Market Overview:
The global nicotine gum market size was valued at USD 1.49 billion in 2021 and reached USD 1.56 billion in 2022. The market 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 the market growth. Fortune Business Insights™ presents this information in its report titled “Nicotine Gum Market, 2022-2029.”
Segmentation
2MG Segment to Dominate Owing to its Easy Availability
By product type, the market is segmented into 2mg, 4mg, and 6mg.
The 6mg segment is expected to dominate due to its easy availability. The product's availability in several flavors may attract potential consumers, thereby boosting market progress. It reduces craving and nicotine withdrawal capability.
Pharmaceutical Sector to Dominate Owing to Consumer Preferences for Purchasing in Nearby Stores
By distributional channel, it is classified into supermarkets and hypermarkets, pharmacies, and online
The pharmacies segment is expected to dominate the market due to the assurance of consumer trust and product standards. Marketing and sales of these products may increase due to well-trained pharmaceuticals and general practitioners.
Regionally, the market is classified into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Source: https://www.fortunebusinessinsights.com/nicotine-gum-market-106655
Report Coverage
The research offers a thorough overview of the leading market categories and the most recent developments. It goes into great detail on the market effect of COVID-19 as well as the factors that are driving and limiting the industry. It also looks at regional developments and the tactics used by the major competitors in the market.
Driving Factors
Anti-Smoking Campaign Promotions to Facilitate Market Progress
Every two hours, nicotine gum is used as a medication to help individuals stop smoking and to get rid of cravings. Increased demand for the product is anticipated as a result of growing R&D and product promotion by both government and private businesses. Manufacturers also put a lot of effort into supporting anti-smoking initiatives and introducing new goods like gums and lozenges that help people resist the urge to smoke. Furthermore, it is anticipated that increased smoking-related diseases including lung cancer will increase product demand. These elements could boost the market expansion for nicotine gum.
However, the side effects of nicotine gum are expected to restrain the market growth during the upcoming years.
Regional Insights
Rising Number of Health Conscious Consumers to Propel Market Growth in North America
North America is expected to dominate the nicotine gum market share due to increasing health-conscious consumers. The market in North America stood at USD 650.47 in 2022 and is expected to gain huge market share in the upcoming years. Furthermore, major brands focus on launching innovative products to enhance their quality and boost brand image globally.
In Europe, the rising nicotine gum product sales in France, Italy, Germany, and the U.K. are expected to enhance the demand for nicotine gums. Furthermore, a strong focus on implementing strategies for quitting smoking is expected to enhance demand.
In Asia Pacific, strong demand for innovative products, is expected to enhance the demand for the product. Furthermore, the rising demand for innovative products and increasing competition between companies are expected to enhance the market growth.
Competitive Landscape
Major Players Launch Novel Products to Reinforce Brand Presence
Well-known corporations in the industry launch new items to strengthen their brand image internationally. In May 2019, for instance, Nicorette unveiled an icy mint lozenge flavored nicotine gum. This product has a mint flavor that is strong and a smooth texture. With this introduction, the business might be able to draw in customers and strengthen its reputation internationally. In addition, businesses create collaborations, expansion plans, mergers, and acquisitions in an effort to improve their market position.
Key Industry Development
July 2021: Philip Morris International acquired Fertin Pharma, a developer and producer of well-being and pharmaceutical products based on intra-oral and oral delivery systems.
List of Key Players Profiled in the Nicotine Gum Market Report
· GlaxoSmithKline plc (U.K.)
· Johnson & Johnson (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.)