Nicotine Gum Market Size, Share, Growth And Forecast Report 2024 To 2033

The Business Research Company recently released a comprehensive report on the Global Nicotine Gum Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The nicotine gum market size has grown strongly in recent years. It will grow from $1.66 billion in 2023 to $1.75 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to smoking cessation programs, public health campaigns against smoking, regulatory support for smoking cessation aids, physician recommendations, consumer preference for self-help methods.

The nicotine gum market size is expected to see strong growth in the next few years. It will grow to $2.19 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to global anti-smoking initiatives, focus on mental health and addiction, rise in e-cigarette regulations, increasing consumer health consciousness.. Major trends in the forecast period include introduction of flavored nicotine gums, innovations in formulations, telemedicine and remote support services, collaborations with healthcare providers.

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Market Drivers and Trends:

The rising number of deaths caused by smoking is expected to propel the growth of the nicotine gum market going forward. Smoking is the act of inhaling and expelling the gases of burning plant material including marijuana, hashish, or tobacco as smoked in a cigarette, cigar, or pipe. Nicotine gum is used as nicotine replacement therapy (NRT) that gives a regulated amount of nicotine without the toxic compounds contained in tobacco smoke to help people stop smoking or reduce their tobacco intake. It can be taken every 2 hours on its own to reduce withdrawal symptoms, or it can be used as required in conjunction with a nicotine patch to control severe cravings. For instance, in May 2023, statistics shared by the Centers for Diseases Control and Prevention (CDC), a US-based public health agency, cigarette smoking is the biggest cause of avoidable disease, disability, and death in the United States, responsible for more than 480,000 fatalities each year, or around one in every five deaths. Furthermore, in May 2022, according to the World Health Organization, a Switzerland-based international health organization, every year, tobacco kills more than 8 million people. Moreover, around 7 million of those fatalities are directly related to tobacco use, whereas around 1.2 million are related to nonsmokers being exposed to second-hand smoke. Therefore, the rising number of deaths caused by smoking drives the growth of the nicotine gum market.

Strategic partnerships are the key trend gaining popularity in the nicotine gum market. Major companies operating in nicotine gum market are focused on forming strategic alliances to strengthen their position in the market. For instance, in March 2022, Nicorette, a US-based smoking cessation brand that offers nicotine gums partnered with Nicoderm CQ, a brand of GSK Consumer Healthcare, a US-based biopharma company. Through this partnership, the companies revealed a brand update, including new visual brand language and assets, to build a more personal, inclusive, and emotionally resonant interaction with customers across all channels to better address the increasing requirements of smokers and offer nicotine replacement therapy (NRT) solutions for nicotine free goal. Similarly, in February 2022, Enorama Pharma AB, a Sweden-based pharmaceutical company partnered with Betapharm Arzneimittel GmbH to launch the generic nicotine chewing gum in the German market under the brand name Nicotine beta and is also working on a smoking cessation program that can be available online soon. Betapharm Arzneimittel GmbH (Betapharm) is a Germany-based pharmaceutical market.

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Major Key Players of the Market:

Walgreen Co., Johnson & Johnson Ltd., Novartis AG, GlaxoSmithKline plc, British American Tobacco plc, Philip Morris International Inc., ITC Limited, Perrigo Company plc, Dr. Reddy's Laboratories Ltd., Swisher International Group Inc, Glenmark Pharmaceuticals Limited, Enorama Pharma AB., Cambrex Corporation, Alkalon A/S, betapharm Arzneimittel GmbH, Jiachem Dentbio Co. Ltd.

Nicotine Gum Market 2024 Key Insights:

• The nicotine gum market size is expected to see strong growth in the next few years. It will grow to $2.19 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
• Rising Number Of Smoking-Related Deaths Propels Growth In The Nicotine Gum Market
• Strategic Partnerships Reshape The Nicotine Gum Market Landscape
• North America was the largest region in the nicotine gum market in 2023

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