The Global Energy Gum Market is expected to grow at a CAGR of 8% during the forecasting period (2022-2029).
Energy gum is an energy-rich flavour-filled gum, which is a fast and efficacious manner to deliver instant energy to improve mental alertness and alleviate the effects of sleep deprivation and fatigue instantly. It is prepared by softening gum bases followed by mixing it with other ingredients such as caffeine, taurine, B-vitamins, and others. It is an instant booster of energy to a consumer, which could improve his reaction time, mental alertness, concentration, and mental & cognitive performance. In addition, the increasing inclination of millennials towards health & fitness supplement products has increased the demand for energy gum. Other factors, such as the increase in the sport participation rate and rise in the number of fitness and health centres have significantly contributed to the growth of the energy gum market. The global energy gum market is valued at USD XX million in 2020 and is forecasted to reach USD XX million by 2028, growing at a CAGR of XX% during the forecast period (2022-2029).
Increasing awareness towards fitness and increasing rate in sport participation
The energy gum market has witnessed significant growth owing to factors such as the increasing inclination of millennials towards health & fitness supplement products has increased the demand for energy gum. In addition, increasing awareness towards fitness and increasing adoption of healthy eating habits are some factors driving the growth of the global energy gum market. Moreover, increasing the number of fitness centres and changing lifestyles is also set to increase the market growth. The increasing rate in sport participation and increase in the number of healthcare centres are some factors driving the growth of the market. The number of youngsters choosing sports as a career option further contributes to the growth of the global energy gum market. The number of NCAA athletes spiked high, according to the National Collegiate Athletic Association (NCAA). Around 0.495 million students participated in NCAA championship sports in 2017-2018, and more than 3,000 students since 2016-2017.
However, the high cost of raw materials and the availability of alternative products are challenging the growth of the market. Moreover, increasing side effects such as anxiety, digestive issues, muscle breakdown, high blood pressure, stomach irritation, nausea, and vomiting are further restraining its market growth during the forecast period 2020-2027.
The online store's segment is expected to be the fastest-growing segment with a CAGR of XX% during the forecast period
The global energy gum market has been segmented by distribution channel into supermarkets/hypermarkets, convenience stores, speciality retailers and online stores among others. Online stores are expected to be the fastest-growing segment during the forecast period owing to increasing the popularity of e-commerce and changes in purchasing habits. Moreover, the availability of any time purchasing facility and increasing busy schedule and is also contributing to the growth of this segment. Presently companies are focusing on product innovation and also due to the COVID-19 pandemic situation the demand for online retailing has grown vigorously as many countries had enforced lockdown situations. Also, to avoid virus situations and as a safety measure, people are increasingly adopting online shopping to a great extent. Online platforms represent many options to choose from considering large brands to smaller brands. Many local brands are also present on these e-commerce sites. They provide detailed knowledge about every product and also customer reviews
North America is expected to dominate the global energy gum market
By geography, North America is expected to dominate the global energy gum market in the year 2020, growing with a CAGR of xx% during the forecast period. The key driving factors of the market include a higher participation rate of youngsters in domestic and international sports and a spiralling number of fitness franchises across the U.S., Canada, and Mexico. Moreover, an increase in health awareness and the launch of innovative products supplement the growth of the market in this region. Moreover, the U.S. has one of the largest active military bases in the world, which further boosts the demand for energy gums.
However, the Asia-Pacific region is projected to be the fastest-growing during the forecast period 2021-2028. This is owing to increasing awareness among people about health, the growing geriatric population, increasing the number of the fitness centre and changing food habits.
The global energy gum market is highly fragmented. Blast Power Gum, BLOCKHEAD HQ Ltd., Mondelez International, Inc. (Cadbury Trebor Bassett), and Energy Bombs, GumRunners among others are some of the key players in the market. Various companies are focusing on growth strategies such as product launches, product approvals and others such as patents and events. For instance, in January 2016, Blast Energy, LLC. has released Blast Power Gum in the United States. Blast Power Gum is a High-Energy Caffeinated Chewing Gum that keeps consumer’s alert. Each piece of Gum has 80MG of Caffeine. The gum provides a delicious and convenient new way to energize consumers without any of the wasted calories and hard crashes from other sugar-filled energy drinks and bland tasting products. In June 2016, Gelstat has acquisition with Windmill Health and launches a new product “CHEWS 2 LOSE” which provides nutritional supplements. In September 2019, Mars has acquisition with Innit Inc. to develop the food industry and provide proper nutrition to consumers.
COVID-19 Impact: Supply chain disruptions with respect to the food and beverages industry have a negative impact on the market
The effects of COVID-19 continue to ripple through the world’s health, educational, financial, and commercial institutions, and also the sports ecosystem. This is because, for the majority period during the year 2020, there were high restrictions imposed on any form of sports/outdoor activity pertaining to lockdowns. Moreover, several leagues, tournaments, and even Olympic games were postponed eyeing the fretfulness of the situation which restricted the sports and gaming activities, which certainly showed a negative effect on the sales revenues of energy gum as well, as energy gum is widely utilized by the sportspersons. However, as the situation moves towards the betterment of the situation, and sports activities are continued for professionals and the population as well, the energy gum market is expected to form a recovery curve during the forecast period.
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