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How Wrigley’s Dominated The World Of Chewing Gum

Gum lines the pockets of most Americans and has been a staple in American culture for centuries. For some, gum is all about flavor, and for others, it's about fear of bad breath, curbing hunger, or alleviating anxiety. For nearly 130 years, the brand Wrigley's has become synonymous with chewing gum. Since its start, the gum maker has dominated the chewing gum market, spawning brands from Juicy Fruit to Orbit to 5 Gum. But it hasn't always been smooth sailing for the William Wriglely Jr. Co.; over its storied past, the brand has faced turbulent years. Since the early 2000s, the chewing gum market has seen a decline in public sentiment, which hurt significant players. In 2006, the company ended its long-standing tradition of being a family run business with William Wrigley Jr. stepping down as CEO. By 2008, Wrigley's faced increasing global competition and was acquired by Mars along with Warren Buffett's Berkshire Hathaway. According to Euromonitor International, the gum industry's market value hit $18.6 billion in 2020. Since 2015, Mars Wrigley has held 25% of the global brand share for chewing gum and a 40% portion in the U.S. The Covid-19 pandemic since it began in March 2020 has negatively impacted gum's most prominent players and could negatively affect Mars Wrigley gum brands' future. » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Connect with CNBC News Online Get the latest news: https://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC Subscribe to CNBC PRO: https://cnb.cx/2NLi9AN #CNBC How Wrigley Dominated The World Of Chewing Gum
Sat Mar 13 2021 | 17:00:18 GMT+0000 (Coordinated Universal Time)

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