Global Energy Gum Market Expected to Reach $125.24 Million by 2023 - Allied Market Research
PORTLAND, Oregon and PUNE, India, March 21, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Energy Gum Market by Application, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2017-2023" the global energy gum market was valued at $75.15 million in 2016, and is projected to reach $125.24 million by 2023, registering a CAGR of 7.6% from 2017 to 2023. In 2016, the fitness training/exercising segment accounted for approximately one-third share of the global market in terms of value.
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Energy gum, also known as caffeinated gum, is a type of energy supplement sold in the form of gums, which provide physical and mental stimulation and instant burst of energy. It helps in reducing the effects of fatigue, sleep, and deprivation. Energy gum is prepared by softening the gum base followed by infusing it with other formulation ingredients such as caffeine, taurine and B-vitamins. It improves mental and cognitive performance by delivering caffeine, which is effective for stimulating physical vigilance. The other health benefits associated with energy gum include improved reaction time, alertness, concentration, and prevention of cardiovascular disease, cancer, and diabetes.
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Sportsperson and military personnel are the traditional users of energy gum for obtaining instant energy and relieve mental and physical stress. In addition, increase in sport participation rate and surge in the number of fitness centers in countries such as U.S., Brazil, Germany, UK, Australia, China, and India fuel the growth of the energy gum market.
Energy gum is majorly consumed by individuals before and after fitness training/exercise regime to increase stamina and improve their overall performance. Moreover, increase in sport participation rate and surge in the number of national and international sports events, including Olympics, Commonwealth Games, and others have contributed to the growth of the market. Countries such as India, China and Brazil have heavily invested in promoting national and international sports. The number of youngsters choosing sports as a career option, especially in developing countries has increased in the past few decades, which in turn has fueled the demand for sports nutrition and fitness supplements. As excessive intake of caffeine cause side effects such as anxiety, digestive issues, muscle breakdown, nausea, high blood pressure, stomach irritation, and vomiting, the food governing and health agencies around the world, including the Food and Drug Administration (FDA), Health Canada, International Food Information Council (IFIC), and others have drafted regulations on the use of caffeine in energy supplements. This could hamper the growth of the market in near future. Furthermore, increasing demand for energy gum in the emerging economies, especially Brazil, China, and India is expected to provide lucrative opportunities for the energy gum market.
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Key Findings of the Energy Gum Market:
- North America accounted for the largest revenue share of the global energy gum market, registering a significant CAGR from 2017 to 2023, followed by Europe.
- In 2016, the online distribution channel segment accounted for approximately two-fifths share, in terms of value, and is expected to grow at the highest CAGR of 8.4%.
- Asia-Pacific is anticipated to grow at the highest CAGR of 9.3% from 2017 to 2023.
- In 2016, the U.S. generated the highest revenue, accounting for approximately one-third share of the global market.
- Brazil is anticipated to grow at a significant CAGR of 9.5% during the study period.
In terms of value, Asia-Pacific and LAMEA collectively contributed approximately one-third share of the global market in 2016. Developing countries, such as Brazil, India, and China display a huge growth potential for this market on account of high disposable income, decent number of millennial population participating in sports, and surge in the number of fitness centers in these countries.
The key players operating in this market are Blast Power Gum, BLOCKHEAD HQ Ltd., Mondelez International, Inc. (Cadbury Trebor Bassett), Energy Bombs, GumRunners, LLC, Lotte Group, GelStat Corporation (Mastix LLC), NeuroGum, LLC, Mars Inc. (Wm Wrigley), and Zestl International NZ Ltd.
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