Nicotine Gum Market Prediction: USD 2.0 billion by 2030

The "Nicotine Gum Market Size, Share & Trends Analysis Report By Type (2mg, 4mg), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Pharmacies, Online), By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering, according to Globe Newswire.

The global nicotine gum market size is expected to reach USD 2.0 billion by 2030, registering a CAGR of 5.6% from 2023 to 2030.

Companies Mentioned

• Johnson & Johnson
• Novartis AG
• ITC Limited
• Cipla Health Limited
• Perrigo Company Plc.
• Teva Canada
• Philip Morris
• British American Tobacco PLC

The market expansion is anticipated to be fueled by the increasing awareness of the health risks associated with smoking and the increasing availability and acceptance of nicotine replacement therapy. In addition, over the coming years, increased consumer awareness of the importance of nicotine replacement therapies is anticipated to drive demand.

People are looking towards nicotine replacement therapy (NRT), including nicotine gums, as a way to quit smoking as it has been an effective tool for managing nicotine cravings and reducing withdrawal symptoms. NRT works by providing the body with a small dose of nicotine, which helps to alleviate the physical symptoms of withdrawal that often occur when a person stops smoking.

Additionally, many people are aware of the social stigma associated with smoking and want to quit in order to improve their health and well-being. Quitting smoking can lead to numerous health benefits, including a reduced risk of heart disease, lung cancer, and other health problems.

In recent years, there has been a significant shift in public attitudes toward smoking. Smoking is no longer seen as a socially acceptable habit, and many workplaces and public spaces have implemented smoking bans. As a result, many people are feeling more motivated than ever to quit smoking and are turning to NRT products like nicotine gum to help them achieve their goals.

Nicotine Gum Market Report Highlights

• The 2mg segment held the largest share of 55.9% in 2022. 2mg nicotine gums are an effective solution for managing nicotine cravings and reducing withdrawal symptoms. They work by providing the body with a small dose of nicotine, which helps to alleviate the physical symptoms of withdrawal that often occur when a person stops smoking
• However, the 4mg segment is expected to grow at the fastest CAGR of 6.0% over the forecast period owing to increasing depression and anxiety among the young population which is resulting in an increased number of heavy smokers
• The pharmacy segment held a significant share of 38.4% in 2022. Buying nicotine gum from a pharmacy provides a certain level of confidentiality for those who are trying to quit smoking or manage their nicotine cravings and require some input from the pharmacists with regard to the variety of products available and their benefits over others
• The online segment is expected to grow at the highest CAGR of 6.9% during the forecast period. Shopping for nicotine gum through online distribution channel allows consumers to easily compare prices, features, and reviews of different products. This helps them make an informed decision about which product to buy, ensuring that they get the best value for their money
• North America held the highest market share of 29.9% in 2022. The presence of various leading market players in the region is a major factor contributing to the market growth. Also, a rise in health-conscious consumers due to government initiatives and campaigns promoting healthy lifestyles is further driving the market growth in the region. According to the Centers for Disease Control and Prevention (CDC), the smoking rate in the U.S. is approximately 14% as of 2021, which is a significant decline from the 20.9% reported in 2005.

The global market for the forecast period of 2022 to 2030 is expected to experience significant growth. In 2022, the estimated market value is $1.3 billion, and by 2030, it is forecasted to reach $2 billion. This growth represents a compound annual growth rate (CAGR) of 5.6%. The analysis covers regions worldwide, showcasing the market's potential for expansion during this period.