Global Throat Lozenges Market To Grow On The Back Of Rising Incidences Of Cold And Cough
Throat lozenges or the cough drop are considered as the first line treatment for the people suffering from flu or cold or in other condition of a bad throat. Globally as per the National Prescribing Service (NPS, Australia) over 200 viruses have been identified that can cause cold. Further, on an average, the frequency of an adult getting a cold varies between 2 to 4 times a year which bumps up to 5 to 10 times a year in children and in adults the frequency. This accentuates the demand for throat lozenges globally. The global market for throat lozenges is pegged to grow with a CAGR of over 4% over the forecast period of 2019-2026. Growing geriatric population and growing air population are the other factors driving the growth in the market.
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Growing geriatric population to increase the uptake of throat lozenges
The growing population of elderly people globally is a major driving factor driving growth in global throat lozenges market. The world is undergoing a tremendous demographic shift : the population of people aged 65 and above is set to surpass the number of young children. This change is driven by falling fertility rates and a noteworthy rise in the life expectancy rate. It is a proven fact that the elderly often suffers from the throat related disease which in turn is expected to increase the uptake of throat lozenges. According to the National institute of health (NIH), United States, global geriatric population is expected to reach to about 1.6 billion by the end of 2050 from 617 million in 2015.
Diversification of product portfolio the key to market success
The market for throat lozenges is highly saturated and over the time has become fiercely competitive. The market players to compete effectively are incorporating new flavors in their existing product portfolio and focusing on new product launches. Commercially a number of flavors for throat lozenges are available in the market including honey, ginger, lemon, mint and others. Further, innovative product development has become the key to success. In 2018 J. Walter Thompson (Canada) launched its innovative cough control product BENYLIN®. It is a dual layer lozenges, the first layer provides an immediate cooling relief and the second layer contains anesthetic that provides targeted relief to sour throat. In 2018 Reckitt Benckiser launched a new herbal range of throat lozenges in India under its Strepsils brand.