by Throat lozenges provide temporary relief from throat irritation and cough caused by cold, flu or other upper respiratory infections. Made with active ingredients like menthol or eucalyptus oil, they reduce coughing, soothe throat pain and help relieve dryness. Immune boosting properties of some herbal lozenges also aid faster recovery. Popular formats are hard candy or soft chewable discs made of natural extracts, vitamins and minerals. Increasing work and life stress has led to rise in throat infections making throat lozenges a necessity.
The Global throat lozenges market is estimated to be valued at US$ 6.80 Bn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Throat Lozenges Market Size are Novartis AG, Cipla, Procter & Gamble, GSK plc, Sanofi, Lozen Pharma, Bliss GVS Pharma Ltd., Honibe, Ricola, Prestige Consumer Healthcare Inc., Traditional Medicinals, Inc, Mondelēz International, Inova Pharmaceuticals, Johnson & Johnson Services, Inc., Reckitt Benckiser Group PLC. The industry is highly fragmented with these players accounting for around 30% share.
Growing cases of seasonal infections like cold and flu along with changing lifestyle leading to sedentary habits and chronic stress have increased throat irritation incidence. This has created high demand for throat lozenges especially herbal and vitamin formulations for their soothing properties.
The global market is witnessing significant expansion as major players focus on product innovation and expansion in emerging economies of Asia Pacific, Latin America, Middle East and Africa. Ease of transport and increasing per capita spends on healthcare products in these regions are driving their lucrative growth.
Market key trends
The throat lozenges market is witnessing trend of launch of organic and natural formulations free of artificial colors, flavors and preservatives. For instance, Ricola herb drops provide natural relief without artificial ingredients. Another key trend is development of lozenges targeting specific issues like cough or dryness. For example, Halls defense lozenges focus on reducing cough severity while Sucrets ultra dry formula soothes dry throat irritation. Going forward, innovations towards convenient delivery formats like bursts, chews and dissolvable films can further aid market growth in the forecast period.
Porter’s Analysis
Threat of new entrants: Low as significant capital investments are required to enter this market and there are established players operating.
Bargaining power of buyers: Moderate as there are many established brands of throat lozenges available.
Bargaining power of suppliers: Low as raw materials required are easily available.
Threat of new substitutes: Low as throat lozenges have few alternatives that provide quick relief from sore throat.
Competitive rivalry: High among existing major players to gain market share and compete on pricing and new product development.
Geographical regions
North America contributes the highest value share to the throat lozenges market currently owing to high consumption in US and Canada. The presence of major manufacturers in the region and high prevalence of sore throat cases boost market growth.
Asia Pacific is expected to witness the fastest growth during the forecast period. Rapidly growing health awareness, increasing disposable incomes and expansion strategies of key players are driving the market in emerging countries like India and China. Self-medication for common conditions like sore throat is progressively becoming common practice in the region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
