According to the report published by Allied Market Research, the global chewing gum market generated $16.1 billion in 2021, and is estimated to reach $26.8 billion by 2031, witnessing a CAGR of 4.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
|Market Size in 2021||$16.1 Billion|
|Market Size in 2031||$26.8 Billion|
|No. of Pages in Report||360|
|Segments Covered||Form, Type, Distribution Channel and Region|
|Drivers||Innovation in products and packaging due to rise in health awareness and shifting consumer eating habits and tastes|
|Expansion of sales channels|
|Opportunities||The introduction of different types of packaging and promotion activities in chewing gum products|
|Rise in initiatives by manufacturers to invest in sustainable development|
|Restraints||Fluctuation in the prices of raw materials and the rise in the prevalence of type 1 diabetes among children|
- The outbreak of the COVID-19 pandemic had a negative impact on the chewing gum market.
- Some of the challenges faced by the market include disruption in global supply chain, safety, labor shortages, crisis management and response, awareness, re-forming business models, product innovation, and other unforeseen effects.
- However, the market has stabilized post the pandemic.
The report offers a detailed segmentation of the global chewing gum market based on form, type, distribution channel, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on form, the pellets/pillows segment held the largest share in 2021, accounting for more than two-fifths of the global chewing gum market and would dominate the market in terms of revenue through 2031. The liquid filled gum segment, on the other hand, is estimated to witness the fastest CAGR of 5.6% during the forecast period. The report also discusses the sticks/tabs and others segments.
In terms of type, the sugar-free chewing gum segment captured the largest market share of more than two-thirds of the global chewing gum market in 2021. Moreover, the same segment is expected to dominate in terms of revenue and achieve the fastest CAGR of 4.6% through 2031. The report also discusses the sugared chewing gum segment.
In terms of distribution channel, the supermarkets/hypermarkets segment captured the largest market share of nearly two-fifths of the global chewing gum market in 2021 and is expected to lead the trail during the forecast period. However, the e-commerce segment is likely to achieve the fastest CAGR of 6.0% through 2031. The report also studies the specialty stores, convenience stores, and others segments.
Based on region, the market in Europe was the largest in 2021, accounting for over one-third of the global chewing gum market in 2021 and is likely to maintain its dominance during the forecast period. However, the market in Asia-Pacific is expected to manifest the highest CAGR of 5.9% from 2022 to 2031. The other regions analyzed in the study include North America and LAMEA.
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Leading players of the global chewing gum market analyzed in the research include Grenades Gum, LLC, Cloetta AB, The Hershey Company, Mondelez International, Inc., Arcor Group, Ferrero International S.A., Gumlink Confectionery Company A/S, Perfetti Van Melle Group B.V., Yıldız Holding A/S, HARIBO GmbH & Co. KG, Ferndale Confectionery Pty Ltd., Mars, Incorporated, Lotte Corporation, Tootsie Roll Industries, Inc., and Meiji Holdings Co., Ltd.
The report analyzes these key players of the global chewing gum market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
Source From:- https://www.globenewswire.com/en/news-release/2023/03/07/2622045/0/en/Global-Chewing-Gum-Market-Is-Expected-to-Reach-26-8-Billion-by-2031-Allied-Market-Research.html
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