The global smoking cessation and nicotine de-addiction products industry generated $20B in 2021, and is anticipated to generate $54.7B by 2031, witnessing a CAGR of 10.6% from 2022 to 2031, according to a report from Allied Market Research.
Various initiatives taken by the government, increase in awareness about the diseases related to smoking and various anti-smoking campaigns organized by leading organizations drive the growth of the global smoking cessation and nicotine de-addiction products market. However, high cost of smoking cessation therapies lead to the decrease in the purchase of these products which ultimately hinder the growth of the market to some extent. Conversely, the invention of various advanced smoking cessation products presents new opportunities in the coming years.