With Market Size Valued at $6.5 Billion by 2026, it`s a Healthy Outlook for the Global Throat Lozenges Market
SAN FRANCISCO, Jan. 18, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Throat Lozenges - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 5; Released: January 2022
Executive Pool: 866
Companies: 87 - Players covered include Bliss GVS Pharma Ltd.; GlaxoSmithKline plc; Honibe (Island Abbey Food Science Ltd.).; Prestige Consumer Healthcare, Inc.; Procter & Gamble Company; Reckitt Benckiser Group Plc; Ricola AG; Sanofi S.A; Thornton & Ross Ltd.; Wm. Wrigley Jr. Company and Others.
Coverage: All major geographies and key segments
Segments: Type (Hard Candy, Soft, Compressed); Indication (Sore Throat, Cough & Cold, Throat Diseases)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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ABSTRACT-
Global Throat Lozenges Market to Reach US$6.5 Billion by the Year 2026
Throat lozenge, also referred to as cachou cough drop, cough sweet or troche, constitutes a medicated tablet that dissolves in the mouth, slowly, and stops cough. The small tablet works by soothing and lubricating irritated tissues of the throat and thus pacifying a strep or sore throat caused by common cold or influenza. Growth in the global market is driven by the growing incidence of sore throat, cough and cold. Cold & cough are common diseases worldwide and sore throat lozenges are used as first-line treatments, which is also a prominent market growth promoting factor. Another major factor driving growth is the rise in geriatric population that is at the higher risk of contracting infections because of their lower immunity levels. Furthermore, Increasing HIV penetration is also a major market growth promoting factor because HIV patients are at greater risk of developing infections. Decreased immunity in people due to dietary habit changes and lifestyles becoming more sedentary also increase demand for the lozenges as the factors lead to increased throat infections. The global market for throat lozenges has been positively impacted by the ongoing COVID-19 pandemic. Cough and sore throat are common COVID-19 symptoms. The spiraling need for throat lozenges has made many companies resort to manufacturing them for the first time. For example, a UK-based sweets manufacturer, Uncle Joe's Mint Balls, has commenced the manufacturing of certain flavored throat lozenges named Uncle Joe`s Favorites and Uncle Joe`s Lozenges. The company also delivers its products on online orders across England.
Amid the COVID-19 crisis, the global market for Throat Lozenges estimated at US$4.8 Billion in the year 2020, is projected to reach a revised size of US$6.5 Billion by 2026, growing at a CAGR of 4.8% over the analysis period. Hard Candy, one of the segments analyzed in the report, is projected to grow at a 5.2% CAGR to reach US$4.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Soft segment is readjusted to a revised 4% CAGR for the next 7-year period. This segment currently accounts for a 21.5% share of the global Throat Lozenges market. Hard candy lozenges are popular due to its easy availability in a variety of shapes, sizes and flavors.
The U.S. Market is Estimated at $1.2 Billion in 2021, While China is Forecast to Reach $1.1 Billion by 2026
The Throat Lozenges market in the U.S. is estimated at US$1.2 Billion in the year 2021. The country currently accounts for a 24.26% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1.1 Billion in the year 2026 trailing a CAGR of 6.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.3% and 4.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.5% CAGR while Rest of European market (as defined in the study) will reach US$338.2 Million by the end of the analysis period. North America is the largest market for throat lozenges attributed to the many awareness programs focused on alleviating infectious diseases in the region and also to the presence of many major manufacturers of throat lozenges. Cold weather of the region that accentuates microorganisms growth leading to infections of the throat, also contributes to market growth in the region. Europe is another key market and growth is attributed to the major presence of geriatric population and cold weather factors.
Compressed Segment to Reach $1.1 Billion by 2026
Compressed lozenges are long lasting because of their prolonged dissolution, thus providing extended relief to people suffering from sore throat. In the global Compressed segment, USA, Canada, Japan, China and Europe will drive the 4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$674.7 Million in the year 2020 will reach a projected size of US$894.2 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$157.7 Million by the year 2026, while Latin America will expand at a 4.5% CAGR through the analysis period. More
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