June 10, 2021
According to the research report titled ‘Global Functional Chewing Gums Market Size study, by Product (Smoking Cessation, Chewing Gums, Oral Health Chewing Gums, Fitness & Well Being Chewing Gums and Others), by Distribution Channel (Hypermarkets & Supermarkets, Convenience Stores, Online and Others), and Regional Forecasts 2021-2027’, available with Market Study Report LLC, global functional chewing gums market size was worth USD 1.52 billion in 2020 and is expected to multiply at a CAGR of 9% over 2020-2027, subsequently amassing a valuation of USD 2.78 billion by the end of the forecast timespan.
As per the report findings, global functional chewing gums market growth is largely driven by increasing popularity of smoking cessation chewing gums, introduction of new products with health benefits, and industry participants' innovative marketing methods.
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Citing an instance, Hemptown USA released a functional chewing gum with 15 milligrams of cannabidiol and 5 milligrams of cannabigerol in 2019. These mint-flavored chewing gums are available in a variety of flavors. Likewise, in 2020, Blockhead introduced a new chewing gum product called screwing gum. The firm has focused on its marketing, packaging, humorous innuendos, and active presence on social media to attract a large number of young people. Similar strategic moves by other players will contribute to the industry development in the coming years.
Furthermore, global functional chewing gums market is projected to gain significant momentum owing to growing consumer desire for chewing gums in nicotine replacement therapy to quit smoking. The industry progression, however, is likely to be limited by the high cost of functional chewing gums.
Based on the regional landscape, North America holds considerable portion of global functional chewing gums industry, creditable to strategic moves by the key players with respect to product launches, marketing techniques, and others.
On the other hand, Asia Pacific industry is slated to grow substantially by the year 2027, owing to presence of huge youth population and increasing pervasiveness of smoking habits among adults in the region.
Leading organizations in global functional chewing gums market sphere are The Hershey Company, Vitale XD, Rev Energy Gum LLC, Think Products LLC, Mondelez International Inc., Med CBDX, Lotte Confectionary Co. Ltd., Gumlink Confectionery Company A/S, GlaxoSmithKline (GSK) plc, and Aboafsite SA de CV.