Introduction of Various Flavors Boost Covid 19 Analysis on Throat Lozenges Market Demand
Market Overview:
Throat-lozenges are the most preferred go-to solution for sore throat. Not only are the easily accessible but also cost-effective, which makes them the preferred choice of medication among patients. The global Throat Lozenges Market is anticipated to reach USD 6588.72 Mn at a CAGR of 4.20% over the forecast period of 2018-2023.
The global Covid 19 Analysis on Throat Lozenges Market is driven by the towering prevalence of common cold and flu across the globe. Common cough and cold tend to occur all year round and are contagious in nature due to which they keep on spreading. Due to the inherent trend of resorting to over-the-counter medications, throat lozenges are predominantly the first line of treatment in case of throat infections. These lozenges are available in different flavors, and new flavors are being introduced continually, which has increased adoption among consumers. In addition, throat lozenges can be purchased and consumed without a prescription due to which they can be commercialized faster. Throat lozenges have evolved to become more effective in the past few years. Other factors supporting the growth of the market include the development of new ingredients and rapid product penetration in emerging economies.
On the contrary, the throat lozenges market growth might be hindered by the availability of alternative treatment options and short term relief provided by these medications.
Competitive Landscape
Bausch Health Companies Inc, Ricola AG, Prestige Brands Inc, Gepach International, Ernest Jackson, Procter & Gamble, Thornton & Ross, Doetsch Grether AG, Bliss GVS Pharma Ltd, Reckitt Benckiser Group plc, Wrigley Company, Mondelēz International group, Pfizer Inc., and GlaxoSmithKline
Segmentation:
· The throat lozenges market has been segmented based on type, ingredient, and indication.
· By type, the throat lozenges market has been segmented into hard candy lozenges, soft lozenges, and compressed lozenges. The hard lozenges segment has been further segmented into center filled hard candy lozenges, and chewy or caramel based medicated tablets.
· By ingredient, the throat lozenges market has been segmented into menthol, eucalyptus oil, mint, peppermint oil, honey & ginger, lemon, and others.
· By indication, the throat lozenges market has been segmented into cold & cough, sore throat, throat diseases, and others.
Regional Analysis
Region-wise, the throat lozenges market has been segmented into the Americas, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
The Americas market has been broadly categorized into South America and North America, where North America accounts for the majority share of 70%. High investment in healthcare and the presence of a broad base of aged population is aiding the growth of the market in the region. The Americas market is likely to expand at a CAGR of 3.72% over the forecast period.
Europe is the second-largest throat lozenges market and follows a similar growth pattern as the Americas'. High prevalence of the common cold in the region, along with increased healthcare spending is boosting the growth of the market.
The APAC throat lozenges market is anticipated to be the fastest-growing market over the forecast period. The presence of high geriatric as well as a pediatric population, who are more prone to cough and cold, is supporting the growth of the market. In addition, the prevalence trend of resorting to over-the-counter medications and preference for lozenges due to its cost-effectiveness has also been key to market growth. The APAC throat lozenges market is likely to expand at CAGR of 4.77% over the forecast period.
Industry Updates
December 2018 - BENYLIN, a subsidiary of Johnson & Johnson, dealing in a range of cough, cold and flu medications, announced the launch of new BENYLIN Sore Throat Lozenge product. The uniquely formulated product provides immediate as well as long-term relief from throat pain.
NOTE : Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.