Nicotine Gum Market to Hit USD 2.17 Billion by 2029 | Fortune Business Insights™
Key Companies covered in the nicotine gum market report are GlaxoSmithKline plc (U.K.), Johnson & Johnson (U.S.), Novartis Consumer Health (Germany), ITC Limited (India), Cipla Health Limited (India), Perrigo Company Plc (Ireland), Fertin Pharma (Denmark), Alchem International (India), Revolymer (U.K.) and others.
Pune, India, July 19, 2023 (GLOBE NEWSWIRE) — The global nicotine gum market size was valued at USD 1.49 billion in 2021 and is expected to reach USD 2.17 billion by 2029, exhibiting a CAGR of 4.8% during the forecast period. Rising health awareness and prevalence of illnesses are expected to enhance market growth.
Fortune Business Insights™ presents this information in its report titled “Nicotine Gum Market, 2022-2029.”
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List of Key Players Profiled in the Nicotine Gum Market Report
- GlaxoSmithKline plc (U.K.)
- Johnson & Johnson (U.S.)
- Novartis Consumer Health (Germany)
- ITC Limited (India)
- Cipla Health Limited (India)
- Perrigo Company Plc (Ireland)
- Fertin Pharma (Denmark)
- Alchem International (India)
- Revolymer (U.K.)
Report Scope & Segmentation:
|2029 Value Projection||USD 2.17 Billion|
|Nicotine Gum Market Size in 2021||USD 1.49 Billion|
|No. of Pages||150|
|Report Coverage||Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends|
|Nicotine Gum Market Growth Drivers||Increasing Anti-Smoking Campaigns to Boost Industry Progress|
Browse a Detailed Summary of the Research Report with TOC:
Restrictions on Manufacturing to Hinder Industry Progress
This market may be negatively affected during the COVID-19 pandemic due to restrictions on manufacturing. The sudden spike in COVID-19 infections restricted manufacturing activities globally, thereby disrupting the supply chain. Furthermore, restrictions on transportation led to the lack of ingredient availability required for the production of the gum. However, adopting automated production techniques and resumption of lockdown may facilitate this market’s growth.
2MG Segment to Dominate Attributable to its Easy Availability Worldwide
By product type, the market is segmented into 2mg, 4mg, and 6mg.
The 6mg segment may dominate the market share because of its easy availability globally. The product’s availability in a variety of flavors may boost the adoption of the product. It reduces nicotine withdrawal capability and craving.
Pharmaceutical Sector to Hold Largest Share Owing to Rising Consumer Preferences for Purchasing in Nearby Stores
By distributional channel, it is classified into supermarkets and hypermarkets, pharmacies, and online.
The pharmacies segment may hold the largest market share due to product trust and consumer trust. The sales and marketing of these products may experience a huge spike because of general practitioners and well-trained pharmaceuticals.
Geographically, the market is classified into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
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Increasing Anti-Smoking Campaigns to Boost Industry Progress
Nicotine gum is a medicine that helps people quit smoking and is used every 2 hours to eliminate smoking cravings. Rising research and development and the promotion of the product by government and non-government firms are expected to enhance the demand for the product. Further, manufacturers focus on promoting anti-smoking campaigns and launch novel products that counter smoking cravings, such as lozenges, gums, and others. Moreover, the rising smoking-related illnesses, such as lung cancers, are expected to enhance the demand for nicotine gums. These factors may incite nicotine gum market growth.
However, the side effects of nicotine gum are anticipated to hinder the market growth during the projected years.
Increasing Number of Health Conscious Consumers to Foster Industry Growth in North America
North America is expected to dominate the nicotine gum market share because of the rising number of health-conscious consumers. The market in North America stood at USD 650.47 in 2022 and is expected to gain a large portion of the global market share. Furthermore, major brands focusing on innovations are expected to propel market growth.
In Europe, robust gum product sales in Italy, Germany, France, and the U.K. boost sales of nicotine gums. Further, a rising focus on implementing strategies for quitting smoking may enhance demand.
In Asia Pacific, strong demand for innovative products may bolster product demand. Further, increasing competition between companies may elevate industry progress.
Companies Launch Novel Products to Boost Brand Image
The prominent companies operating in the market announce novel products to boost their brand presence. For example, Nicorette launched its ice mint lozenge nicotine gum in May 2019. This product offers a punch of mint flavor and a smooth texture to help avoid smoking cravings. This development may allow the company to boost sales and enhance its brand presence globally. Further, companies devise mergers, acquisitions, expansion, and partnerships to enhance their market position.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Recent Industry Developments – Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis Related to COVID-19
- Impact of COVID-19 on the Market
- Supply Chain Challenges amidst Pandemic
- Potential Opportunities due to this Global Crisis
- Global Nicotine Gum Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type
- 2 MG
- 4 MG
- 6 MG
- By Distribution Channel
- Supermarkets & Hypermarkets
- Online Retail
- By Region
- North America
- Asia Pacific
- South America
- Middle East & Africa
- By Type
To Be Continued…!
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Key Industry Development
- July 2021: Philip Morris International acquired a developer and producer of well-being and pharmaceutical products, Fertin Pharma. It offers intra-oral and oral delivery systems to help consumers reduce smoking
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