APAC dominated the global functional gum market as it occupied close to 40% of the total market share in 2016 and is expected to grow at a CAGR 7.72% during the forecast period.
Arizton’s recent market research report on the functional gum market identifies Mars Incorporated, Mondelez International Inc, and Perfetti as the leading vendors that are likely to dominate the market during the forecast period. This research report provides a detailed analysis of market segmentation by product type (nicotine gum, oral health gum, weight management gum, and lifestyle gum), distribution channels (offline and online), and geography (APAC, Europe, Latin America, MEA, and North America).
The functional gum market is projected to grow from $7.0 billion in 2016 to $9.3 billion by 2022. The market is anticipated to grow at a CAGR of 4.79%.
The functional gum market is divided into three major segments that include product, distribution channels, and geography.
APAC to dominate the functional gum market share during the forecast period
The functional gum market share by geography is classified into APAC, Europe, Latin America, MEA, and North America. APAC dominated the global functional gum market as it occupied close to 40% of the total market share in 2016 and is expected to grow at a CAGR 7.72% during the forecast period. The APAC market is witnessing a trend in shifting from the consumption of confectionery products to a healthy diet, thereby promoting the sale of functional chewing gums in the region. The high prevalence of obesity in countries such as Malaysia and Thailand are boosting the demand for anti-hunger, diet, and fat-burning functional gum in the APAC region. The introduction of innovative and advanced functional gums will create new business opportunities for both local and international vendors in the APAC market.
Nicotine gums to occupy the largest market share in the functional gum market during the forecast period
The global functional gum market by product type is divided into nicotine gum, oral health gum, weight management gum, and lifestyle gum.
The nicotine gum segment was the largest product segment in the functional gum market, accounting for more than 32% of the total market share in 2016.
The launch of various campaigns and awareness programs to discourage people from smoking is propelling the growth of this market segment in the functional gum market. Manufacturers are introducing nicotine gums in various flavors such as mint, orange, and cinnamon sugar to attract more consumers and gain a large market share during the forecast period. Some of most widely available nicotine gum brands available in the market include Nicorette, Habitrol, Kirkland, and GoodSense.
Online distribution channel in functional gum market to grow at an impressive CAGR during the forecast period
The distribution channel segment in the global functional gum market is divided into online and offline channels.
The online channel of distribution is the fastest growing market segment in the functional gum market, growing at an impressive CAGR of 29.55% during the forecast period.
The ease of access and the implementation of new marketing strategies to promote the sale of functional chewing gums are likely to contribute to the growth of this market segment. Prominent chewing gum manufacturers are also focusing on promoting and increasing the sale of functional chewing gums by collaborating with online retail stores such as Alibaba, Amazon, Target, and Walmart. Such initiatives will fuel the growth of the functional gum market during the forecast period.
Cloetta, Khlôros Technologies, Lemon Pharma, Functional Gums s.r.l., Ezaki Glico, Meiji Holdings, Orion Group, Project 7, Masterfoodeh Co, Mastix, Vitaball Inc., and WUGUM are the other prominent vendors in the functional gum market.
The complete overview of the latest market research report on the functional chewing gum market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges, and provides the market size and forecast for major geographical regions and key countries.
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