SMOKING CESSATION AND NICOTINE DE-ADDICTION PRODUCTS MARKET ANALYSIS

Market Concentration and Competitive Landscape

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Increasing consumption of tobacco products

Rising tobacco consumption worldwide has become a major public health issue. According to the WHO, over 1.3 billion people use tobacco globally with over 8 million deaths attributed to direct tobacco use annually. The health consequences of tobacco use such as cancers, cardiovascular, and respiratory diseases have seen steady rise. This is prompting many smokers to think about quitting smoking. At the same time, governments and health agencies across nations are promoting effective smoking cessation programs to help current smokers quit tobacco. All of these factors are directly fueling the growth of the global smoking cessation and nicotine de-addiction products industry. As per recent data published by CDC, nearly 70% of current U.S. adult smokers said they want to quit completely in 2020, up from 50-60% over the last decade. This shows that more smokers are willing to adopt de-addiction methods like nicotine replacement therapy and e-cigarettes. Major players in the industry are tapping into this opportunity by continuously expanding their product portfolios to suit diverse needs of smokers.