Global Value of Smoking Cessation Products Market Is Estimated To Be Worth over USD 24 Bn In 2022

The market for smoking cessation products is expected to reach USD 24 billion in 2022 and USD 57 billion by 2032, growing at a CAGR of 9.2% between 2022 and 2032.

 

In 2022, the market for smoking cessation products will represent 3% of the overall smoking market. During the assessment period of 2022–2032, the market for products to help smokers quit is predicted to have an absolute dollar opportunity of USD 33 billion.

 

The report predicts that developing countries will continue to have lower nicotine and smoking cessation product demand than developed countries. According to the study, developed nations were more willing to spend money on nicotine replacement therapy and smoking cessation aids than developing nations.

 

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Report Attributes	Details
Base Year Value (2021A)	USD 22 Billion
Estimated Year Value (2022E)	USD 24 Billion
Projected Year Value (2032F)	USD 57 Billion
Global Growth Rate (2022-2032)	9.2%
North America Market Share in 2021	23.9%
North America Growth Rate in 2021	10.9%
Collective Value Share (US, China, India) 2022: Top 3 Countries	~31%
Top 5 Companies Market Share	~22%

 

How much money is generated in the market for smoking cessation products by developed regions?

 

Although smoking cessation products are used widely around the world, the Fact.MR study found that North America and Europe account for more than 80% of global sales of these products.

 

Due to the alarmingly high rates of tobacco product adoption among youth and adult populations, tobacco smoking has reached new highs in the United States and Europe. North America and Europe will contribute roughly 23.9% and 21.5%, respectively, to the market for smoking cessation products in 2021, despite the fact that the regions are seeing an increase in quitting.

 

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Top Companies in the Smoking Cessation Products Market: Competitive Landscape

 

Due to the presence of numerous domestic and regional players, the global market for smoking cessation products is highly fragmented and competitive. Key players use a variety of marketing tactics, including mergers and acquisitions, expansions, collaborations, and partnerships.

 

Additionally, the top businesses use new product development as a strategic approach to enhance their market presence among consumers. Modern smoking cessation products have been incorporated as a result of these strategies.

 

For illustration:

 

·         In 2020, Dr. Reddy's Laboratories introduced OTC Nicotine Polacrilex Lozenges in the United States. The product is a supplement to nicotine replacement therapy that lessens withdrawal symptoms like nicotine cravings (NRT).

 

Key Companies Profiled

 

·         Johnson & Johnson Inc.

·         GlaxoSmithKline plc

·         Pfizer Inc.

·         Perrigo Company plc

·         Cipla Ltd

·         ITC Limited

·         Reynolds American Inc.

·         Imperial Tobacco Ltd.

·         Fertin Pharma

·         Alkalon A/S

·         Fontem Ventures

·         Nicotek LLC

·         Novartis

·         British American Tobacco PLC

·         Smoke Away

·         The Harvard Drug Group

·         VMR Products LLC

 

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Global Smoking Cessation products Market by Category

• By Product Type :
• Chewing Gum
• Patches
• Inhalers
• Lozenges
• Nasal Sprays

 

• By Therapy :
• Nicotine Replacement Therapy (NRT)
• Non-NRT Therapy
• E-Cigarettes

 

• By Sales Channel :
• Hospital Pharmacies
• Drug Stores
• Retail Stores
• Online Stores

 

• By Region :
• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• MEA

* This article was originally published here