DUBLIN--(BUSINESS WIRE)--The "The US Nicotine Market: Analysis By Product (Cigarettes, Cigars & Cigarillos, Vaping Products, Moist Snuff Tobacco and Nicotine Pouches), By Distribution Channel (Offline and Online), Size And Trends With Impact of COVID-19 and Forecast up to 2027" report has been added to ResearchAndMarkets.com's offering.
The US nicotine market in 2021 was valued at US$84.78 billion. The market value is projected to reach US$110.63 billion by 2027.
Furthermore, the US nicotine market by volume is anticipated to reach 18.50 billion pieces in 2027. Nicotine is a substance found in all tobacco products and some e-cigarette liquids.
It is a highly addictive substance found in the tobacco plant. Using any tobacco product can lead to nicotine addiction. As nicotine enters the body, it causes a surge of endorphins, which are chemicals that help to relieve stress and pain and improve mood.
The market value is expected to grow at a CAGR of 4.65 % during the forecast period of 2022-2027, with cigarette being the dominant product and vaping products being a key growth driver.
Given the rise in marketing of many novel products like cigars and cigarillos and next-generation products, it is expected to project secular growth in demand for nicotine products over the next five years.
Impact Analysis of COVID-19 and Way Forward:
With rising number of deaths creating a havoc and people forbidden to leave their homes except to obtain basic necessities and healthcare, lockdown policies across the US created a lot of stress and anxiety in the minds of people. This lead to a rise in smoking among people owing to the negative impact of COVID-19 on mental health of individuals because of job loss, rising number of deaths and all day confinement inside the house. People started consuming nicotine through next generation products such as vaping and heated tobacco products.
Market Dynamics
Growth Drivers
- Upsurge in Working Population
- Rising Income of Individuals
- Growing Popularity of E-Cigarettes
- Shift Towards Next Generation Products
- Peer Influence on Youngsters
- Increased Investment in Research and Development (R&D)
Challenges
- Stringent Regulations
- Increasing Taxes on Tobacco Products
- Harmful Effects of Nicotine
Market Trends
- Increasing Influence of Social Media
- Escalating influence of Partying and Pop Culture
- Strong Penetration of Organized Retail Network
- Rising Popularity of Tobacco Free Oral Nicotine
Companies Mentioned
- British American Tobacco P.L.C. (BAT)
- Turning Point Brands Inc.
- Altria Group Inc. (Altria)
- Scandinavian Tobacco Group
- Imperial Brands PLC
- Philip Morris International Inc. (PMI)
- Swedish Match AB
- JUUL Labs, Inc.
- Swisher
- Vector Group Ltd.
Market Segmentation Analysis:
- By Product: The report provides the bifurcation of the market into five segments based on the product: cigarette, vaping products, moist snuff tobacco (MST), cigar & cigarillos and nicotine pouches. In 2021, in terms of both value and volume, the cigarette segment held a major share in the market, followed by vaping products. The future of the vaping market looks promising with the rising awareness about vaping products being safer than traditional cigarettes, especially among the younger population. On the other hand, the nicotine pouches segment is expected to grow at a significant CAGR in the forthcoming years owing to the growing interest in alternative products.
- By Distribution Channel: The report provides the bifurcation of the market into two segments based on the distribution channel: Offline and online. In 2021, offline segment held a major share in the market. Both small and large-scale companies sell their products through offline retail channels due to a large consumer base such as in grocery stores. The online channel is expected to register the highest CAGR during forecasted years owing to increase in spending on advertising and promotion by leading players operating in the market, thus offering significant growth to the segment in the forthcoming years.
For more information about this report visit https://www.researchandmarkets.com/r/tb11c0
