Gummy Supplements Market is Estimated to Witness High Growth Owing to Increasing Demand Among Millennial Population
SWOT Analysis
Strength: Gummy supplements have high taste and flavor which makes them more appealing for children and people who have difficulty swallowing pills. Their chewable textures also makes them easy to consume. Being small in size makes them very portable. Three new exciting flavors are launched regularly which keeps customers engaged.
Weakness: Gummy supplements have lower concentration of active ingredients compared to pill or capsule form. This makes it necessary to consume multiple gummies to get recommended dosage. As they are sugar-based, people on special diets cannot consume them. Packaging in plastic or aluminum also raises environmental concerns.
Opportunity: Growing health awareness worldwide is resulting in rising demand for dietary supplements. Gummy format is very popular among young people and families with children. There is scope to introduce vitamins, proteins and other supplements in delicious gummy form. E-commerce platforms are driving the supplement industry's growth by making products more accessible.
Threats: Strict regulatory framework around supplement labels and composition. Customers may switch to other delivery formats like drinks, bars if proven more effective. Frequent new product launches in the market increases competition. Rising raw material prices and commodity market volatility can impact profit margins.
Key Takeaways
Global Gummy Supplements Market Size is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing health consciousness among general population and growing preference for chewable dietary supplements.
Regional analysis: North America dominates the global gummy supplements market currently owing to increasing prevalence of lifestyle diseases. Asia Pacific is expected to grow at a highest CAGR due to growing disposable incomes, large population base and improving healthcare infrastructure in major Asian countries.
Key players: Key players operating in the gummy supplements market are GlaxoSmithKline (GSK), Bayer AG, Amway Corporation, Church & Dwight Co. Inc., Nestle SA, Hero Nutritionals LLC., Aesthetic Nutrition Pvt. Ltd (Power Gummies), Unilever PLC, and Jagzee Enterprises (Nutrazee). These players are launching new flavors regularly and focusing on innovative packaging formats to sustain their market position.
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