Market Research Future has published a cooked research report on the Global Nicotine Gum Market, 2020–2028. The global nicotine gum market is projected to exhibit a CAGR of 4.6% during the forecast period of 2021 to 2028.
Market Research Future has recognized the following companies as the key players in the global nicotine gum market: Pfizer Inc. (US), British American Tabacco (UK), Johnson & Johnson Inc.(UK), Glenmark Pharmaceuticals Limited (India), ITC Limited (India), GlaxoSmithKline Plc (UK), Perrigo Company Plc (Ireland), Fertin Pharma A/S (Denmark), Cipla Inc. (India), Enorama Pharma Ab (Sweden).
The global nicotine gum market is projected to be valued at USD 1,810.5 million by 2028, recording a CAGR of 4.6% during the forecast period. The key drivers boosting the growth of the global nicotine gums market are the concerns due to smoking, rising health awareness, and government initiatives towards subsidizing NRT product costs. However, stringent regulations on the manufacturing & retail of nicotine cessation products and the side effects of nicotine gums are set to curb the growth of the global nicotine gum market. Nevertheless, the growth of the organized retail sector in developing nations and social media promotions & celebrity endorsements are expected to create lucrative opportunities for players operating in the global nicotine gum market during the forecast period. Furthermore, the demand for innovative products has been a trending area for manufacturers worldwide.
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The global nicotine gum market has been segmented based on product type, category, distribution channel, and region.
Based on product type, the global nicotine gum market has been divided into 2 mg nicotine gums and 4 mg nicotine gums. The 2 mg segment accounted for a larger market share of 73.47% in 2020. 2 mg nicotine gum has been prescribed and preferred by consumers with a habit of smoking 20 or less cigarettes a day. The usage of 2 mg nicotine gums has been high in quitting therapy in early smokers. Preference for 2 mg nicotine gums has also been high in chain smokers in later stages of quitting therapy, where weaning of nicotine dependence is inculcated with switching to the 2 mg gums. Smokers have also used 2 mg nicotine gums without going through therapy to lower cigarette dependency. 2 mg nicotine gums can be used by pregnant and lactating women attempting to quit smoking.
Based on category, the global nicotine gums market has been bifurcated into plain and flavored. The flavored segment accounted for a larger market share of 79.31% in 2020. Flavored gum is available in multiple flavors such as mint, spearmint, cinnamon, fruit, and other flavors. Flavored gum has been preferred by early usage consumers and consumers with a low preference for the taste of nicotine. The segment is expected to hold dominance over the global nicotine gums market over the forecast period.
Based on distribution channel, the global nicotine gums market has been bifurcated into store-based and non-store-based. The store-based segment held the larger market share of 87.40% in 2020. The store-based segment has been classified into supermarkets & hypermarkets, drugstores & pharmacies, and others. The supermarkets & hypermarkets sub-segment is anticipated to be the largest as these channels account for the maximum sale of nicotine gum. The drugstores & pharmacies sub-segment also plays a significant role in the distribution of nicotine gum. The supermarkets & hypermarkets segment is likely to be the fastest-growing sub-segment during the study period. The store-based segment was valued at USD 1,109.4 million in 2020 and is expected to register a 4.50% CAGR during the forecast period.
On the basis of region, the global nicotine gum market has been categorized as North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. As per MRFR analysis, North America accounted for the largest market share of 45.21% in 2020, with a market value of USD 573.9 million; the market is expected to register a CAGR of 4.78% during the forecast period. North America accounts for the highest share of the nicotine gums market. The majority of nicotine gum usage is in urban areas compared to rural areas of the US. This difference is attributed to the socio-cultural and economic factors linked to living in urban areas. The number of chain smokers quitting cigarettes and adopting alternative nicotine products in the US has increased tremendously in the past few years. In 2020, Europe accounted for a share of 24.26% in the nicotine gums market, and has the highest growth rate, registering a 4.36% CAGR during the forecast period. Asia-Pacific is a lucrative region for the manufacturers of nicotine gums, accounting for a 28.19% share in the nicotine gums market. The market in the region is projected to expand at a CAGR of 4.86% during the forecast period. India, Indonesia, and China account for the highest smoking percentage of the total population. With a large population in China and India, the countries have a high population of smokers compared to Western countries. The increase in tobacco prevalence in Asia-Pacific has been increasing gradually in recent years. A similar uptrend in demand for nicotine cessation products, including nicotine gums, has been increasing. The Rest of the World (RoW) consists of South America, the Middle East, and Africa. The regional market accounted for a market share of 2.34% in 2020 and is projected to register a 3.11% CAGR during the forecast period. South America holds the largest regional market share in 2020 and is projected to be the same throughout the study period. The consumption rate of tobacco products is high in Middle Eastern countries such as the UAE, Kuwait, and Saudi Arabia. The prevalence of nicotine gum consumption has increased over the last few years in the Middle East region. The Middle East accounted for 30.16% in the nicotine gums market, while Africa accounts for 12.79% in the regional market. The Middle East is expected to show a high growth rate portraying a 3.29% CAGR during the forecast period.
Key Findings of the Study: