Nicotine Gum Market Size, by Top Companies, Regional Growth, and Forecast 2030
Nicotine Gum Market Synopsis
As per the analysis by Market Research Future (MRFR), 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 overview. 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 research 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 size. 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.
NOTE: Our Team of Researchers are Studying Covid19 and
its Impact on Various Industry Verticals and wherever required we will be
considering Covid19 Footprints for Better Analysis of Market and Industries.
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