LONDON--(BUSINESS WIRE)--The global tobacco alternative gums market is projected to grow to USD 2.4 billion by 2021, at a CAGR close to 8% over the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global tobacco alternative gums market for 2017-2021. By nicotine content, the market is divided into 2-mg nicotine gum and 4-mg nicotine gum segments.
|Tobacco alternative gums consist of products such as nicotine gums, which are used by smokers to quit smoking. The increasing awareness about the health hazards of smoking is leading to high rates of adoption of tobacco alternative gums, thereby driving the growth of the market.|
Technavio’s research study segments the global tobacco alternative gums market into the following regions:
“The Americas constitute the largest tobacco alternative gums market, generating over 41% of the overall revenue. The dominance of the market segment is due to the high levels of health awareness and anti-smoking campaigns launched by various governments,” says Manjunath Reddy, a lead analyst at Technavio for food research.
The demand for tobacco alternative gums is expected to witness rapid growth in the Americas mainly due to the increase in the number of people trying to quit smoking. Also, the increasing taxes on cigarettes and rules regarding public smoking are pushing for the increasing adoption of tobacco alternative gums.
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Europe is the second largest tobacco alternative gums market segment, led by high demand from countries such as Germany and France. In the UK, nicotine replacement therapy (NRT) products are regulated by a number of regulatory bodies and highly demanded by individuals looking to quit smoking. Currently, gum vendors are focusing on increasing their retail presence and improving the effectiveness of their product by investing heavily in R&D, to provide stiff competition to e-cigarettes.
“APAC is set to display steady growth over the forecast period, with niche players such as Zenara developing and commercializing nicotine chewing gums in India. Also, the rising awareness among the people in APAC about their health will positively impact the market,” says Manjunath.
The tobacco alternative gums are finding increased adoption to reduce the risk of obtaining cancer, respiratory diseases, and cardiovascular disease. Also, the restrictions imposed by the government in countries such as China, mandating a ban on public smoking have increased the sales for tobacco alternative gums.
The tobacco alternative gums market in MEA is growing at a rapid rate, driven by the ban on public smoking. Also, the rising health awareness and rise in disposable incomes are other key factors impacting the growth of the market. In addition, many organizations are emerging to encourage people to quit smoking. Also, governments are undertaking several initiatives to decrease the number of smokers, such as providing smoking cessation treatments in UAE. Thus, there is a high potential for the tobacco alternative gums market in MEA, and the market is expected to grow at a steady rate during the forecast period.
The top vendors in the global tobacco alternative gums market highlighted in the report are:
- Johnson & Johnson
- Reynolds American Incorporated
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