The new report by Expert Market Research titled, ‘Global Chewing Gum Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global chewing gum market, assessing the market based on its segments like product types, distribution channels, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market.It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 4.1%
Chewing gums have various stress relieving properties as it increases the blood flow to the brain due to continuous circulation and makes the consumer more alert, which acts as a major factor driving the growth of the market. The impulse purchasing and consumers’ inclination towards products that offer dental benefits are also contributing to an augmented demand for chewing gums. In addition, additional health aids and ingredients are added to the chewing gums, which is another factor that could lead to market growth in the coming years as consumers can choose the flavours according to their liking. An increase in the demand for nicotine gum helps quit smoking habits, which further adds to the demand for chewing gums.
Industry Definition and Major Segments
Chewing gum is a non-digestible, water-insoluble material with a soft, cohesive consistency. Earlier, they were manufactured from a variety of tree saps, including the sapodilla tree’s latex sap. Chewing gums are now made with a variety of sweeteners, flavours, gum bases, softeners, colours, and other additives in the modern period.
By product type, the market is segmented into:
• Sugared Chewing Gum
• Sugar-free Chewing Gum
The several distribution channels of the market are:
• Convenience Stores
• Supermarkets and Hypermarkets
On the basis of region, the market is segmented into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Manufacturers are adopting various marketing strategies to interest the young generation, including introducing new flavours, shapes, sizes, and attractive packaging. One of the major trends observed in the global chewing gum market is the rapid consumption of this chewing gum, especially due to the growing population of young people in developing countries. As people’s fitness and health concerns have grown, they have preferred to consume low-calorie and sugar-free confectionery products on the market. This creates opportunities for leading players to produce sugar-free and health-oriented chewing gums. The sugar-free chewing gum segment is highly preferred by the consumers in the market, providing impetus to the global chewing gum market. The current generation tends to use the health benefits and fitness-oriented products in the market. This positively impacts the sugar-free chewing market growth during the forecast period.
Key Market Players
The major players in the market include Lotte Co., Ltd., Mars, Incorporated, Mondelez International, Morinaga Asia Pacific Co., Ltd., and Perfetti Van Melle, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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