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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
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.)
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
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.)
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