Chewing gum boasts versatile applications, serving as a refreshing oral pastime and stress reliever. Its key feature is portability, making it a convenient on-the-go treat. Benefits include improved breath, enhanced focus, and dental benefits such as increased saliva production, aiding in oral hygiene. Chewing gum can also provide a burst of flavor without added calories. Sugar-free options cater to health-conscious consumers, offering a guilt-free indulgence. Moreover, it helps reduce cravings, making it a weight management tool. Overall, chewing gum offers a mix of sensory enjoyment, convenience, and potential health perks, contributing to its enduring popularity in various contexts.
According to Data Bridge Market Research, the Global Chewing Gum Market was valued at USD 38.62 billion in 2021 and is expected to reach the value of USD 50.75 billion by 2029, at a CAGR of 5.30% during the forecast period of 2022 to 2029.
“Increasing purchasing power of consumers boost the market’s growth”
The increasing purchasing power of consumers is a key driver for the growth of the chewing gum industry. As people have more disposable income, they are more inclined to spend on small indulgences such as chewing gum. Additionally, factors such as stress relief, oral fixation, and improved breath contribute to its popularity. Chewing gum manufacturers have also adapted by introducing a variety of flavors and functional benefits, catering to diverse consumer preferences. The convenience of chewing gum as an on-the-go snack further fuels its demand. Overall, rising purchasing power, combined with innovative product offerings, continues to propel the chewing gum market.
What restraints the growth of the global chewing gum market?
“Fluctuations in pricing strategy pose challenges to restraints the market’s growth”
Fluctuations in pricing strategy pose challenges to the chewing gum industry. Price sensitivity among consumers can limit the flexibility of adjusting prices, affecting profit margins. Moreover, intense competition in the market exerts pressure on pricing decisions. High sugar and synthetic ingredient concerns have driven demand for healthier alternatives, constraining pricing strategies for traditional gum brands. Additionally, economic downturns can lead to price-conscious consumers opting for lower-cost options.
Segmentation: Global Chewing Gum Market
The global chewing gum market is segmented on the basis of product type, and distribution channel.
- On the basis of product type, the global chewing gum market segmented into ballet type, stick/tab type, centre-filled type, cut and wrap type and ball type.
- On the basis of distribution channel, the global chewing gum market segmented into supermarkets and hypermarkets, pharmacies, convenience stores, departmental stores and online.
Regional Insights: North America dominates the Global Chewing Gum Market
North America dominates the chewing gum market due to evolving consumer preferences. Growing apprehensions about the negative impact of sugar consumption have prompted a shift in the region. Consumers are increasingly moving away from sugary gum options and favoring sugar-free alternatives. This change in preference has significantly influenced the dominance of the North America market within the global chewing gum industry
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Recent Development
- In June 2019, Mars Incorporated introduced its well-known gum brand, Juicy Fruit, to the Indian market. The product was specifically tailored for Indian consumers, both in terms of its design and pricing, to optimize sales within the domestic market. This strategic approach aimed to cater to the unique preferences and affordability of Indian consumers, ensuring that Juicy Fruit would resonate effectively with the local audience and maximize its success in India.
The Prominent Key Players Operating in the Global Chewing Gum Market Include:
- Cemoi Chocolatier (France)
- Republica del Cacao (Ecuador)
- Nestlé S.A. (Switzerland)
- Mars Incorporated (U.S.)
- Fuji Oil Holdings Inc. (Japan)
- Guittard Chocolate Co. (U.S.)
- Ghirardelli Chocolate Co. (U.S.)
- Varihona Inc. (France)
- Barry Callebaut AG (Switzerland)
- Alpezzi Chocolate SA De CV (Mexico)
- Kerry Group Plc (Ireland)
Above are the key players covered in the report, to know about more and exhaustive list of the global chewing gum market https://www.databridgemarketresearch.com/contact
Research Methodology: Global Chewing Gum Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
