According to the latest study published by Fact.MR, the smoking cessation products market is expected to witness impressive a 12% y-o-y volume growth in 2018 0ver 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, according to Fact.MR.
The smoking cessation products market study investigates the key influential factors have procured a rise in the willingness of smokers to quit smoking, which include
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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.
E-cigarettes – the Most Commonly Used Smoking Cessation Product is Witnessing Burgeoning Demand
Despite the ongoing controversies about benefits and hazards of e-cigarettes, most consumers are preferring 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 Centers for Disease Control and Prevention (CDC) released the ‘2016 National Youth Tobacco Survey (NYTS)’, which finds that e-cigarettes are the most popular smoking cessation product among high school students in the U.S. The 2018 NYTS revealed that use of e-cigarettes among high school students increased by whopping 78% during 2011-2018. The adolescent population is resorting to e-cigarettes as a smoking cessation product over its other types, and its reasons may be traced back to the USB flash drive-like shape and the availability of interesting flavors of e-cigarettes.
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 plc and Imperial Brands PLC, are planning to boost investments in their e-cigarette facilities to envisage incremental growth in smoking cessation products market in coming years.
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However, the US Food and Drug Administration (FDA) recently imposed a ban on the flavors used in e-cigarettes. In order to lessen the potential impacts of stringent regulations on manufacturing and marketing of e-cigarettes, leading players in smoking cessation products market are adopting strategies to work closely with governmental organizations in the upcoming years.
Developed Regions Account for Over 80% Revenue Share in the Smoking Cessation Products Market
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 U.S. 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 U.S., 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 the 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 assesses 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.
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