Global Nicotine Gum Market 2019-2023
About this market
Increase in number of people quitting smoking to drive market growth. It is estimated that tobacco will cause more than 8 million deaths annually by 2030. In the US, cigarette smoking is responsible for nearly 480,000 deaths every year. The number of quit attempts it takes before smokers are successful at quitting smoking varies. According to the American Cancer Society, it takes about 8-10 quit attempts, while the Australian Cancer Council suggests that it takes 12-14 attempts to quit the habit of smoking. Technavio’s analysts have predicted that the nicotine gum market will register a CAGR of over 5% by 2023.
Growing enrolment in smoking cessation therapies
The smoking cessation therapy is gaining popularity among consumers who are trying to quit smoking, and in certain countries, governments are sponsoring smoking cessation therapy programs. In the US, Department of Health and Human Services is sponsoring tobacco cessation programs through its supported health centers. Thus, the increasing application of nicotine gums as a medium to help consumers quit smoking will help in the growth of the global nicotine gums market during the forecast period.
Presence of substitute products
The availability of many substitute products can negatively influence the growth of the market during the forecast period. Nicotine patches, nicotine snus, nasal sprays, inhalers, and lozenges are some of the substitutes to nicotine gum. The emergence of e-cigarettes has considerably challenged the growth of the market.
For the detailed list of factors that will drive and challenge the growth of the nicotine gum market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including GlaxoSmithKline and ITC Limited the competitive environment is quite intense. Factors such as the growing enrolment in smoking cessation therapies and the increase in number of people quitting smoking, will provide considerable growth opportunities to nicotine gum manufactures. British American Tobacco, GlaxoSmithKline, ITC Limited, Johnson & Johnson Services, and Novartisare some of the major companies covered in this report.
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