Tobacco Alternative Gums Market by Type, Distribution Channel, and Geography - Forecast and Analysis 2020-2024

The tobacco alternative gums market study is a comprehensive report with in-depth qualitative and quantitative research evaluating the current scenario and analysing the growth of 3.89% and CAGR of 6% with USD 660.60 million by segment type during the forecast period 2019 to 2024. 

This market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by type (2-mg nicotine gum and 4-mg nicotine gum), geography (North America, Europe, APAC, MEA, and South America), and distribution channel (offline and online). The tobacco alternative gums market report also offers information on several market vendors, including Alchem International Pvt. Ltd., Cambrex Corp., Cipla Inc., Dr. Reddys Laboratories Ltd., GlaxoSmithKline Plc, ITC Ltd., Johnson & Johnson, Novartis AG, Perrigo Co. Plc, and Takeda Pharmaceutical Co. Ltd. among others.

What will the Tobacco Alternative Gums Market Size be During the Forecast Period?

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Parent Market Analysis

Our Technavio Research categorizes the global tobacco alternative gums market belonging to the Electrical Equipment industry. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.

Tobacco Alternative Gums Market: Key Drivers, Trends, and Challenges

The research studied the historical data considered for years, with 2019 as the base year, and 2020 as the estimated year,

Key Tobacco Alternative Gums Market Driver

One of the key factors driving growth in the market is the increasing demand for nicotine gum in smoking cessation therapy. Smoking cessation refers to the process of discontinuing tobacco smoking. Tobacco smoke contains nicotine, which is highly addictive. There are several therapies to control nicotine addiction caused by smoking tobacco; one such therapy is nicotine replacement therapy. This therapy involves the use of nicotine gum as a replacement for cigarettes to help smokers gradually reduce the amount of nicotine consumed daily. Individuals using nicotine gum are less likely to gain weight after smoking cessation therapy. Nicotine gum provides fast relief from irritability, including mood swings and distractions, and reduces the urge to smoke. It reduces inconveniences that may occur during smoking cessation therapy. Owing to the easy availability of nicotine gum, it is the first choice for people who undergo smoking cessation therapy. Overall, the advantages of nicotine replacement therapy, coupled with the easy availability of nicotine gums, are expected to drive the growth of the global market during the forecast period. 

Key Tobacco Alternative Gums Market Challenge

The lack of efficient chewing gum disposable techniques will be a major challenge for the market during the forecast period. Chewing gum (which includes tobacco alternative gums as well) is non-biodegradable, as it is made from synthetic rubber. As there are no efficient disposal techniques, Cities and countries are spending heavily to remove gum from the streets. It is impossible to compost chewing gum, as it does not break down. The use of chemicals to break down chewing gum exudes a harmful odour. Chewing gum litter is a global problem, and governments globally are spending millions of dollars every year to clean up sticky gum from the streets. Local councils in the UK spent around USD 68 million in 2018 on scraping an estimated two million pieces of gum (including regular chewing gum) dropped daily on the sidewalk. Several organizations and local councils are worried about the growing consumption of chewing gums and are requesting the government to introduce a tax on the sale of chewing gums. In March 2018, the Local Government Association of the UK suggested that a chewing gum tax should be introduced to help pay to clean up the streets in the UK. Thus, improper disposal techniques of chewing gums pollute the environment and are thus considered a hazard. Thus, this may lead to an increase in tax on tobacco alternative gums, which will eventually affect the growth of the global market during the forecast period. 

This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Who are the Major Tobacco Alternative Gums Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

• Alchem International Pvt. Ltd.
• Cambrex Corp.
• Cipla Inc.
• Dr. Reddys Laboratories Ltd.
• GlaxoSmithKline Plc
• ITC Ltd.
• Johnson & Johnson
• Novartis AG
• Perrigo Co. Plc
• Takeda Pharmaceutical Co. Ltd.

 

This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• Alchem International Pvt. Ltd. - The company offers natural nicotine and nicotine complexes for nicotine gums. Through the Pharmaceutical activities segment, the company offers anti-inflammatory agents, laxatives, smoking inhibitors, and others. Through the cosmeceutical actives segment, the company offers age wrinkle correctors, skin balancers, skin elasticity stimulators, and others.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The market report is a comprehensive market knowledge and in-depth vendor landscape add-on to an analysis of the key vendors.

Tobacco Alternative Gums Market Value Chain Analysis

Our In-house experts produce extensive information on the value chain, and parent market of the market which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-end understanding of product insight and profit and also optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.

Which are the Key Regions for Tobacco Alternative Gums Market?

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42% of the market’s growth will originate from North America during the forecast period. US and Canada are the key markets for tobacco alternative gums in North America. Market growth in this region will be faster than the growth of the market in the European regions.

The US and Canada are among the major markets for tobacco alternative gums in North America. The increasing popularity of nicotine replacement therapy is a major factor driving the growth of the market in North America. The demand for tobacco alternatives is expected to witness rapid growth in North America, primarily due to the increase in the number of people trying to quit smoking. This will facilitate market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Type Segments in the Tobacco Alternative Gums Market?

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The market share growth by the 2-mg nicotine gum segment will be significant during the forecast period. The increasing number of new product launches and the introduction of new flavours will help in the growth of the segment during the forecast period. However, the increasing popularity of other smoking cessation products can hamper the growth of the segment during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on the post-COVID-19 impact on each segment.

 

Tobacco Alternative Gums Market Scope
Report Coverage	Details
Page number	120
Base year	2019
Forecast period	2020-2024
Growth momentum & CAGR	Accelerate at a CAGR of 6%
Market growth 2020-2024	$ 660.60 million
Market structure	Fragmented
YoY growth (%)	3.89
Regional analysis	North America, Europe, APAC, MEA, and South America
Performing market contribution	North America at 42%
Key consumer countries	US, Germany, France, China, Canada, and India
Competitive landscape	Leading companies, Competitive Strategies, Consumer engagement scope
Key companies profiled	Alchem International Pvt. Ltd., Cambrex Corp., Cipla Inc., Dr. Reddys Laboratories Ltd., GlaxoSmithKline Plc, ITC Ltd., Johnson & Johnson, Novartis AG, Perrigo Co. Plc, and Takeda Pharmaceutical Co. Ltd.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Tobacco Alternative Gums Market Report?

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive market growth during the next five years
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behaviour
• The growth of the tobacco alternative gums industry across North America, Europe, APAC, MEA, and South America
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of market vendors

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