Pune, India, May 18, 2022 (GLOBE NEWSWIRE) -- 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.”
COVID-19 Pandemic
Manufacturing Restrictions to Impede Market Progress
This market is expected to be negatively affected during the COVID-19 pandemic due to the restrictions imposed on manufacturing. The sudden spike in COVID-19 infections restricted manufacturing activities globally, thereby disrupting the supply chain. Further, the restrictions on transport led to the lack of ingredients required for the production of the gum. However, the resumption of lockdown and the adoption of automated production techniques by manufacturers have facilitated this market's growth.
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List of Key Players Profiled in the Nicotine Gum Market Report
- GlaxoSmithKline plc (U.K.)
- Johnson & Johnson (U.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.)
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.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Nicotine Gum Market Report Scope & Segmentation:
| Report Attribute | Details |
| Market size value in 2021 | USD 15.25 Billion |
| Revenue forecast in 2029 | USD 2.17 Billion |
| Growth Rate | CAGR of almost 4.8% 2021-2028 |
| Base Year | 2021 |
| Historic Years | 2018 - 2020 |
| Forecast Years | 2022 - 2029 |
| Segments Covered | By Type, By Distribution Channel and By Geography |
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, South America, and Middle East & Africa, and Rest of World |
| Countries Covered | Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | GlaxoSmithKline plc (U.K.), Johnson & Johnson (U.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.) and more |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
| Customization Scope | Avail customized purchase options to meet your exact research needs. |
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Driving Factors
Anti-Smoking Campaign Promotions to Facilitate Market Progress
Nicotine gum is a medicine that helps people quit smoking and is used every 2 hours to eliminate smoking cravings. Rising research and development and the promotion of the product by government and non-government firms are expected to enhance product demand. Further, manufacturers focus on promoting anti-smoking campaigns and launch novel products that counter smoking cravings, such as lozenges, gums, and others. Moreover, the rising smoking-related illnesses, such as lung cancers, are expected to enhance product demand. These factors may incite nicotine gum market growth.
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
The prominent companies operating in the market announce novel products to reinforce their brand image globally. For example, Nicorette announced a nicotine gum with ice mint lozenge in May 2019. This product offers a smooth texture and provides a punch of mint flavor. This launch may enable the company to attract consumers and enhance its brand presence globally. Furthermore, companies devise acquisitions, mergers, partnerships, and expansion strategies to enhance their market position.
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Key Industry Development
- July 2021: Philip Morris International acquired Fertin Pharma, a developer and producer of well-being and pharmaceutical products based on intra-oral and oral delivery systems.
Major Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis Related to COVID-19
- Impact of COVID-19 on the Market
- Supply Chain Challenges amidst Pandemic
- Potential Opportunities due to this Global Crisis
- Global Nicotine Gum Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type
- 2 MG
- 4 MG
- Hymenoptera
- Orthopetra
- 6 MG
- By Distribution Channel
- Supermarkets & Hypermarkets
- Pharmacy
- Online Retail
- By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Type
TOC Continued…!
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