What is the global market size of Nicotine Gum Market?

Nicotine Gum Market size was valued at USD 1.49 billion in 2021 and is poised to grow from USD 1.56 billion in 2022 to USD 2.17 billion by 2030, growing at a CAGR of 4.8% in the forecast period (2023-2030).

Who are the key vendors in the Global Nicotine Gum Market?

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. 'GlaxoSmithKline', 'Johnson & Johnson', 'Perrigo Company plc', 'Pfizer Inc.', 'Novartis AG', 'Revolymer PLC', 'Cambrex Corporation', 'Fertin Pharma A/S', 'Alchem International Ltd.', 'Dr. Reddy's Laboratories Ltd.', 'ConfiDent AB', 'MCNEIL-PPC, Inc.', 'Tendex Holdings Limited', 'Parnell Pharmaceuticals Inc.', 'Takeda Pharmaceutical Company Limited', 'LEO Pharma A/S', 'Sun Pharmaceutical Industries Ltd.', 'Perrigo UK FINCO Limited', 'Pharmacia Corporation', 'Procter & Gamble Co.'

What is the key driver of Global Nicotine Gum Market?

The rising prevalence of diseases such as lung cancer, heart disease, and respiratory problems is driving the market. In reality, it is caused by rising tobacco use in unique ways that endangers global public safety. Such factor could propel the nicotine gum market forward.

What is the key market trend for Global Nicotine Gum Market?

In the coming years, the market will benefit from increased health consciousness and a transition toward a healthier lifestyle. The government's emphasis on lowering smoking rates has increased significantly. Governments in all regions support broad approaches to tobacco control, along with a variety of actions such as a ban on tobacco promotion and advertising. It includes gradually increasing tobacco taxes in conjunction with measures to combat smuggling, which may limit smoking in the working place and public places.

Which region accounted for the largest share in Global Nicotine Gum Market?

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.

Nicotine Gum Market Size, Share, Growth Analysis, By Type(2mg, and 4mg), By Distribution Channel(Supermarkets/hypermarkets, Convenience stores, Pharmacies, and Online), By Region - Industry Forecast 2024-2031

Report ID: SQSG35I2048 | Region: Global | Published Date: October, 2024
Pages: 157 | Tables: 64 | Figures: 75

Nicotine Gum Market Dynamics

Nicotine Gum Market Drivers

Rise in Efforts to Quit Smoking

Growing awareness regarding adverse effects of smoking on respiratory and overall human health has led to an increasing number of people trying to quit smoking. Nicotine gum acts as a convenient and accessible cessation aid for quitters and helps them manage withdrawal symptoms and cravings thereby promoting nicotine gum market growth as well.

Launch of Anti-smoking Policies

To promote public health, governments and regulatory bodie around the world are launching new policies and regulations to reduce smoking. Imposition of high taxes on tobacco products, smoking bans in public areas, and restrictions on cigarette and other smoking product marketing are some key anti-smoking policies promoting the demand for nicotine gum as more people move towards quitting smoking.

Nicotine Gum Market Restraints

Availability of Alternative Cessation Aids and Products

Nicotine gum might be the most popular smoking cessation aid, but it is not the only one available in the market. Patches, lozenges, inhalers, and prescription medications like varenicline and bupropion to quit help people smoking. Growing availability of these alternatives is expected to hurt the sales of nicotine gum in the future.

Limited Efficacy for Heavy Smokers

Heavy smokers with high nicotine dependency might not benefit from the use of nicotine gum to help them quit smoking owing to its limited efficacy as per studies. This limited the use of nicotine gum to a certain sect of the smoking population and eliminates a certain sect completely, thereby hurting nicotine gum market outlook in the long run.

Nicotine Gum Market Report Snapshots

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Global Nicotine Gum Market size was valued at USD 1.30 billion in 2022 and is poised to grow from USD 1.37 billion in 2023 to USD 2.12 billion by 2031, growing at a CAGR of 5.6% in the forecast period (2024-2031).

Nicotine gum providers can focus on the Asia Pacific region to maximize their business scope in the long run. Developing novel nicotine gum products with additional health benefits and new flavors can also help nicotine gum companies stand out in the competitive landscape. Launching new anti-smoking awareness programs and collaborating with public health and non-profit health organizations can also boost sales for nicotine gum companies in the future. 'Johnson & Johnson (US) ', 'Novartis AG (Switzerland) ', 'ITC Limited (India) ', 'Cipla Health Limited (India) ', 'Perrigo Company plc (Ireland) ', 'Teva Canada (Canada) ', 'Philip Morris International Inc. (US) ', 'British American Tobacco PLC (UK) ', 'GlaxoSmithKline plc (UK) ', 'Novartis Consumer Health (Germany) ', 'Fertin Pharma (Denmark) ', 'Alchem International (India) ', 'Revolymer (UK) ', 'Pfizer Inc. (US) ', 'Cambrex Corporation (US) ', 'Reynolds American (US) ', 'Takeda Pharmaceutical Company (Japan)'

Sugar-free and Low-calorie Nicotine Gum: Nicotine gum companies can focus on developing sugar-free and low-calorie products to attract health-conscious consumers. This nicotine gum market trend is projected to present new opportunities for nicotine gum providers as it improves accessibility of nicotine gum among diabetics and other health-focused people looking to quit smoking with suitable alternatives.

North America is estimated to spearhead the global nicotine gum market forecast in the future. Rising health consciousness among people in this region, presence of key nicotine gum providers, and launch of government initiatives and campaigns to educate people about the ill effects of smoking are helping this region lead the sales of nicotine gum. The United Stares is projected to bring in the most revenue for nicotine gum companies operating in this region. Brand innovation and the launch of innovative marketing campaigns to boost popularity of nicotine gum are also expected to aid the dominance of this region going forward.

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Nicotine Gum Market Size, Share, Growth Analysis, By Type(2mg, and 4mg), By Distribution Channel(Supermarkets/hypermarkets, Convenience stores, Pharmacies, and Online), By Region - Industry Forecast 2024-2031

Nicotine Gum Market Dynamics

Nicotine Gum Market Report Snapshots

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What is the global market size of Nicotine Gum Market?

Who are the key vendors in the Nicotine Gum Market?

What is the key driver of Nicotine Gum Market?

What is the key market trend for Nicotine Gum Market?

Which region accounted for the largest share in Nicotine Gum Market?

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