Chewing gum is a soft and non-edible substance produced only for the purpose of chewing. The texture of chewing gum is reminiscent of rubber owing to the properties of polymer, plasticizer, and resin components, which gives it a chewy characteristic. In addition to this, they help to eliminate bad odours by providing a refreshing taste and long-lasting flavour. While the ancient gums were produced from the sap of spruce trees, the modern chewing gum is made up of gum base, food colours, flavours, polyol coating among others. A new research report by IMARC Group, titled “Chewing Gum Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast”, estimates that the market reached a value of US$ 21.9 Billion in 2018. The report further anticipates the market to reach a value of US$ 26.3 Billion by 2024, expanding at a CAGR of 3.1% during forecast period.
Market Drivers/Constraints:
One of the primary factors behind the surging demand for chewing gums is their health benefits which include combating stress and anxiety, improving concentration, and reducing oral bacteria due to inclusion of isomaltulose.
Another factor which has augmented the demand for chewing gums is impulse purchasing. This demand is generally supported by the younger generation who resorts to chewing gum after a meal, smoking or during long working days.
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Moreover, manufacturers are targeting young population by introducing unique flavours and attractive packaging. Some of the new flavours include cherry, banana, lemon, cinnamon, blueberry, grapes and orange.
However, there are several factors that hamper the market growth. For instance, sugar-free gums also run a risk of dental erosion owing to acidic flavourings and preservatives that are added.
Product Type Insights:
On the basis of type, the market has been segmented as pallet type, stick/tab type, centre-filled type, cut and wrap type, and ball type. Currently, pallet type dominates the market with the largest share.
Sugar Type Insights:
Based on market breakup by sugar type, sugar free chewing gum represents the largest segment followed by sugared chewing gum. This can be accredited to the oral and dental benefits offered by sugar-free chewing gums.
Distribution Channel Insights:
On the basis of distribution channel, supermarkets and hypermarkets represent the largest segment as they offer convenience to the consumers. They are followed by pharmacies, convenience stores, departmental stores and online stores.
Regional Insights:
On a geographical front, Asia-Pacific enjoys a leading position in the global chewing gum market. Asia-Pacific is followed by North America, Europe, Middle East and Africa, and Latin America.
Competitive Landscape:
The market is fragmented with the presence of both small and large manufacturers who compete in terms of prices and quality. There is an intense competition in the market which makes it difficult for small players to survive. Some of the leading players operating in the market are:
- Mondelez
- Perfetti
- Wrigley
- Lotte, Cloetta
- Hershey
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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The global Chewing Gum Market report offers a comprehensive assessment of the market for the forecast years.
This global industry offers an outlook on the strategic development of the market in terms of revenue profits over the forecast period 2021-2026.The key market players for the global Chewing Gum market are listed below: Wrigley’s Mondelez Perfetti Lotte Cloetta Arcor August Storck Yildiz OthersClick here to get a FREE Sample Copy of the Chewing Gum Market Research Report @ https://www.decisiondatabases.com/contact/download-sample-30462The Global Chewing Gum Market Report is equipped with market data from 2016 to 2026.
It also evaluates the competitive scenario of the leading players.
The report forecasts sales and revenue from 2021 to 2026.
The detailed sales channel is also covered in the study.COVID-19 Impact Analysis on Chewing Gum MarketThe global pandemic COVID-19 has affected the Chewing Gum market directly or indirectly.
The impact study on production, supply-demand, and sales provides a holistic approach to the future.Do You Have Any Query Or Report Customization?
