Gum Confectionery Global Market Report 2023
Major players in the gum confectionery market are Perfetti Van Melle, 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.
New York, June 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Gum Confectionery Global Market Report 2023" - https://www.reportlinker.com/p06463970/?utm_source=GNW
, Tootsie Roll Industries Inc., Meiji Holdings Co Ltd., Grupo Arcor, Zed Candy B V, and The Kraft Heinz Company.
The global gum confectionery market is expected to grow from $29.47 billion in 2022 to $31.22 billion in 2023 at a compound annual growth rate (CAGR) of 6.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The gum confectionery market is expected to reach $37.61 billion in 2027 at a CAGR of 4.8%.
The gum confectionery market consists of sales of gum and candies.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Gum confectionery refers to a sweetened and flavored insoluble material usually made for chewing, intended to be chewed to release active and/or inert ingredients. It is commonly used to reduce bad breath and protect teeth.
Asia-Pacific was the largest region in the gum confectionary market in 2022. The regions covered in gum confectionery report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of gum confectionery are sugared gum and sugar-free gum.Sugared gum refers to a sweetened product that is chewed for flavor and created from chicle and other strong materials.
The various form involved are sticks or tabs, pellets or pillows, liquid-filled gum and others distributed through supermarkets or hypermarkets, specialty stores, e-commerce and others.
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.
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.
In December 2021, The Humble Company, a Sweden-based manufacturer of eco-friendly oral care products and personal care products acquired True Gum for an undisclosed amount.Through this acquisition, the combined resources of both companies will strengthen and expand True Gum’s market presence internationally and deliver modern FMCG products to consumers.
True Gum is a Denmark-based plant-based business that manufactures plastic-free, sugar-free, biodegradable chewing gum.
The countries covered in the Gum Confectionery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The gum confectionery market research report is one of a series of new reports that provides gum confectionery market statistics, including gum confectionery industry global market size, regional shares, competitors with gum confectionery market share, detailed gum confectionery market segments, market trends, and opportunities, and any further data you may need to thrive in the gum confectionery industry. This gum confectionery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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