LONDON--(EON: Enhanced Online News)--The global chewing gum market is anticipated to witness moderate growth and generate revenues of over USD 23 billion by 2020, according to Technavio’s latest market research.
“Impulse purchasing behavior among consumers is expected to drive the growth of the global chewing gum market during the forecast period. To cash in on this behavior, manufacturers focus on selling these products at check-out terminals in stores and supermarket”
In this report, Technavio covers the market outlook and growth prospects of the global chewing gum market for 2016-2020. The market is further categorized into two product segments, which are sugar-free chewing gums and sugared chewing gums, with the sugar-free chewing gum segment accounting for over 80% of the market share in 2015.
“Impulse purchasing behavior among consumers is expected to drive the growth of the global chewing gum market during the forecast period. To cash in on this behavior, manufacturers focus on selling these products at check-out terminals in stores and supermarket,” says Arushi Thakur, an industry expert for food research from Technavio.
Technavio’s food and beverage research analysts segment the global chewing gum market into the following regions, of which the top three regions are discussed in detail below:
In 2015, Americas emerged as the market leader in the global chewing gum market, followed by APAC, Europe and MEA.
Americas: increased consumption of chewing gums for oral and dental benefits to drive growth
The gum market in the Americas will grow at a slow pace during the forecast period. The primary reason for the low demand is the shift in consumer preference from gum to mints. This change is more prominent in the US, where consumers prefer mouth fresheners such as mints over gum. Also, the growing concern about the efficient disposal of gums is a concern among consumers. 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 the various category innovations taking place in the industry. The increased consumption of chewing gums for oral and dental benefits has been driving the country's market during 2010-2015.
“The major markets in this region are the US, Mexico, and Canada in North America and Brazil in South America, among which the US is the largest country for chewing gums,” says Arushi.
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APAC: fastest growing region in the global chewing gum market
The increase in contribution of household final consumption expenditure to the overall country’s GDP is a major factor that has led to an increase in the consumption of confectioneries among the middle-income class.
Japan, China, and India are some of the major markets in this region. The has been substantial increase in the annual disposable income in these three countries which has enabled consumers to spend more on the confectionery products such as sugar-free chewing gums. The chewing gum market in APAC is likely to grow at a CAGR of close to 4% during the forecast period, establishing APAC as the fastest growing region in the global chewing gum market.
Europe: use of chewing gum as a breath freshener and substitute for mints
The chewing gum market in Europe is expected to decline during the forecast period due to a massive decline in the per capita consumption of gum products. Ongoing health and wellness trend in Europe has limited the overall consumption of chewing gum products in terms of revenue. However, the demand for sugar-free variants of the same will see some progress during the forecast period. During the forecast period, the use of chewing gum as a breath freshener and as a substitute for mints is also expected to see a rise in sales of the product. Aggressive marketing by manufacturers has established chewing gums as a means of maintaining healthier teeth.
The top vendors in the global chewing gum market as highlighted in this market research analysis are:
- Perfetti Van Melle
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