Smoking Cessation Products Market Estimated to Expand at a Robust 10.8% CAGR over 2018 to 2028

Smoke-free air laws imposed by various national and international governmental organizations across various countries hold a major share in the growth of the smoking cessation products market. Smoke-free laws mainly aim at protecting consumers from secondhand smoking and restrict minors’ exposure to tobacco-smoking products.

The New Zealand government has developed ‘Smoke-free Environments Regulations 2007’, which imposed labeling requirements on all tobacco products to discourage smoking. Washington, DC, the U.S. capital, has imposed ‘The Department of Health Functions Clarification Amendment Act of 2006’ that bans smoking in most public places.

Growth prospects of the smoking cessation products market are moderately attributed to smoke-free air laws, as these laws limit promotion and advertising of tobacco products and indirectly encourage consumers to quit smoking. Stringent regulations and laws that discourage smoking may exhort the smoker population to turn to smoking cessation products, which may complement growth of the smoking cessation products market in the upcoming years.

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According to the latest study published by Fact.MR, the smoking cessation products market witnessed 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

The tobacco epidemic is responsible for over 7 million deaths per year worldwide.

Tobacco smoking is the primary cause of a life-threatening disease – Chronic Obstructive Pulmonary Disease (COPD) and it is likely to become the third leading cause of death by 2030.

Growing health & wellness trend is encouraging consumers to adopt healthy lifestyle.

Stringent laws against tobacco smoking in public places are aiding movements against tobacco smoking.

A significant rise in tobacco taxes in most countries is exhorting consumers to quit smoking.

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.