By Arizton Advisory & Intelligence
According to Arizton’s recent research report, the global functional chewing gum market is expected to reach revenues of around $10 billion by 2024, growing at a CAGR of approximately 4.5% during 2018−2024.
Key Highlights Offered In The Report:
* Nicotine chewing gums constitute the largest segment for functional chewing gums and is projected to grow at an absolute rate of 28.5% during the forecast period.
* APAC is expected to be the fastest growing market, with China contributing more than 50% share in the region.
* Online sales of chewing gums are likely to grow rapidly during the forecast period.
* Increasing automation of the confectionery manufacturing market is likely to affect gum manufacturing. For example, Fertin Pharma, a Denmark-based gum manufacturer, has been developing robotic solutions for manual gum production.
* The demand for chewing gums with innovative functionalities, such as after-party or hangover-relieving, eyesight-protecting, focus-elevating properties, is rapidly growing in the market.
The report includes a detailed market segmentation by product type, distribution and geography.
* In 2018, nicotine gums were the largest segment, holding market share of around 32%, with the APAC region as the largest user base. This segment is expected to observe the highest incremental growth of over $700 million during the forecast period.
* The online channel is expected to be the fastest-growing distribution channel, growing at a CAGR of over 20% during the forecast period.
* With increasing consumer consciousness about appearances in social gatherings, the demand for breath-freshening and teeth-whitening oral care products has grown rapidly in recent years. Studies also suggest that chewing gums can provide several benefits, including pain relief and stave off hunger pangs. They also help to induce weight loss.
Key Drivers And Trends Fueling Growth:
* Growing popularity of smoking-cessation therapy.
* Rising demand for slimming chewing gum and sugarless gum.
* Beneficial effects on reducing anxiety and increasing alertness.
Functional Chewing Gum Market – Geography
APAC is the largest market for functional chewing gum, accounting for over 40% share of the global functional chewing gum market in 2018. The rising number of diabetic patients is expected to drive the market for sugarless functional chewing gum in APAC.
Major Vendors:
* Mars Incorporated
* MONDELĒZ International Inc.
* Perfetti Van Melle
* Lotte
* The Hershey’s Company
Other vendors include Cloetta, Khloros Innovation, Lemon Pharma, Functional gums S.R.L, Ezaki Glico, Masterfoodah, Per Os Biosciences LLC, Meiji Holdings, Project 7, SmartGum LLC, Wugum, Fazer, Ragolds, Think Gum, Retrobrands USA LLC, Omega Pharma, GlaxoSmithKline, Cipla, and Fertin Pharma.
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See also:
* Ars Technica: Archaeologists Find DNA In A 10,000-Year-Old Piece Of Chewing Gum.
* The Journal: Ever Stick Chewing Gum Under Your Seat?
* Golf Gum™ Combines The Cognitive Benefits Of Chewing Gum With The Physical Benefits Of Caffeine – An Energy Breakthrough Backed By Science.
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Comments welcome.
Posted on June 7, 2019