SAN FRANCISCO, Oct. 6, 2020 /PRNewswire/ -- The global functional chewing gums market size is expected to reach USD 2.83 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.9% from 2020 to 2027. The growing immense popularity of such products among the millennials owing to the number of health benefits associated with them is expected to be an influencing factor for the industry growth. Furthermore, increasing willingness to pay a premium price for maintaining a healthy lifestyle is projected to expand the scope of functional chewing gums over the next few years.
Key suggestions from the report:
- By product, smoking cessation gums accounted for a share of more than 40.0% in 2019. The growth of the product is attributed to a large number of smokers who are trying to quit smoking
- The oral health gums segment is expected to register the fastest CAGR of 9.6% from 2020 to 2027. The growing desire among youngsters to maintain healthy oral hygiene, along with bright and shiny teeth, is driving the sale of oral health gums
- The online distribution channel segment is expected to register the fastest CAGR of 10.0% from 2020 to 2027. Rising spending on e-commerce portals as a key shopping medium among the buyers is projected to promote the scope of the online segment
- North America held the largest share of over 35.0% in 2019. The region has been witnessing a number of strategic movements from the manufacturers of functional chewing gums in the U.S. to leverage the boom in the market growth.
Read 80 page research report with ToC on "Functional Chewing Gums Market Size, Share & Trends Analysis Report By Product (Smoking Cessation, Oral Health, Fitness & Well Being), By Distribution Channel, By Region, And Segment Forecasts, 2020 - 2027'' at: https://www.grandviewresearch.com/industry-analysis/functional-chewing-gums-market
The growing popularity of smoking cessation chewing gums and sliming chewing gums has been positively impacting the industry growth. Some of the other products gaining traction are focused on dealing with cholesterol-lowering, anti-aging, cellulite treatment, menopause, acne treatment, and breast enlargements.
Product launches have been playing a crucial role in creating a wide penetration among consumers. In December 2019, Rev Gum improvised its caffeinated chewing gums. The new product is considered to be effective and portable. It is free from sugar, carbohydrate, and other traditional energy solutions. Each of these gums contains less than two calories and delivers 100 milligrams of caffeine, which is equivalent to a cup of coffee. The product is available in a pack of six pieces with three flavors, including peppermint, spearmint, and spearmint. The suggested retail price for the product is USD 2.99 and is targeted towards innovators, thrill-seekers, and up all-nighters.
Grand View Research has segmented the global functional chewing gums market on the basis of product, distribution channel, and region:
- Functional Chewing Gums Product Outlook (Revenue, USD Million, 2016 - 2027)
- Smoking Cessation
- Oral Health
- Fitness & Well Being
- Functional Chewing Gums Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
- Hypermarkets & Supermarkets
- Convenience Stores
- Functional Chewing Gums Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- The U.S.
- The U.K.
- Asia Pacific
- Central & South America
- Middle East & Africa
- List of Key Players of Functional Chewing Gums Market
- ABOAFSITE SA CV
- GSK group
- Gumlink Confectionery Company A/S
- LOTTE CONFECTIONERY CO. LTD.
- Med CBDX
- Mondelēz International
- Think Products LLC
- Rev Gum
Find more research reports on Consumer F&B Industry, by Grand View Research:
- Matcha Tea Market – Rising awareness regarding the health and fitness of the product coupled with the popularity of healthy beverages rich with antioxidants and vitamins is projected to boost the growth.
- Gluten-free Pizza Crust Market – Increasing disposable income and penetration of pizza outlets are expected to increase demand for pizza crust over the forecast period.
- Gluten-free Chocolate Market – The global gluten-free chocolate market size was estimated at USD 1.40 billion in 2018 and is expected to register a CAGR of 7.8% over the forecast period
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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