Nicotine Pouches Market Size/Share Envisaged to Reach USD 26.80 Billion by 2032, With 33.16% CAGR Increase: Polaris Market Research
Polaris Market Research conducted a comprehensive research study spanning over [+110] pages, revealing that the global nicotine pouches market size/share was valued at USD 1.60 Billion in 2022. The study further indicates that the market will grow at a compound annual growth rate (CAGR) of 33.16% and is projected to touch USD 26.80 Billion by 2032. Synthetic pouches segment projected to grow at the steady rate, owing to the growing demand in the market. Some of the top market leaders are Swedish Match, Altria Group, Nicopods ehf, Triumph Tobacco Alternatives, Japan Tobacco, British American Tobacco.
New York, NY, Sept. 18, 2023 (GLOBE NEWSWIRE) — Polaris Market Research has published a new research report titled “Nicotine Pouches Market Share, Size, Trends, Industry Analysis Report, By Product (Tobacco-derived, Synthetic), By Flavor, By Nature, By Region, And Segment Forecasts, 2023 – 2032” in its research database.
“As per the latest research analysis, the global nicotine pouches market size/share will be valued at roughly USD 1.60 Billion in 2022, and its revenue is projected to reach about USD 26.80 Billion by 2032. The market is forecasted to expand at a compound annual growth rate of approximately 33.16% between 2023 and 2032.”
Nicotine Pouches Market: Report Overview
Nicotine pouches are a tobacco-free option to conventional smoking products that have recently gained popularity. These tiny, covert packets contain nicotine, the highly addictive component of tobacco, but not tobacco leaf. Instead, they are made up of a blend of nicotine, plant fibers, additives, and flavors that are all contained inside a tiny, portioned pouch. It is often positioned between the lip and gum, allowing the nicotine to be soaked through the oral mucosa.
Moreover, they offer a practical and smoke-free alternative to sate nicotine cravings without the negative consequences of smoking or chewing tobacco. To accommodate a range of tastes and levels of nicotine dependence, nicotine pouches are available in several flavors and concentrations, increasing the demand for nicotine pouches market.
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- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Some of the Top Market Leaders Are:
- Altria Group
- British American Tobacco
- Japan Tobacco
- Next Generation Labs
- Nicopods ehf
- Philip Morris International
- Swedish Match
- Triumph Tobacco Alternatives
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Nicotine Pouches Market: Report Scope
|Revenue Forecast in 2032||USD 26.80 Billion|
|Market size value in 2023||USD 2.04 Billion|
|Expected CAGR Growth||33.16% from 2023 – 2032|
|Forecast Year||2023 – 2032|
|Top Market Players||Swedish Match, Altria Group, Nicopods ehf, Triumph Tobacco Alternatives, Japan Tobacco, British American Tobacco, Swisher, Next Generation Labs, Philip Morris International, and Skruf|
|Segments Covered||By Product Type, Flavor Type, Strength, By Region|
|Customization Options||Customized purchase options are available to meet any research needs. Explore customized purchase options|
Prominent Growth Driving Factors
- Growing demand for safer alternatives: Consumers are increasingly looking for products that don’t have the harmful side effects of smoking or inhalation, which reflects a rising need for safer substitutes. In addition, consumers’ preferences are increasingly emphasizing openness and sustainability.
- Inventing new products: As demand for these items rises, the nicotine pouches market key players are responding by developing new goods. To promote their new items, major players in the market are using tactics including mergers and acquisitions, broadening their product lines, and starting awareness campaigns.
Top Findings of the Report
- With rising customer desire for safer solutions, the market for smokeless and tobacco-free substitutes, like nicotine pouches, has recently experienced significant development. The growing understanding of the harmful health effects of tobacco use, especially its link to various cancers, is driving this demand.
- The nicotine pouches market segmentation is primarily based on flavor type, product type, region, and strength.
- Europe dominated the market in 2022.
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Top Trends Influencing the Market
- Increased interest in nicotine pouches: Young people looking for alternatives to traditional smoking and trying to quit are showing a discernible increase in interest in nicotine pouches. The aim to reduce lung exposure and the negative effects of conventional tobacco products drive this trend. Rutgers University questioned 1,018 smokers in the United States about their knowledge of and use of nicotine pouches in March 2022. According to the research, approximately 29% of smokers were familiar with these products, with 6% having used them already and 17% indicating a desire to do so in the future. This shows a growing interest in nicotine pouches as a tobacco-free substitute and potential nicotine pouches market demand.
Tobacco Free Sector Accounts for the Largest Share
Tobacco-free holds the largest nicotine pouches market share. It offers a large selection of flavored pouches from top manufacturers and has experienced a sharp rise in popularity worldwide. Manufacturers strategically use merger and acquisition tactics to target particular nations and increase their market position.
Furthermore, the synthetic market is also anticipated to expand fastest. The market expansion is anticipated to be fueled by the rising number of product launches in the synthetic category, which is the main driver of this growth. Leading companies like “Rush” and “NIIN” are concentrating on creating synthetic pouches to diversify their product lines.
Flavored Sector Holds the Significant Share
The rising desire for smoke-free and tobacco-free alternatives with various flavors drives sales of flavored nicotine pouches. The increasing popularity of consuming nicotine pouches with distinctive flavors is being tapped by manufacturers operating on the international market.
Moreover, the unflavored category will probably increase at the highest rate. Key market participants have launched new products with the original flavors in response to consumers’ growing preference for unflavored/original options.
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Europe: The European region ruled the world market. This expansion can be linked to the region’s growing preference for oral tobacco-free products over combustible cigarettes. To address the rising demand for nicotine pouches, manufacturers with worldwide reach are making significant investments in Europe.
Asia Pacific: The fastest growth is predicted for Asia Pacific. The nicotine pouches market in Asia Pacific is anticipated to be driven by rising per capita income, urbanization, and successful marketing methods international players use.
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- A new brand of modern oral nicotine pouches called String Free was introduced to the Swedish market in April 2023. With this launch, customers have yet another option for a discrete and simple nicotine ingestion experience. The launch of String Free on the market denotes the category of oral nicotine pouches’ ongoing growth and advancement, highlighting the industry’s dedication to innovation and addressing consumer expectations.
To Know the Key Segmentations of the Report, Visit Here
About Polaris Market Research:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.
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