The global functional chewing gum market size is poised to reach USD 2.20 billion by 2023, according to a new report by Technavio, progressing at a CAGR of close to 4% during the forecast period.
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“The increasing penetration of smartphones coupled with the increasing accessibility to the Internet is prompting vendors to provide functional chewing gum through online platforms. Online platforms provide vendors easy access to the market and further reduce overhead costs. Therefore, the increasing online presence will drive the functional chewing gum market,” says a senior analyst at Technavio. Request Free Sample Pages
The market is driven by a strong distribution network between manufacturers and retailers. In addition, the growing awareness about the benefits of functional chewing gums is anticipated to further boost the functional chewing gum market during the forecast period.
The strong distribution network between manufacturers and retailers will be one of the key factors driving the growth of the functional chewing gum market. Manufacturers are establishing partnerships with online and offline distribution channels to cater to the growing global demand for functional chewing gum. These partnerships are aimed at providing easy availability of products to customers in online and offline channels, such as supermarkets, and hypermarkets, drug stores, convenience stores, specialty stores, and hard discount stores.
Functional chewing gum contains healthy additives such as minerals, vitamins, and amino acids, and hence, offers numerous health benefits, such as improved memory, increased focus, and improved oral health. Functional gum is also used as a diet gum to reduce body weight. Such health benefits associated with functional gum are increasing its popularity among consumers in the global market. Thus, the growing awareness of health benefits will drive the growth of the functional gum market.
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The report includes detailed profiles of the leading companies & prominent vendors of the market:
- Functional gums Srl
- Lotte Confectionery Co. Ltd.
- Mars Inc.
- Med CBDX
Market Segmentation by Product:
The Functional Chewing Gum Market can be broadly categorized into the following product segments:
- Oral Health gum
- Nicotine gum
- Weight gum
- Lifestyle gum
Key Regions for the Functional Chewing Gum Market:
Featuring a breakdown of region-wise market shares until 2019.
- North America
- South America
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
Related Reports on Consumer Staples are:
Nicotine Gum Market – Global Nicotine Gum Market by product (2-mg nicotine and 4-mg nicotine) and geography (APAC, Europe, MEA, North America, and South America).
Natural Gum Market – Global Natural Gum Market by application (food and beverage, personal care, pharmaceuticals, and others) and geography (the Americas, APAC, and EMEA).
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