US
According to the latest study published by Fact.MR, the smoking cessation products market is expected to witness impressive a 12% year-to-year volume growth in 2018 over 2017.
The study analyzes macro and microeconomic factors that facilitate the recent developments in the smoking cessation products market, to predict future prospects of the market.
Ongoing anti-tobacco movements and increasing sales of electronic cigarettes (e-cigarettes) as a smoking cessation product are key drivers for the smoking cessation products market.
A majority of consumers are turning to smoking cessation products to mitigate the withdrawal symptoms and increase the chance of quitting smoking, which is ultimately boosting growth of the smoking cessation products market.
Despite the ongoing controversies about benefits and hazards of e-cigarettes, most consumers prefer to adopt e-cigarettes as a smoking cessation product. The recent rise in sales of e-cigarettes is mainly attributed to the rise in its demand among young-adult smokers.
The persistent popularity of e-cigarettes is making a significant impact on imperative business strategies of smoking cessation products market players. Manufacturers in the smoking cessation products market, such as British American Tobacco and Imperial Brands plan to boost investments in their e-cigarette facilities to envisage incremental growth in smoking cessation products market in coming years.
Though smoking cessation products are ubiquitous across the globe, the regional markets for smoking cessation products in North America and Europe are the most lucrative markets for stakeholders, according to the Fact.MR study.
The study finds that manufacturers in smoking cessation products markets in the US. and Europe fathom that tobacco smoking has reached epidemic proportions in these regions, which is reflected in the recent developments in their vital strategies.
Growing demand for smoking cessation products in North America and Europe can be underpinned by the alarming rise in adoption of tobacco products, especially across a young-adult demographic in these regions.
According to a survey on Adult Smoking Habits in the UK: 2017, people aged 25 to 34 years had the largest proportion of current smokers in the UK. In the US, over 38 million adults smoked cigarettes in 2016 and the largest increase in quitting was among a young-adult demographic in the country, according to CDC.
To capitalize on the increased willingness of the millennial population in developed countries in North America and Europe, leading manufacturers in the smoking cessation products market are likely to concentrate most of their efforts into these regions in the foreseeable future.
The Fact.MR report assessed the smoking cessation products market growth for the period 2018-2028 to find that it is envisaged to grow at a10.8% volume CAGR through 2028.