Consumed as a recreational snack for instinctual masticate desire, chewing gum is very popular in many countries across the globe. Many chewing gums on the market today are marketed as a product with functional benefits, such as oral hygiene or teeth whitening and there are also chewing gums which are used by consumers who want to quit smoking, known as nicotine gum. The latest market development is the advent of CBD chewing gum which is capitalizing on the recent cannabis market boom. Although just a niche market at the moment, functional chewing gum like CBD chewing gum is expected to further boost the growth of the market over the next few years.
Global Gum Market Analysis
A recent market research report from Technavio highlights that global gum market size is anticipated to witness moderate growth and will generate revenue of over USD 23 billion by 2021. Much of this market’s growth can be attributed to the perceived oral and dental health benefits of sugar-free chewing gums. According to the International Chewing Gum Association (ICGA), chewing sugar-free gum increases saliva production. This increase in the saliva production subsequently reduces instances of plaque formation and tooth decay significantly. Additionally, chewing gum products like nicotine gum are regarded as effective aids to quit smoking. The consumption of sugar-free chewing gum also helps clean food debris from the teeth and reduces stress. Other factors such as new product developments, refined tastes, and versatility coupled with better marketing techniques are also raising the overall demand for chewing gums in the global market.
According to this research report, the global market for chewing gums will witness strong growth in the Americas. This region was the largest market for chewing gums in 2018 and will experience a slight decline in the demand for gums due to the populace’s growing preference for mints. Canada and the US are mature markets for gum products. However, despite the chewing gum market in the US being highly penetrated, it will continue to grow at a steady pace due to various category innovations taking place in the industry.
CBD Chewing Gum Boosting the Market Growth
CBD chewing gum is a newly launched product in the market which has quickly gained huge traction worldwide. CBD chewing gum is a functional gum that contains CBD extracted from hemp oil. It is believed to be one of the most effective ways to receive fast pain-relieving benefits from CBD as the body will absorb CBD molecules nearly 5x faster through the oral mucosa.
The rising chronic pain of consumers is stimulating the demand of CBD chewing gum. This type of gum offers a safe, unique, and effective alternative to other CBD dosage forms for help in relieving discomfort from life’s general aches and pains from the normal aging process or inflammation.
With the rising consciousness about the health impacts associated with CBD chewing gum and the convenience for its consumption, a growing number of consumers are choosing such functional chewing gums and more CBD companies are launching their gum products which is expected to further boost the growth of the global gum market over the next five years.
Check Technavio’s Global Gum Market Report 2017-2021
Check Technavio’s Global Gum Market Report 2017-2021 for more market insights related to the gum market growth. This market research report provides the latest market size and market development for major market segments in terms of product types and regional market landscape. The report contains detailed market trends, market drivers, market challenges and key opportunities. In-depth market analysis such as Porter’s five force model, and comprehensive competitive landscape including detailed profiles of top companies are also included in the report.