Our in-depth analysis of the sugar free gum market includes the following segments:
By Distribution Channel
On the basis of regional analysis, the sugar free gum market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market for sugar free gum in Europe is anticipated to hold the largest share in the market on account of presence of leading market players in the region which manufacture and market sugar free gum. Moreover, the rising number of diabetic patients and increased health awareness among people in this region, further increases the product demand. The market in Asia Pacific is predicted to grow at the highest rate during the forecast period as a result of constantly growing youth population within 18-24 age group. Additionally, several companies associated with confectionery products are keen on expanding their business, especially in countries such as China on account of increased demand of sugar free gum products.
The sugar free gum market is further classified on the basis of region as follows:
Increasing incidence rate of diabetes and dental problems and ongoing trend of sugar-free consumables as well as availability of sugar free gum in varied range of flavours are some of the significant factors boosting the market growth. The sugar free gum market is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028. The market is segmented by availability into single pack and bulk pack. Among these segments, the segment for bulk pack is anticipated to hold the leading share in the market on account of the discounted price per unit and its convenience usage to avoid ordering on daily basis. CLICK TO DOWNLOAD SAMPLE REPORT
Rising Cases of Diabetes to Boost the Market Growth
Since chronic medical problems such as diabetes and obesity are constantly increasing owing to the growing consumption of unhealthy products containing synthetic sugars, the requirement for non-sugar and low-calorie food products is high which has led to a rise in demand for sugar free gum. In 2019, there were more than 1.1 million children and adolescents living with type 1 diabetes, as per the data released by the International Diabetes Federation (IDF). Moreover, the doctors and healthcare professionals are repeatedly advising people to shift their intake to no-sugar products in order to control the blood glucose level. Further, chewing sugar free gum is also used to prevent tooth decay and to improve oral care. These factors are anticipated to significantly expand the sugar free gum market.
Versatile Flavours and Attractive Packaging to Drive the Market Growth
Owing to oral health concerns, there is a rising consumer awareness towards attractive packaging which displays product labelling and description through pack design. Furthermore, product innovations in the form of flavour, shape, freshness and packing as well as availability of hybrid gums including mix of mint and bubblegum is fueling the growth of sugar free gum market. Perfetti Van Melle, a global manufacturer of confectionery and gum revealed their new brand, Vigorsol Easy, the first sugar-free chewing gum to combine stevia leaf extract together with natural mint flavourings and a hint of matcha green tea. Additionally, many prominent companies are coming up with unique product and packaging solutions along with the different types of flavours. On the back of these factors, the global sugar free gum market is predicted to grow over the forecast period.
Health Problems Related to Excessive Intake to Hamper the Market Growth
Despite the growing usage of sugar free gum, chewing excessive amount can cause digestive disorders and weight loss. Further, increased consumption of artificial sweetener present can lead to chronic diarrhoea which may negatively affect the market growth. This is estimated to hinder the growth of sugar free gum market in the future.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.