The global nicotine gum market is poised for remarkable growth, with a projected Compound Annual Growth Rate (CAGR) of nearly 6% during the period from 2023 to 2030, according to a recent market analysis. The markets value is anticipated to exceed US$2 billion by the end of 2030.
Nicotine gum, an over-the-counter (OTC) product designed to aid in smoking cessation, has gained significant traction among individuals seeking to quit smoking. It functions by releasing nicotine upon consumption, which is then absorbed into the bloodstream through the mouths lining. This gradual nicotine release helps reduce cravings, diminish the urge to smoke, and alleviate withdrawal symptoms. Nicotine gum is available in various strengths, including 2 mg, 4 mg, and 6 mg, allowing users to tailor their usage based on their daily cigarette consumption.
One of the primary drivers of the markets expansion is the escalating incidence of lung cancer and other respiratory disorders associated with tobacco use. Smoking is linked to numerous chronic conditions, including coronary heart disease, stroke, oropharyngeal cancer, and immune-related illnesses. The growing awareness of these health risks and the resultant demand for smoking cessation treatments have further fueled market growth.
Governments and non-governmental organizations (NGOs) worldwide are actively endorsing the use of smoking cessation aids, such as nicotine gum, particularly among young individuals addicted to tobacco. Additionally, factors such as ongoing product innovations (e.g., nicotine lozenges), increasing urbanization, and substantial research and development efforts are expected to contribute to market expansion.
Key Report Findings:
- Impressive revenue growth expected for the nicotine gum market between 2023 and 2030.
- Market growth driven by factors including the rising popularity of smoking cessation aids, governmental initiatives to reduce tobacco use, and the increasing number of smoking-related fatalities.
- Demand for the 2 mg nicotine gum type remains high.
- The pharmacy sector held the highest revenue share in the nicotine gum market in 2022.
- North America is set to maintain its market leadership, while the Asia Pacific nicotine gum market will witness substantial growth through 2030.
Growth Drivers:
- Increasing Promotion of Anti-smoking Campaigns: Government and NGO-backed anti-smoking campaigns, urbanization, product advancements, and active research and development activities are driving market growth.
- Increasing Prevalence of Heart-related and Respiratory Disorders: Growing awareness of the dangers of smoking and rising demand for nicotine cessation in healthcare facilities are propelling market growth.
- Favorable Government Initiatives: Comprehensive tobacco control plans, tobacco advertising restrictions, and increased cigarette taxes are supporting smoking cessation efforts, boosting market expansion.
Growth Challenges:
The market faces challenges related to potential side effects of nicotine gum, including elevated blood pressure, rapid heartbeat, and gastrointestinal discomfort. Prolonged use may lead to addiction and increase the risk of oral cancer, as recent research suggests.
Overview of Key Segments:
- 2 mg Type Segment: This category led the market in 2022, attracting individuals looking to reduce or quit smoking due to its accessibility, various flavors, and ease of use.
- Pharmacy Distribution Channel: Dominated the market due to medical guidance, product availability, quality, and privacy. Online distribution channels are expected to grow rapidly in the forecast period.
Growth Opportunities Across Regions:
- North America: Expected to maintain market dominance, driven by health-conscious consumers and product innovations.
- Asia Pacific: Anticipated to witness the fastest growth, supported by increasing consumer demand for unique products, competition among major tobacco companies, and stringent anti-smoking laws in countries like China and India.
Nicotine Gum Market: Competitive Landscape:
Key players in the nicotine gum market include British American Tobacco plc, Johnson & Johnson, Novartis AG, ITC Limited, Cipla Health Limited, Perrigo Company Plc, Teva Canada, Philip Morris International, Inc., Revolymer, and Enorama Pharma AB.
Global Nicotine Gum Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 (By Type Coverage, By Distribution Channel Coverage, By Geographic Coverage and By Company) https://www.fairfieldmarketresearch.com/report/nicotine-gum-market
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This press release first seen on Brilad
COMTEX_440910098/2840/2023-09-25T13:12:29
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