Market Overview
The global nicotine gum market size was valued at USD 1.63 billion in 2023 and is projected to grow from USD 1.70 billion in 2024 to USD 2.55 billion by 2032, exhibiting a CAGR of 5.1% during the forecast period (2024-2032).
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, 2024-2032.”
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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.)
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.
Report Coverage
The report offers a thorough analysis of the beef market and its current trends. It explores the factors contributing to its growth and the obstacles it faces, including the effects of COVID-19. It also discusses progress in various regions and the strategies employed by leading companies in the sector.
Driving Factors
Anti-Smoking Campaign Promotions to Facilitate Market Progress
Nicotine gum, designed to help smokers quit by lessening their cravings, is used every two hours. Its popularity is expected to grow due to research, government support, and non-government backing. Manufacturers are also working on anti-smoking efforts and launching new products like lozenges and gums to fight cravings. Moreover, an increase in smoking-related diseases like lung cancer could also drive up demand for nicotine gum, possibly causing the market to expand.
However, the potential side effects of nicotine gum might slow down its market growth in the future.
Source: https://www.fortunebusinessinsights.com/nicotine-gum-market-106655
Regional Insights
Rising Number of Health Conscious Consumers to Propel Market Growth in North America
North America is likely to lead the nicotine gum market due to more health-aware people. The market in North America was USD 650.47 in 2022 and is expected to grow significantly. Big brands are also working on new, high-quality products to improve their image worldwide. In Europe, countries like France, Italy, Germany, and the U.K. are seeing more sales of nicotine gums, and efforts to help people quit smoking are also increasing demand. In Asia Pacific, the demand for new products is strong, and competition among companies is growing, which will also help the market expand.
Competitive Landscape
Major Players Launch Novel Products to Reinforce Brand Presence
Big companies in the market often introduce new products to improve their global brand image. For instance, Nicorette introduced a nicotine gum with a mint lozenge flavor in May 2019. This product has a smooth texture and a strong mint taste. This launch could help the company attract more customers and increase its global brand visibility. Additionally, companies use strategies like buying other companies, merging with them, forming partnerships, and expanding to improve their standing in the market.
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.