Nicotine Gum Market Size & Share to Surpass $2.3 Billion by 2030 | Vantage Market Research

| Source: Vantage Market Research Vantage Market Research

WASHINGTON, June 12, 2023 (GLOBE NEWSWIRE) -- The Global Nicotine Gum Market is valued at USD 1.6 Billion in 2022 and is projected to reach a value of USD 2.3 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 5% over the forecast period 2023-2030.

Market Overview

The market is anticipated to develop as consumer knowledge of the negative consequences of tobacco rises. Additionally, increased health consciousness is anticipated to increase the demand for Nicotine Gum. Furthermore, a major element in the rise of Nicotine Gum sales globally is the expansion of government measures in numerous nations to reduce tobacco use.

We forecast that the pharmacies category in Nicotine Gum market sales will account for more than 42% of the market share by 2030. Individuals purchase Nicotine Gum from pharmacies for various reasons, including medical advice and support, the ease of buying it and other health-related products, and its availability, quality, and secrecy.

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Market Dynamics

Promotion of Anti-Smoking Programs to Boost Market Expansion
Rising urbanization, product developments, including the creation of nicotine products (gums), and intensive research and development operations are some of the reasons driving this industry. The use of smoking cessation products, such as Nicotine Gums and other nicotine replacement products, to help people, especially young people, who are addicted to tobacco is encouraged by several government and non-governmental organizations (NGOs) in both emerging and industrialized nations. Many important players support anti-smoking initiatives and frequently introduce smoking cessation products, including gum, lozenges, and others. Using these items with successful cessation programs increases residents' likelihood of quitting smoking.

Growing Disease Prevalence to Support Market Advancement
The main element driving the market growth rate is the rise in the number of people seeking to quit smoking due to increased knowledge of the health risks associated with smoking. Furthermore, the market has seen a marked rise in demand for nicotine cessation from rehab centers and medical establishments in both developed and developing nations worldwide. Moreover, the market is primarily driven by the rising incidence of lung cancer, heart conditions, and respiratory problems. It is brought on by rising tobacco use in distinctive ways that seriously jeopardize global public safety. These elements might spur the market for Nicotine Gum to expand.

Top Players in the Global Nicotine Gum Market

  • Johnson & Johnson (U.S.)
  • Novartis AG (Switzerland)
  • ITC Limited (India)
  • Cipla Health Limited (India)
  • Perrigo Company Plc. (Ireland)
  • Teva Canada (Canada)
  • Philip Morris (U.S.)
  • British American Tobacco PLC (UK)

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Top Trends in Global Nicotine Gum Market

  • One trend that Vantage Market Research (VMR) expects to see in the Nicotine Gum industry is the rising prevalence of cigarette use. The World Health Organization (WHO) claims that tobacco use is the main factor in approximately 7 million deaths each year that could have been prevented. In addition, smoking is a significant risk factor for several chronic illnesses, including cancer, cardiovascular disease, and respiratory disease. Hence, the demand for Nicotine Gum as a smoking cessation aid is fueled by the growing knowledge of the negative effects of tobacco use.
  • Another trend that VMR predicts will continue in the Nicotine Gum industry is the availability of Nicotine Gum in various flavors. Since Nicotine Gum comes in various flavors, including mint, fruit, and spice, customers find it more appealing. Furthermore, because Nicotine Gum comes in various strengths, customers can select a gum that meets their needs for nicotine ingestion.

Top Report Findings

  • The 2MG category controls most of the Nicotine Gum market's revenue based on type since it benefits light smokers who consume fewer than 25 cigarettes daily. Furthermore, the simple accessibility of 2 MG Nicotine Gums in various tastes draws in potential customers, which is projected to fuel demand throughout the forecast period.
  • Based on the Distribution Channel, most of the Nicotine Gum market's revenue is controlled by Pharmacies since it provides a solid guarantee of product standards and customer confidence. Most nations only allow pharmacies to sell Nicotine Gum and other nicotine replacement medications.

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Recent Developments in the Global Nicotine Gum Market

  • February 2022: The first generic nicotine chewing gum, sold under the trade name Nicotin beta, has been introduced to the German market by Enorama Pharma's business partner, betapharm Arzneimittel GmbH. Nicotin Beta will promote the benefits of NRT with a generic medication (Nicotine Replacement Therapy).
  • August 2021: GSK introduced Nicotinell, a line of products for treating tobacco dependence that comprises a patch, gum, and lozenge. It is intended to aid smokers in ending their nicotine dependence.

2MG Category of the Type Segment of the Global Nicotine Gum Market Projected to Generate More than Half the Global Segment Revenue
For better understanding, based on the Type, the Nicotine Gum market is divided into 2MG and 4MG.

It is expected that the 2MG segment will dominate the market for Nicotine Gum. Gums containing 2MG of nicotine are commonly used as part of nicotine replacement therapy (NRT) to assist people in stopping smoking or cut back on their cigarette intake. The number of people looking for strategies to stop smoking or cut back has increased due to increased awareness of the health dangers of smoking.

On the other hand, the 4MG category is anticipated to be the fastest growing category in the Nicotine Gum market. Heavy smokers, defined as those who smoke 25 or more cigarettes daily, are often those who chew 4mg of Nicotine Gum. Since heavy smokers often need a higher quantity of nicotine to feel relief, the 4MG gum's enhanced nicotine content is intended to help smokers better manage their nicotine cravings and withdrawal symptoms.

North America Region of the Global Nicotine Gum Market Anticipated to Generate a Considerable Amount of the total Global Revenue
North America dominates the market throughout the projection period. Campaigns and governmental initiatives that have boosted market expansion in the region have increased the percentage of health-conscious customers in North America. The area is also home to well-known companies like Johnson & Johnson, Cipla Health Limited, Philip Morris, and others that prioritize product innovation to meet the market's rising demand and acquire a competitive advantage.

The Asia Pacific is expected to be the fastest-growing Nicotine Gum market region. This phenomenon can be attributed to the rising desire for novel products, the escalating rivalry between the main tobacco corporations, and market potential development, particularly in Japan. In addition, strict anti-smoking laws in China and India are expected to boost sales of gum and other nicotine replacement products.

Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on Nicotine Gum Market Forecast Report (2023-2030).              

Global Nicotine Gum Market Segmentation

By Type

  • 2MG
  • 4MG

By Distribution Channel

  • Supermarkets/Hypermarkets
  • Convenience Stores
  • Pharmacies
  • Online

By Region

  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-East Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of MEA

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Scope of the Report:    

Report AttributesDetails
Market Size in 2022USD 1.6 Billion
Revenue Forecast by 2030USD 2.3 Billion
CAGR5% from 2023 to 2030
Base Year2022
Forecast Year2023 to 2030
Key PlayersJohnson & Johnson, Novartis AG, ITC Limited, Cipla Health Limited, Perrigo Company PLC, Teva Canada, Philip Morris, British American Tobacco PLC
Customization OptionsCustomized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/nicotine-gum-market-2124/request-sample

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