Nicotine Gum Market Report: Statistics, Growth, and Forecast 2030
Nicotine Gum Market Synopsis
The global market for nicotine gum is estimated to acquire a market value of USD 5,986, expanding at a CAGR of 3.01% by 2030. The growing addiction to smoking, coupled with rising health awareness, is estimated to be one of the most significant factors driving the global nicotine gum market in 2020. The growing demand from medical institutions and rehab clinics for the purpose of nicotine cessation across the globe is estimated to grow the market substantially during the forecast period. Further, the increasing initiatives taken by the government to control tobacco consumption are another major factor leading to market growth. Besides, increasing tobacco advertising and promotion, stringent rules imposed to control public smoking, measures to curb smuggling, health education campaigns, and health warning advertisements on tobacco products are some of the most significant factors driving the global nicotine gum market report. In addition, the rising incidence of lung cancer and other respiratory ailments is one of the primary factors driving the growth of the market. Moreover, the large-scale adoption of smoking cessation therapies is projected to be another growth-inducing factor.
Key Players
The global nicotine key market players are Perrigo Company Plc (Ireland), Novartis AG (Switzerland), Pfizer Inc. (US), GlaxoSmithKline Plc (UK), Fertin Pharma A/S (Denmark), Cipla Inc. (India), Cambrex Corporation (US), Johnson & Johnson (US), ITC Limited (India), and British American Tobacco plc (UK).
Market Segmentation
The segment analysis of the global nicotine gum market overview is done by dosage, flavor, distribution channel, and region.
The dosage-based segments of the global nicotine gum market are 2mg, 4mg, and others.
The flavor-based segments of the global nicotine gum market are plain and flavored.
The distribution channel-based segments of the global nicotine gum market are store-based and non-store-based. The store-based segment is further bifurcated into supermarkets and hypermarkets, specialty stores, and others.
The global nicotine gum market report is divided into four regions: North America, Europe, Asia-Pacific, and the rest of the world.
Regional Analysis
Based on region, the global nicotine gum market is segmented into North America, Asia-Pacific, Europe, and the Rest of the World (RoW). As per the studies, the global market is estimated to be dominated by North America. North America is estimated to witness a rise in the percentage of health-conscious consumers, backed by the initiatives taken by the government. Further, the increasing number of campaigns in the region is another important factor in boosting the regional nicotine gum market share. Besides, the presence of various established key players in the region is anticipated to drive the market further. In North America, the US is estimated to hold the largest market share. The region held a market share of 35.46% in 2018 and is likely to maintain its position throughout the forecast period.
The APAC region is anticipated to grow the nicotine gum market insights at the fastest rate during the forecast period owing to the increasing awareness of health, along with the rising campaigns across the region. Furthermore, the availability of private-label cigarettes in the region is expected to cause more harm than regular cigarettes, creating additional opportunities for expansion in the region.Furthermore, negative health issues among consumers are driving the nicotine gum market trends in the APAC region.
Europe is estimated to witness a significant rise in the nicotine gum market owing to increased health awareness and the growing addiction to smoking. Further, the health-related campaigns are projected to expand the regional market in the coming period.
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