The global gummy vitamins market size is estimated to be valued at USD 5.9 billion in 2020 and projected to reach USD 10.6 billion by 2025, recording a CAGR of 12.5%
NEW YORK, Oct. 27, 2020 /PRNewswire/ -- The global gummy vitamins market size is estimated to be valued at USD 5.9 billion in 2020 and projected to reach USD 10.6 billion by 2025, recording a CAGR of 12.5%, in terms of value. Factors such as the rising incidences of vitamin deficiencies and undernourishments, along with growing awareness for on-the-go supplements, offering pleasant tastes and convenience in consumption are projected to drive the growth of the gummy vitamins industry during the forecast period.
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However, the growth of the gummy vitamins market is inhibited by factors, such as high costs of products, owing to the value-added benefits of the product and costlier procurement of ingredients/raw materials. In addition, the risks and side-effects associated with the over-consumption of gummy format supplements and formulation challenges faced by the key manufacturers inhibits the growth of this market.
• By end-user, the adult segment is projected to grow at the highest CAGR during the forecast period.
Owing to the higher population of adults across the globe, along with higher risks of occurrence of chronic diseases caused due to vitamin deficiencies, are few of the factors resulting in a higher growth rate of the adult segment during the forecast period.Also, the ability to absorb vitamins from foods and the external environment reduces or vanishes slowly with age.
Hence, the aging population majorly rely on these dietary supplements to balance their dietary requirements. Thus, the adult segment is further projected to grow at a faster growth rate.
• By distribution channel, the online channel is estimated to account for the fastest growth rate.
The store-based segment dominated the global gummy vitamins market, based on the distribution channel, in 2019.However, the increase in global companies, awareness regarding the association of online retail stores with discounted price products, higher margins, and the availability of various products are a few factors that have led to non-store based distribution channels to grow at a faster pace in the coming years.
Non-store based distribution channel majorly consists of online retailing and direct to consumer channels. Hence, this segment is expected to grow at a higher rate than compared to that of the store-based channels.
• By source, the plant source is projected to grow at the highest CAGR during the forecast period.
The plant-based segment is projected to grow at the highest CAGR during the forecast period.Consumers increasingly prefer adopting vegan and vegetarian lifestyles.
Due to these factors, manufacturers in the global gummy vitamins market are producing gummies with agar-agar and xanthan gum, and plant-based alternatives to avoid the use of gelatin. As the consumers in the global market are increasingly shifting toward plant-based sources of products, the market is projected to grow at a higher pace.
By product type, the multivitamin gummies are expected to record the highest CAGR during the forecast period.
The multivitamin segment is projected to grow at the highest CAGR during the forecast period.Consumers in the market prefer consuming multivitamin gummies over and above the single vitamin gummies.
This is attributed to factors such as multivitamin gummies provide benefits of multiple vitamins in one single gummy.Also, consuming single concentrated vitamin gummy for various vitamin deficiencies is time, money, and effort consuming.
Thus, the multivitamin gummy products are projected to witness substantial demand in the forecasted period.
The Asia Pacific region is projected to grow at the highest CAGR during the forecast period
The market for gummy vitamins is still in the nascent stage of the region, particularly in countries, such as India, Japan, and other developing countries, in the region.This is attributed to the countries in the region with a dense population, of which a majority of the population is either unaware of such formats of dietary supplements or have limited spending power for premium supplement products.
However, people are becoming aware of the association of high risks of chronic diseases with unhealthy dietary lifestyles and the lack of essential nutrients in the body.
Moreover, the increase in consumption and market potential for dietary supplements in the region is enhanced further by the large-scale industrial base of dietary supplement manufacturers. According to the International Labor Organization, the employment-to-population ratio stands at 59.7% as compared to 58.6% at the global level. With such a high working-class population, it provides a wide scope of opportunities for gummy vitamin manufacturers to venture into the region due to the busier lifestyles of a majority of the population. Additionally, with a rise in awareness, this population mainly prefers adopting preventive healthcare measures and products that are easy and on-the-go to consume and offer health benefits, providing a larger base of customers to manufacturers of gummy vitamins. These factors are projected to further drive the demand for gummy vitamins in the coming years.
The gummy vitamins market is segmented region-wise, with a detailed analysis of each region. These regions include Asia Pacific, North America, Europe, South America, and RoW (the Middle East and Africa).
Break-up of Primaries
• By Value Chain: Manufacturers– 85% and Suppliers– 15%
• By Designation: CXOs- 34%, Managers– 44%, and Executives– 22%
• By Region: Asia Pacific - 10%, North America- 60%, Europe - 18%, South America - 8%, and Middle East & Africa - 4%
Leading players profiled in this report include the following:
• Church & Dwight Co. Inc. (US),
• Life Science Nutritionals (Canada),
• Bettera Brands LLC (US), Softigel (US),
• Nature's Way Products, LLC (US),
• Zanon Vitamec Inc. (US),
• Olly Public Benefit Corporation (US),
• Herbaland Naturals Inc. (Canada),
• Hero Nutritionals, LLC (US),
• SmartyPants Inc. (US),
• The Nature's Bounty Co. (US),
• IM Healthcare (India),
• Nutra Solutions (US),
• Makers Nutrition, LLC (US),
• Vitakem Nutraceutical Inc. (US),
• Bayer Group (Germany),
• The Clorox Company (US),
• Ernest Jackson (UK),
• Boscogen, Inc (US), and
• Santa Cruz Nutritionals Inc. (US)
Research Coverage
This report segments the gummy vitamins market on the basis of product type, source, packaging type, distribution channel, end-users, and region. In terms of insights, this research report focuses on various levels of analyses—competitive landscape, pricing insights, end-use analysis, and company profiles—which together comprise and discuss the basic views on the emerging & high-growth segments of the gummy vitamins market, high-growth regions, countries, industry trends, drivers, restraints, opportunities, and challenges.
Reasons to buy this report
• To get a comprehensive overview of the gummy vitamins market
• To gain wide-ranging information about the top players in this industry, their product portfolio details, and the key strategies adopted by them
• To gain insights about the major countries/regions in which the gummy vitamins market is flourishing
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