Boston, MA -- (ReleaseWire) -- 06/03/2014 -- In South Korea, gum sales will continue to increase marginally due to falling growth in demand for gums fortified with xylitol which is a functional ingredient for teeth health and a lack of innovation in developing replacements. In 2013, gum is expected to see value growth of 2%, to reach Won375 billion. Bubble gum will continue negative value growth of -1% in 2013. This decline will be caused by market saturation and consumer awareness that chewing bubble gum is bad manners. On the other hand, chewing gum is expected grow by 2% in value terms, driven by steady growth in sugar free gum. Sugar free gum will contribute 76% of chewing gum value sales.
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Lotte Confectionery will maintain their dominance in gum, with an expected 55% value share in 2013. Watta, which was launched by the company in 2013, focussed on teenagers and benefitted from high levels of marketing. The product was developed to provide a longer-lasting experience of chewing bubble gum. Marketing through competitions will support sales of the product, although the impact on the company's market position was minimal.
Value sales of gum are expected to decrease at a CAGR of -1% over the forecast period, in constant 2013 prices. While the growth of overall gum will decline, chewing gum will perform better with a -1% CAGR than bubble gum with CAGR of -3% in constant value sales. Manufacturers are expected to focus on chewing gum, especially sugar free gum which has better potential for growth in the forecast period.
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The Gum in South Korea market research report includes:
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