Market Synopsis
What was the value of the global nicotine gum market?
As per the analysis by Market Research Future (MRFR), the global market for nicotine gum size is estimated to acquire market value of USD 1,810.5 million, expanding at a CAGR of 4.6 % by 2028. The growing addiction to smoking, with rising health awareness, is estimated to be one of the most significant factors driving the global nicotine gum market analysis 2021. 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 is another major factor leading to market growth. Besides, the increasing tobacco advertising and promotion, stringent rules imposed to control public smoking, measures to curb smuggling, health education campaigns, and the health warning advertisement on tobacco products are some of the most significant factors driving the global nicotine gum market. 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 renowned players of the global nicotine gum market 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 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 revenue are store-based and non-store-based. The store-based segment is further bifurcated into supermarkets & hypermarkets, specialty stores, and others.
The regions-based segments of the global nicotine gum market analysis are North America, Europe, Asia-Pacific, and the rest of the world.
Regional Analysis
Based on the region, the global nicotine gum market size 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 consciousness consumers backed by the initiatives taken by the government. Further, the increasing campaigns in the region is another important factor in boosting the regional market. 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 nicotine gum 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 market at the fastest rate during the forecast period owing to the increasing awareness of health, along with the rising campaigns across the region. Further, the availability of private label cigarettes in the region is likely to cause more harm than ordinary cigarettes are estimated to create further opportunities for expansion in the region. Besides, the adverse health issues among consumers are additionally driving the nicotine gum sales in the APAC region.
Europe is estimated to witness a significant rise in the market owing to the increased health awareness and the growing addiction towards smoking. Further, the health-related campaigns are projected to expand the regional market in the coming period additionally.
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