Nov 26, 2018
Nicotine De-addiction Product Sales Grow at over 10% in 2018, US Remains the Largest Market
by Team Fact.MR
Nicotine de-addiction product sales are likely to grow at a steady pace, as quit smoking and smoking cessation gain momentum. E-cigarettes are increasingly losing favor, owing to lack of empirical support from researchers on their effectiveness. Vaping, on the other hand, is gaining popularity, even though it is yet to be officially categorized as a nicotine de-addiction or smoking cessation technique. These insights are according to a new research by Fact.MR, which tracks historical data and future projections. A summary of the report is available upon request.
According to the study, demand for nicotine deaddiction products is likely to grow at 12% y-o-y in 2018. The gains in nicotine de-addiction product sales are on account of a combination of factors, including growing health and awareness trend.
Although smokers are unanimous in acknowledging the risk they put themselves and those around them, the awareness has not translated into quitting smoking altogether. Although smoking is becoming less popular in a number of countries, the total number of smokers is still over a billion – or roughly 1 in 6 people. Smoking continues to be a major healthcare concern, not only for smokers, but also for those inhale the smoke.
According to the report, demand for nicotine and smoking cessation products is likely to remain lower in developing countries vis-à-vis developed countries. The study found that willingness to spend on nicotine de-addiction and smoking cessation products was higher in developed countries as compared to developing countries.
The report finds that regulations on nicotine de-addiction and smoking cessation products remain a key influencing factors in the market. In North America, Family Smoking Prevention and Tobacco Control Act (US) and Tobacco and Vaping Products Act (TVPA) regulated the sales of vaping and e-cigarettes. These guidelines regulate various aspects of smoking cessation and nicotine de-addiction products – from manufacturing to distribution.
The report finds that growth of nicotine de-addiction products market will also be positively influenced by growing focus on enacting smoke-free air laws. Bans pertaining to smoking in public places are also influencing sales of nicotine deaddiction products market.
Although the outlook on nicotine deaddiction products market remains positive, concerns about side-effects associated with the use of these products continue to stymie growth. Further, their effectiveness in reducing or quitting smoking altogether has been ambiguous, leading to lack of confidence among smokers. Reported incidents of diarrhea, skin & eye irritation, and behavior changes are among the key challenges for their widespread adoption.
The research study also tracks the competitive landscape of the nicotine deaddiction products market. The recent developments, as well as business and product strategy of key players is mentioned in the research study. Some of the leading players profiled in the research study include Johnson & Johnson Inc., Pfizer, Inc, GlaxoSmithKline plc, Imperial tobacco ltd., Perrigo Company plc, ITC Limited, Cipla Ltd., Fertin Pharma, Reynolds American Inc., and Alkalon A/S.
According to the report, the US and EU5 will continue to account for the maximum sales of nicotine de-addiction products. Sales in these markets will be pushed by a combination of growing health and wellness awareness, combined with government initiatives on reducing the menace of smoking.
Gains are also likely to be significant in Asia Pacific, however, average spend on nicotine deaddiction products in APAC countries is likely to be significantly lesser than North America and Europe. Sensing the emerging opportunities in APAC, global manufacturers are focusing on strengthening their presence. Further, local players in APAC are catering to the domestic demand, with cost-effective offerings. Although APAC currently is a less attractive market as compared to North America and EU5, it is likely to grow at a health rate in the future.