Gum: Key market research findings
- Europe dominates the market geographically
- Chewing gum accounts for a majority of the market’s revenue
- Key vendors – Lotte, Meiji Holdings, Mondelez, Perfetti Van Melle, and Wrigley
Technavio’s market research analysts predict the global market for gum to grow at a CAGR of less than 1% between 2016 and 2020. The growth of the market is fueled by the availability of a wide range of products in the market. The availability of product variants makes consumers change their taste frequently. Children also are drawn by the various flavors, shapes, and packaging of gums. During 2015, the global gum market was dominated by Europe with a market share of almost 38%. The demand for sugar-free gum is expected to contribute to the growth of the gum market in Europe during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the gum segments based on the product type.
“The market is currently witnessing a rise in the demand for nicotine gum. Nicotine gum is a type of chewing gum that delivers nicotine to the body, which helps in managing withdrawal symptoms. Several governments and organizations are extending support to people who want to quit smoking by providing NRT (nicotine replacement therapy),” says Vijay Sarathi, Lead Analyst, Food & Beverages, Technavio Research.
Currently, the global gum market is dominated by the chewing gum segment with a market share of more than 88%. The growth of this segment can be accredited to the rise in the demand for sugar-free chewing gum products. In 2012, scientific studies conducted by European Food Safety Authority (EFSA) revealed the medicinal benefits of consuming sugar-free chewing gum. This has led several health-conscious people to consume sugar-free chewing gums, leading to an increase in the overall demand of the market.
The key vendors in the global gum market include Lotte, Meiji Holdings, Mondelez, Perfetti Van Melle, and Wrigley. Intense competition among vendors coupled with rapid technological changes constitutes significant risk factors to vendor operations. Therefore, to survive and succeed in this competitive environment, it becomes imperative for vendors in the market to distinguish their product and service offerings through a clear and unique value proposition.
A more detailed analysis is available in the Technavio report, Global Gum Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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