The global market
for smoking cessation and nicotine de-addiction products stood is
expected to reach an overall valuation of US$20.55 bn by the fall of
year 2023. The market is projected to achieve this growth at a CAGR
of 13.7% over the course of the forecast period of 2015-2023. It is
expected that during this forecast period, the sale of e-cigarette
will rise as the customers will prefer this type of therapy to quit
their smoking addiction or cut down the nicotine dependency. Thus,
this product segment is expected to show a healthy growth with a CAGR
of 20.5%. Geographically, it is projected that North America market
will contribute majorly in the global market and reach the overall
valuation of US$8.59 bn.
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The increasing
awareness among cigarette smokers about the health disadvantages of
smoking and nicotine such as cardiac diseases, lung cancer, and other
different respiratory problems has propelled the global cigarette
cessation and nicotine de-addiction products market. The initiatives
backed by governments to create awareness about the ill effects of
smoking with the help of information brochures, television
advertisements, warning labels and discouraging imagery on cigarette
packages, and newspapers are also helping to drive the market.
Moreover, availability of a wide range of NRT products through online
selling platforms and retail is also fueling the overall growth of
the market.
This rising
awareness is also backed by de-addiction camps and help centers that
make use of the smoking cessation and nicotine de-addiction products
to aid smokers for long term. Retailing of such products has turned
out to be an efficient strategy towards educating the masses and also
generating high revenues and profits. The launch of new products is
driving the global market as well as motivating smoking addicts to
quit. The introduction of e-cigarettes has completely revolutionized
the viewpoint towards de-addiction among numerous smokers.
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In contrast, poor
awareness about the smoking cessation and nicotine de-addiction
products in the emerging economies such as China, Russia, and India
are playing a significant role in impeding the market growth. Many
smoking cessation and nicotine de-addiction products were launched
very late in these markets and thus the growth in these market is at
a very nascent stage. Moreover, the distribution and penetration of
other smoking cessation and nicotine de-addiction products such as
patches, inhalers, and lozenges is also significantly low. This has
also led to slowing down the growth of the global market.
The increasing
issues of high dependence on nicotine and subsequent health problems
have led to the creation of many opportunities in the global market
for products of smoking cessation and nicotine de-addiction. Some of
the key players in the global smoking cessation and nicotine
de-addiction products market include names such as Novartis,
GlaxoSmithKline, Pfizer, GSK, Johnson & Johnson, VMR Products
LLC, Lorillard Inc., NJOY, and Nicotek LLC. These players are making
considerable investments in carrying out clinical experiments to
examine efficacy and safety to the products. Moreover, the companies
are also bolstering their channels of distribution to expand their
geographical reach of their products. Companies are taking strategic
decisions such as mergers and acquisitions to enhance their market
share. Recently NJOY LLC procured the assets of NJOY INC. as the
former company completed its financial restructuring. This has marked
a fresh financial start for the brand NJOY and is expected to
function better in the market with added liquidity due to this
acquisition.
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