Gummy Supplements Market Promises Significant Growth due to Increasing Demand for Immunity Boosting Supplements
Gummy supplements are chewable gummy candies that are infused with various vitamins, minerals, probiotics, and other herbal extracts to provide nutritional support. Gummy supplements taste delicious like candy and are easy to consume, especially suitable for kids and elderly. Gummies are available in various flavors like cherry, orange, and apple.
The global gummy supplements market is estimated to be valued at US$ 4093.89 Mn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Immune supporting properties of certain gummy supplements have accelerated their demand amidst the ongoing COVID-19 pandemic. Gummies fortified with vitamin C, zinc, and probiotics are being consumed to help support the body's natural defenses against pathogens. Manufacturers are leveraging this demand by launching gummy supplements targeted towards immune and overall wellness. For instance, Nature's Way launched their Immunity gummies containing vitamins A, C, D, and zinc along with elderberry and probiotics. Similarly, Olly launched 'Immunity Gummy vitamins' enriched with vitamin C and D, zinc and prebiotics. The trend of immune-boosting gummies is expected to drive the market growth over the forecast period, as consumers increasingly adopt preventive healthcare approaches.
Porter's Analysis
Threat of new entrants: The gummy supplements market is moderately difficult to enter due to high capital requirements and established brand preferences. However, the market is growing at a rapid pace allowing opportunities for new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of variety of supplements and brands. Switching costs are relatively low.
Bargaining power of suppliers: Large manufacturers and formulation companies have significant influence over prices of raw materials and ingredients.
Threat of new substitutes: Threat from substitutes is moderate as other supplement delivery methods like pills and powders cannot match gummies in terms of taste and convenience.
Competitive rivalry: The market is highly competitive with companies competing on the basis of product variety, marketing initiatives and branding.
SWOT Analysis
Strengths: Gummies are enjoyable to consume, have wide appeal and support adherence. Dominant players have large production capacities.
Weaknesses: High commodity prices can squeeze margins. Private label brands pose pricing challenge. Heavy reliance on few leading markets.
Opportunities: Growing health awareness and preventive healthcare adoption. Emerging geographies yet to gain scale. New product innovations and customized gummies.
Threats: Stricter regulations. Patent litigations between competitors. Economic slowdowns curb discretionary spending.
Key Takeaways
The Global Gummy Supplements Market Size is expected to witness high growth driven by increased health awareness and preference for chewable delivery forms. The global 3D printing materials Market is estimated to be valued at US$ 10.72 billion in 2023 and is expected to exhibit a CAGR of 12.5% over the forecast period 2023 to 2030.
North America currently dominates the market due to popularity of gummy vitamins among young population for meeting daily nutrition needs in an enjoyable way. The Asia Pacific region is expected to grow at the fastest pace during the forecast period driven by rising incomes, growing health consciousness and expanding modern retail in countries like China, India and South East Asian nations. Players are launching innovative gummy formats infused with functional ingredients for conditions like sleep, immunity, digestion etc which is gaining traction among young working professionals with busy lifestyles.
Key players operating in the gummy supplements market are Diebold Nixdorf, Inc., DXC Technology, ECR Software Corporation, Fujitsu, ITAB Group, NCR Corporation, Pan-Oston Corporation, ShelfX Inc., Slabb Inc., and Toshiba Global Commerce Solutions.
Manufacturers are focused on strategic acquisitions and partnerships to expand geographic footprints and product portfolios. They are also strengthening private label offerings and optimizing pricing through efficient supply chains to boost volumes. Automation of production lines remains key to maintaining best in class quality standards and scalability.
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