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 report offers an in-depth analysis of the leading market segments and the newest trends. It thoroughly explores the factors driving and hindering market growth, along with the effects of COVID-19. Moreover, it reviews regional developments and the strategies employed by major market players.
Driving Factors
Anti-Smoking Campaign Promotions to Facilitate Market Progress
Nicotine gum, a medication designed to help people quit smoking, is used every two hours to reduce smoking cravings. Increased research and development, along with promotion by government and non-government organizations, are anticipated to boost product demand. Manufacturers are also focusing on anti-smoking campaigns and introducing new products to combat smoking cravings, including lozenges and gums. Additionally, the rising incidence of smoking-related illnesses, such as lung cancer, is expected to drive demand for nicotine gum, potentially stimulating market growth.
However, the side effects of nicotine gum are likely to impede market growth in the coming 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
The prominent companies operating in the market announce novel products to reinforce their brand image globally. For example, Nicorette announced a nicotine gum with ice mint lozenge in May 2019. This product offers a smooth texture and provides a punch of mint flavor. This launch may enable the company to attract consumers and enhance its brand presence globally. Furthermore, companies devise acquisitions, mergers, partnerships, and expansion strategies to enhance 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.)
