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Global Nicotine Replacement Therapy Market to Grow at a CAGR of 16.36% During 2022-2027, Aided by the Rising Awareness Regarding the Harmful Effects of Nicotine

According to a new report by EMR titled, ‘Global Nicotine Replacement Therapy Market Report and Forecast 2022-2027’, the global market for nicotine replacement therapy attained a value of more than USD 44.7 billion in 2021. The industry is further expected to grow at a CAGR of 16.36% in the forecast period of 2022-2027 to reach a value of above USD 109.2 billion by 2027.

North America holds a significant share of the nicotine replacement therapy industry due to the rising awareness regarding the harmful effects of nicotine. The approvals of various nicotine replacement therapy products by governments in the region is surging the launch of such products, hence significantly contributing to the growth of the market. For instance, in August 2018, Juul Labs Inc. expanded in Canada to provide suitable vaping products for nicotine replacement. Meanwhile, Europe is witnessing robust growth due to the high prevalence of cigarette smoking in the United Kingdom and France, among others. As various governments are attempting to increase awareness to encourage quitting smoking, the demand for nicotine replacement therapy is surging, which is providing further impetus to the growth of the market.

Philip Morris International Inc. (NYSE: PM), one of the leading companies in the market, entered into an agreement to acquire Fertin Pharma A/S in July 2022. The latter is a leading manufacturer and developer of innovative well-being and pharmaceutical products. The acquisition enables the company to deliver a smoke-free future and enhance its portfolio of smoke-free products. It allows the company to leverage Fertin’s diverse portfolio of technologies and enhance its capabilities in innovations and offerings. The acquisition supports the company’s goals of 2025 to generate more than 50% of its net revenues from smoke-free products. It is anticipated to accelerate its presence in the fast-growing modern oral category and accelerate sustainability goals. Such mergers and acquisitions are predicted to propel the growth of the market in upcoming years.

Market Analysis by Product, Distribution Channel, and Region:

  • The market, on the basis of product, can be divided into nicotine replacement therapy (NRT), e-cigarettes, and heat-not-burn tobacco products.
  • The distribution channels for nicotine replacement therapy include online and offline.
  • The regional markets for nicotine replacement therapy include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The increasing awareness regarding the harmful health effects of nicotine intake is surging the demand for nicotine replacement therapy, hence propelling the market growth.
  • The market is being aided by the rising demand for nicotine gums with innovative flavours such as fruits, spices, or mint, among others.
  • The growing demand for e-cigarettes as a nicotine replacement therapy product in developed countries is augmenting the market growth.
  • The increasing approvals for marketing and sales of e-cigarettes by government agencies such as the Food and Drug Administration (FDA) of the United States are driving the growth of the market.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for nicotine replacement therapy for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the products, distribution channels, and major regions of nicotine replacement therapy.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global nicotine replacement therapy market are Cipla Inc., Pfizer Inc., Glenmark Pharmaceuticals Limited, Fertin Pharma A/S, Philip Morris International Inc., British American Tobacco plc, Imperial Brands plc, Japan Tobacco Inc., and Johnson and Johnson Private Limited, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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