In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
In October 2019, Altria Group, Inc., one of the largest companies dealing with the production of cigarettes and other tobacco products, launched a new tobacco device that involves heating tobacco and inhaling its vapors. This produces the same effect as that of cigarette smoking without inhaling actual smoke.
On 5th November 2019, a London-based healthcare company Kind Consumer launched an innovative nicotine inhaler, Voke, in the UK. It uses Vapourless Valve Technology (VVT) which delivers a limited dose of nicotine to the user as compared to cigarettes.
The global nicotine cessation market is projected to grow with a CAGR of 14.37% during the forecast period, i.e., 2020-2027. In 2018, the market was valued at USD 15.77 billion. Nicotine cessation involves nicotine replacement therapy which uses various products and devices that provide the smokers with much lower doses of nicotine than cigarettes. Since there is no smoke produced in this treatment, the toxins are eliminated as well.
The global nicotine cessation market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa, out of which, the market in North America held the largest share in 2018. The presence of major market players for smoking cessation products and growing awareness about risks of tobacco consumption, mainly in the United States, is the key reason which explains the projected market growth. Moreover, the growing acceptance of innovative products such as electronic cigarettes as a replacement for cigarettes that contain tobacco is another driving factor for the market growth. The market in Europe is anticipated to hold the second largest share on account of adoption of healthy lifestyles by a majority of the population which is accompanied by drug intervention that promotes the use of nicotine cessation products. The countries where this change in consumer behavior is observed include Germany, France, Russia, Italy and the United Kingdom. Most of these countries have a high prevalence of both male and female smokers, which leads to the development of various chronic diseases such as infertility, lung cancer and other lung diseases. Similarly, the market in Asia Pacific region witnessed a high demand for products for nicotine cessation such as nicotine gum, tablets and transdermal patches. As a result of this, the nicotine cessation market is anticipated to grow in the next few years.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).CLICK TO DOWNLOAD SAMPLE REPORT
The growing demand for e-cigarettes as a substitute for conventional cigarettes in order to reduce the tobacco consumption is a major growth factor for the nicotine cessation market. The large number of people aiming to cut back tobacco use and smoking all over the world further contribute towards the rising demand for nicotine cessation products. Awareness among the population about the health risks of smoking and tobacco consumption including chronic obstructive pulmonary disease (COPD) is another factor estimated to support the market growth. Further, the restrictions on tobacco consumption as a result of government policies and regulations is predicted to positively impact the market growth.
Despite the property of nicotine cessation products to reduce the withdrawal symptoms effectively and help users with their smoking addiction, there are certain side effects produced by them that might result in irritation among people. For instance, transdermal patches and nasal sprays might cause discomfort to the user. This is estimated to significantly hamper the market growth during the forecast period. Furthermore, the limited availability of smoking cessation products in various developing and underdeveloped countries along with inclination of youth towards various tobacco products is anticipated to restrict the market growth.