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.
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.
Ill Effects of Smoking Propel Demand for Smoking Cessation and Nicotine De-Addiction Products 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.
Lack of Awareness in Emerging Economies Impede Market Growth 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.
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