USD 1.49 billion
Report ID: SQSG35I2048 | Region: Global | Published Date: December, 2022 | Pages: 157
Global Nicotine Gum Market size was valued at USD 1.49 billion in 2021, and it is expected to reach a value of USD 2.08 billion by 2028, at a CAGR of 4.9% over the forecast period (2022–2028).
Nicotine gum is an FDA-approved medication that can help individuals give up smoking habits. When combined with a nicotine patch, it can be used every 2 hours to prevent withdrawal symptoms or as needed for stronger cravings. Furthermore, the product belongs to a class of medications known as smoking cessation aids. It is a type of flavoured chewing gum that produces nicotine, which is then released into the smoker's bloodstream via the mouth lining, suppressing the craving for nicotine in a smoker. Previously, it was affected by COVID-19 due to impose of continuous lockdowns. To overcome COVID-19 infection, health organisations such as the World Health Organization (WHO) and the Centers for Disease Control and Prevention (CDC) have recommended smokers to stop smoking as a precautionary measure. The major reason driving product demand is an increase in the number of people attempting to give up smoking as a result of increasing awareness about the health risks that come with smoking.
Global Market Size
USD 1.49 billion
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Global nicotine gum market is segmented based on the type, distribution channel, and region. Based on type, global market is segmented into 2 mg, 4 mg, 6 mg. Based on distribution channel, the market is segmented into supermarkets and hypermarkets, pharmacies, and online stores. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Type
Based on type, global nicotine gum market is segmented into 2 mg, 4 mg, 6 mg. The 2mg segment has a sizable market share because it is beneficial to light smokers who smoke below 25 cigarettes per day. The easy accessibility of 2mg nicotine gums in a variety of flavours continues to attract potential users, which seems permitted to accelerate growth over the forecast period. Nicorette 2mg gum diminishes and controls tobacco cravings and nicotine withdrawal symptoms. It is recommended to assist people who smoke who attempt to quit or reduce their risk of quitting, to help smokers who are unwilling or unable to quit, and to serve as a relatively safe substitute for smoking for smokers and those around them.
Analysis by Distribution Channel
Based on distribution channel, the nicotine gum market is segmented into supermarkets and hypermarkets, pharmacies, and online stores. The pharmacies segment is holding the largest market share as it gives assurance of quality products and maintains consumer trust. The product sales and marketing are anticipated to significantly increase during the analysis period with general practitioners and trained pharmacists.
The online stores segment may register the fastest growth during the analysis period as it provides flexibility, convenience, and comfort during the online purchase of medicines, which is propelling the segment growth. The discounts offered by online retail pharmacies are also favouring the market growth over the aforementioned forecast period.
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North America has seen an increase in the percentage of health-conscious consumers, which has been bolstered by campaigns and government initiatives, propelling regional market growth. Furthermore, the region is home to significant brands that are focusing on product innovation in order to capitalise on rising demand and gain a competitive edge in the market.
Europe is also holding a significant share due to increased nicotine product sales in countries such as the United Kingdom, Germany, France, Italy, and others. Furthermore, the regional government is putting a heavy emphasis on implementing smoking cessation strategies.
Asia Pacific is, however, estimated to grow with the fastest CAGR over the analysis period owing to the increasing demand for products which are more developed, increasing competitiveness among tobacco companies, and also rising business opportunities, particularly in Japan continues to drive the growth over the forecasting years. Strict anti-smoking regulations enacted in China and India are anticipated to increase demand for replacement products like gums.
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Global nicotine gum market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
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According to our global nicotine gum market analysis, Asia Pacific, because of strong demand for innovative products, is expected to drive market growth in the region during the forecasting years. The market has witnessed a significant increase in the demand for nicotine cessation from rehab centres and health care institutions in both developed and developing countries around the world. However, some people may experience indigestion and flatulence as a result of the product’s side effect.
|Market size value in 2021||USD 1.49 billion|
|Market size value in 2028||USD 2.08 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Nicotine Gum Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Nicotine Gum Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Nicotine Gum Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Nicotine Gum Market for additional countries.
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