Throat Lozenges Market driven by growing prevalence of throat infections
The throat lozenges market comprises products that provide relief from sore throats, coughs, and cold symptoms. Throat lozenges contain ingredients like menthol, eucalyptus, and licorice that help soothe irritation in the throat. They are easy to carry and consume, making them a popular OTC solution for minor throat issues.
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 rising prevalence of throat infections worldwide due to pollution, changing lifestyles, and other environmental factors is fueling demand for throat lozenges. Asia Pacific is experiencing considerable growth in demand for throat lozenges owing to increasing health awareness and disposable incomes in densely populated countries like India and China.
Market drivers
The key driver propelling the global throat lozenges market is the growing prevalence of throat infections across the world. Changing climatic conditions and rising levels of air pollution are increasing people's vulnerability to viral and bacterial throat infections. Moreover, hectic lifestyles, inadequate sleep, lack of physical activity, and junk food consumption are weakening immunity. This is leading to a higher incidence of common illnesses like coughs, colds, and sore throats. As throat lozenges provide quick and easy relief from the symptoms, their sales are surging. Easy availability of these products through multiple offline and online retail channels is another factor boosting the market.
The current geopolitical instability is negatively impacting the growth of the throat lozenges market. Rising tensions between major economies are disrupting global supply chains and causing a spike in input costs. Manufacturers are facing difficulties in procuring raw materials due to restrictions imposed on trade with sanctioned countries. This is limiting their production capacity and ability to meet the growing demand for throat lozenges. Additionally, economic uncertainties arising from political risks are weakening consumer spending power in many markets. As throat lozenges are considered non-essential items, any decline in discretionary incomes can significantly dent sales volumes. To sustain growth amid these challenges, companies must explore alternative sourcing options, scale up inventory levels, optimize operations and focus on cost efficiency. They also need to prioritize key markets that offer stability and growth opportunities.
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