Industry Forecast and Nicotine Gum Market Analysis 2024-2032

Market Overview:

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.”

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.

Source: https://www.fortunebusinessinsights.com/nicotine-gum-market-106655

Report Coverage

The research offers a thorough overview of the leading market categories and the most recent developments. It goes into great detail on the market effect of COVID-19 as well as the factors that are driving and limiting the industry. It also looks at regional developments and the tactics used by the major competitors in the market.

Driving Factors

Anti-Smoking Campaign Promotions to Facilitate Market Progress

Every two hours, nicotine gum is used as a pharmaceutical to assist people quit smoking and overcome cravings. Increased demand for the product is expected as a result of increased R&D and product promotion by both the government and commercial companies. Manufacturers also make significant efforts to promote anti-smoking campaigns and introduce innovative products such as gums and lozenges that help individuals resist the impulse to smoke. Furthermore, it is projected that an increase in smoking-related disorders, such as lung cancer, will boost product demand. These features may help to expand the nicotine gum business.

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

Well-known companies in the business introduce new products to boost their brand image globally. In May 2019, Nicorette, for example, introduced an icy mint lozenge-flavored nicotine gum. The product has a strong mint flavor and a smooth texture. With this launch, the company may be able to attract new clients while also strengthening its international reputation. Furthermore, corporations form alliances, plan expansions, and engage in mergers and acquisitions to better their market positioning.

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.

List of Key Players Profiled in the Nicotine Gum Market Report