Throat Lozenges market Revenue Growth Predicted by 2022-2026
As per industry analysis on throat lozenges by Fact.MR, a market research and competitive intelligence provider, the global market is expected to increase at a CAGR of 4.8% from 2022 to 2026.
The World Health Organization (WHO) predicts that by 2050, over 2 billion people would be in the geriatric population bracket. Older individuals frequently suffer from throat infections, which increases the sales of throat lozenges.
Vitamins and herbal products are often used by people over the age of 50. The aging population is at higher risk of catching diseases and becoming sick. This is driving demand for a variety of items that improve overall body health and immunity while being cost-effective when compared to pharmaceutical treatment.
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HIV patients are at higher risk of contracting infections, and increasing HIV cases is a major market growth driver. Reduced immunity in people as a result of dietary changes and sedentary lifestyles also drives demand for lozenges, as these factors contribute to a rise in throat infections.
Throat lozenge manufacturers are working on variations enhanced with natural herbs and chemicals that boost immunity. Other market variables, such as increasing consumer expenditure capacities and considerable growth in the pharmaceutical business, are expected to propel the market forward.
Key Takeaways from Market Study
· Global throat lozenges market to reach US$ 6.5 billion by 2026.
· Compressed lozenges expected to reach US$ 1.1 billion by 2026.
· Hard candy lozenges projected to record 5.2% CAGR from 2022 to 2026.
· Market in Canada to record 4.2% CAGR over forecast period.
· Asia Pacific market projected to reach around US$ 157.7 million by 2026.
· Market in Germany to record 4.5% CAGR over forecast period.
“Presence of regularly monitored compositions, technological advancements in drug delivery systems, and increased patient awareness are aspects that are fueling market expansion,” says a Fact.MR analyst
Winning Strategy
Companies are increasing their market share by investing in the creation of effective products with fewer side effects, as well as enhancing geographic penetration through partnerships and collaborations. As the standard of living rises, market players are increasingly focusing their efforts on developing products that match consumer needs.
For instance,
· Traditional Medicinals, a wellness tea company, introduced Throat Coat Lozenges, which contain menthol, pectin, natural ingredients, and essential oils.
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