness and self-care trends, preference for natural and herbal ingredients, change in lifestyles and environmental factors, marketing and branding strategies..
The throat lozenges market size is expected to see strong growth in the next few years. It will grow to $6.45 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to continued prevalence of respiratory conditions, innovation in flavor profiles, e-commerce and online retail growth, health and wellness trends, global respiratory health awareness.. Major trends in the forecast period include e-commerce growth, targeted marketing for specialty formulations, global health events impact, inclusion of soothing herbs and extracts, customization and personalization..
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Market Drivers and Trends:
The increasing prevalence of respiratory diseases is expected to propel the throat lozenges market going forward. Respiratory diseases refer to a type of disease that affects the lungs and other parts of the respiratory system. Throat lozenges are used to treat respiratory tract infections and diseases. For instance, in September 2022, according to the Forum of International Respiratory Societies (FIRS), a US-based respiratory health advocacy organization, in 2022, globally around 200 million people are affected with chronic obstructive pulmonary disease, or COPD, accounting for roughly 3.2 million deaths annually. Therefore, the increasing prevalence of respiratory diseases will drive the throat lozenges market.
Innovative product offerings are a key trend gaining popularity in the throat lozenges market. Major companies in the throat lozenges market are launching various new and innovative products to sustain their position in the market. For instance, in July 2022, Taiho Pharmaceutical Co Ltd., a Japan-based pharmaceutical company, launched PITAS throat troche. It is a series of film-type lozenges designed to relieve throat pain, swelling, and discomfort. They stick to the roof of the mouth, allowing for discreet use and effectiveness while talking. PITAS Medical Troche is a designated quasi-drug specifically formulated for mouth and throat disinfection.
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Major Key Players of the Market:
GlaxoSmithKline plc; SSL International plc; Thornton & Ross; Pfizer Inc.; The Procter & Gamble Company; Bausch Health Companies Inc.; Wrigley Company; Reckitt Benckiser Group plc; Gepach International; Bliss GVS Pharma Ltd; Sanofi S.A; Ricola AG; Honibe; Ernest Jackson & Co Ltd; Doetsch Grether AG; Mondelēz International group; Cloetta AB; Golden Throat; Fisherman's Friend; Prestige Brands Inc; HALLS; Dabur India Limited; Churub; Strepsils; Hydrocortisone; Lidocaine; Benzocaine; Phenol; Menthol; Eucalyptus; Cepac; Chlorhexidine; Alcohol; Sucrose; Sorbitol; Mannitol;
Throat Lozenges Market 2024 Key Insights:
• The throat lozenges market will grow to $6.45 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
• Surging Prevalence Of Respiratory Diseases Drives Growth In The Throat Lozenges Market
• Throat Lozenges Market Advances With Innovative Products
• North America was the largest region in the global throat lozenges market in 2023
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