Surge in sport participation rate, rise in the number of healthcare and fitness centers, and growth in number of non-traditional users facilitate the growth in the market.
Portland, OR, Feb. 25, 2020 (GLOBE NEWSWIRE) — According to a report published by Allied Market Research, the global energy gum market was valued at $75.1 million in 2016, and is projected to reach $125.2 million by 2023, registering a CAGR of 7.6% from 2017 to 2023. In 2016. The report provides an extensive analysis of drivers & opportunities, changing market trends, competitive landscape, key segments, and market size & estimations.
Rise in sport participation rate, increase in the number of healthcare and fitness centers, and growth in number of non-traditional users facilitate the growth in the market. However, stringent regulations on caffeine impedes the growth of the market up to a certain extent. On the other hand, growing demand for energy gum from developing countries and rise in use of ingredients in every gum expect to create new opportunities in the market.
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The global Energy Gum market is divided into application, distribution channel, and region. Based on application, the market is segmented into fitness training/exercising, sports, study, business, and others. The fitness training/exercising segment held the largest revenue share in 2016, accounting nearly one-third of the total market. The segment is expected to maintain its dominance throughout the study period. Moreover, the segment is expected to register the largest CAGR of 8.4% from 2017–2023.
Based on distribution channel, the market is divided into online, supermarket, convenience stores, and health stores. The online segment accounted nearly two-fifths of the total market share in 2016 and will dominate in terms of revenue throughout the forecast period. Moreover, the segment is expected to register the highest CAGR of 8.4% from 2016 to 2023.
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Based on regions, market across North America held the major share in terms of revenue in 2016, contributing nearly two-fifths of the total share. The region is expected to maintain its dominance throughout the forecast period. On the other hand, the Asia-Pacific region would manifest the highest CAGR of 9.3% during 2017–2023.
Leading market players analyzed in the research include BLOCKHEAD HQ Ltd, Mondelez International, Inc. (Cadbury Trebor Bassett), Blast Power Gum, Energy Bombs, Zestl International NZ Ltd, GelStat Corporation (Mastix LLC), Lotte Group, GumRunners, LLC, NeuroGum, LLC, Mars Inc. (Wm Wrigley).
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