Gum Confectionery Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends | Perfetti Van Melle Pvt. Ltd., Mars Incorporated, Lotte Confectionery Co. Ltd.

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Gum Confectionery Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $42.91 billion In 2028 At A CAGR Of 5.9%.

The gum confectionery market size has grown strongly in recent years. It will grow from $32.05 billion in 2023 to $34.11 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to flavor innovation, marketing strategies, packaging innovations, brand loyalty, sugar-free and functional varieties.

The gum confectionery market size is expected to see strong growth in the next few years. It will grow to $42.91 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to health-conscious consumers, sensory experiences, globalization and cultural fusion, sustainable practices, innovations in ingredients. Major trends in the forecast period include functional and health-boosting ingredients, sugar reduction and natural sweeteners, novelty and exotic flavors, interactive and engaging packaging, eco-friendly packaging and sustainability.

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Gum Confectionery Market Major Segments
The gum confectionery market covered in this report is segmented -

1) By Type: Sugared Gum, Sugar-Free Gum
2) By Form: Sticks Or Tabs, Pellets Or Pillows, Liquid Filled Gum, Other Forms
3) By Distribution Channel: Supermarket Or Hypermarket, Specialty Stores, E-Commerce, Other Distribution Channels

Key Driver - Rising Chewing Gum Sales Propel Growth In Gum Confectionery Market

The increasing sales of chewing gum are expected to propel the gum confectionery market going forward. Chewing gum refers to a sweetened and flavored preparation for chewing without swallowing. It is made from chicle and similar resilient substances and chewed for its flavor. Chewing gums are types of mouth-refreshing gum confectioneries made using the base of gum confectioneries, so an increase in chewing gums will result in an increased demand for the gum confectionery market. For instance, in March 2022, according to a report shared by National Confectioners Association, a US-based trade organization that promotes chocolate, candy, gum and mints, Candy, gums, and mints sales increased 13.8% in 2022 to $3.2 billion, up from $3.1 billion in 2021. Therefore, the increasing sale of chewing gum is driving the gum confectionery market.

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Prominent Trend - Innovative Solutions Drive Growth In Gum Confectionery Market

Product innovations are a key trend gaining popularity in the gum confectionery markets. Major companies operating in the gum confectionery market are focused on developing innovative solutions to strengthen their position. For instance, in December 2022, Perfetti Van Melle, a Netherlands-based manufacturer and distributor of confectionery and chewing gum, launched Mentos Citrus Vitamin Gum. It is uniquely designed to be sugar-free, contains 25% of the recommended daily amounts of vitamins B6, C, and B12, and has a liquid-filled center to give it long-lasting freshness. It contains a mix of bold citrus flavors that will keep the taste buds tingling chew after chew.

Gum Confectionery Market Players
Major companies operating in the gum confectionery market report are Perfetti Van Melle Pvt. Ltd., Mars Incorporated, Lotte Confectionery Co. Ltd., Mondelez International Inc., Grenades Gum LLC, Cloetta AB, The Hershey Company, Ferrero International S A, Gumlink Confectionery Company A S, Haribo GmbH & Co KG, FERNDALE CONFECTIONERY PTY. LTD., Tootsie Roll Industries Inc., Meiji Holdings Co. Ltd., Grupo Arcor, Zed Candy B.V., The Kraft Heinz Company, Yildiz Holding A.S., Chupa Chups SA, Peppersmith, The PUR Company Inc., Project 7, Simply Gum, Trident Limited, Extra Gum, Wrigley Company, Big League Chew, Mentos, Trolli GmbH, Skittles, Xylichew .

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the gum confectionary market in 2023. The regions covered in the gum confectionery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Gum Confectionery Market Report Structure
3. Gum Confectionery Market Trends And Strategies
4. Gum Confectionery Market - Macro Economic Scenario
5. Gum Confectionery Market Size And Growth
…..
27. Gum Confectionery Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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