Global Smoking Cessation And Nicotine De-Addiction Products Market to Expand at 20.2% CAGR till 2023
Research On Global Markets has announced the addition of a market research report titled “Global Smoking Cessation And Nicotine De-Addiction Products Market (2018–2023)” to their offering. According to the report, the global smoking cessation and nicotine de-addiction products market is predicted to expand at a compound annual growth rate (CAGR) of approximately 20.2% and reach a value of USD 39.51 Bn by 2023. Growing awareness about the detrimental effects of tobacco on health, coupled with government initiatives encouraging smokers to refrain from tobacco use are expected to drive the market growth during the forecasted period.
The research report published by Research On Global Markets features a comprehensive analysis of the various market segments based on products. By product type, the e-cigarettes segment is anticipated to expand at the highest CAGR of 22% during the forecasted period. This high growth can be attributed to the ability of e-cigarettes to replicate the same sensation as smoking a conventional cigarette while minimizing the health risks associated with smoking traditional cigarettes. The increasing adoption of e-cigarettes is because of the availability of a variety of flavors and nicotine concentrations. The global nicotine replacement therapy (NRT) market, on the other hand, had the lowest market share (about 16%) in 2018, mainly due to the reluctance to adopt smoking cessation products, and lack of awareness about nicotine de-addiction products.
Research On Global Markets tracks the performance of the global smoking cessation and nicotine de-addiction products market across the key geographies of North America, Europe. Latin America, Asia-Pacific, the Middle East and Africa. The Americas have been leading the market with its innovations in smoking cessation products, and account for approximately 42% of the global market. However, Asia-Pacific is expected to have the highest growth rate during the forecast period due to high tobacco consumption in this region, coupled with rising disposable income.
Research On Global Markets tracks the performance of the major players in the global smoking cessation and nicotine de-addiction products market including NJOY, CIPLA, Johnson & Johnson, GlaxoSmithKline, Pfizer, Imperial Brands PLC, Nicotek, LLC., and Japan Tobacco Inc., among others.
Key highlights of this report:
- Global market overview – trends, market attractiveness analysis, and geography-wise market revenue (USD Bn)
- Market drivers and challenges
- Market size based on products (nicotine replacement therapy [NRT] and e-cigarettes)
- Key market opportunities
- Analysis of the competitive landscape
This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for smoking cessation and nicotine de-addiction products across the world to determine the viability of the market, develop strategies based on the drivers, and to help brands identify competition and respond accordingly.