"One of the primary growth drivers for this market is the new product launches,” says a senior analyst for Consumer Staples at Technavio. As the markets recover Technavio expects the gum market size to grow by USD 1.15 billion during the period 2020-2024.
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Gum Segment Highlights for 2020
- The gum market is expected to post a year-over-year growth rate of -0.39%.
- 30% of the growth will originate from the Europe region.
- Europe will offer several growth opportunities to market vendors during the forecast period. The growing demand for functional chewing gums will significantly influence gum market growth in this region.
- France and the UK are the key markets for gum in Europe.
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- The gum market size is expected to accelerate at a CAGR of almost 1% during the forecast period.
- The gum market is segmented by product (chewing gums and bubble gums), type (sugared gums and sugar-free gums), and geography (APAC, Europe, North America, MEA, and South America).
- The market is fragmented due to the presence of a few established vendors holding significant market share.
- The research report offers information on several market vendors, including FITGUM, Functional gums Srl, Lotte Confectionery Co. Ltd., Mars Inc., Med CBDX, Miradent, Mondelez International Inc., Perfetti Van Melle Spa, Simply Gum Inc., and The Hershey Co.
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