Market Research Future (MRFR) confirms that the Gummy Vitamins Market Size 2020 could touch USD 9,395.1 million by 2028, and is also touted to thrive at a rate of 9.10% between 2018 and 2028.
Top Boosters and Key Restraints
Gummy Vitamins Market Size come in various flavors including lemon, raspberry, cherry and orange and have garnered extensive popularity across the globe. These bolster the health, are easily chewable and are especially preferrable among people that find it challenging to swallow pills.
Another key reason for the market growth can be the growing cases of chronic disorders, especially in developed regions like Europe and North America. In particular, the surging cases of dysphagia could foster the sales of gummy vitamins in the coming years. Apart from this, the growing population of vegetarians as well as vegans in the UK and the US and growing health-consciousness, with a rising number of consumers opting for low to no sugar products, has prompted the market stakeholders to come up with new products that cater to this consumer class.
To cite a reference, in September 2020, YumVs Vitamins has introduced YumVs ZERO, its latest range of sugar-free gummy vitamins that has chicory root as a natural sweetener. The line comprises vitamin C, multivitamin and berry-flavored gummy along with probiotic, fiber gummies and iron that facilitate healthy teeth, hair, and nails.
Gummy vitamins industry has been considered for type, end-user, and distribution channel.
The different types of gummy vitamins are multivitamins and single vitamins. Multivitamins segment can project the fastest growth at a rate of 9.20% and touch USD 6.61 billion by the year 2028. Meanwhile, the single vitamins segment should gain a CAGR of 8.88% over the appraisal period and reach USD 2.78 billion by the forecast period’s end.
Adult and child are the two key market end-users. Between these, the child segment can scale at a higher rate of 9.27% to reach USD 2,776.5 million by the year 2028. Children are quite fond of gummy vitamin supplements, given their savory taste as well as attractive shape. The adult segment, on the other hand, could capture a growth rate of 9.03% over the evaluation period.
The distribution channels that sell gummy vitamins are either store-based or non-store-based. The store-based distribution channels can touch USD7,684.5 million by 2028, while the growth rate secured by non-store-based channels can be 10.10%. Non-store-based distribution channels witness strong demand owing to the rising popularity of ecommerce platforms that offer a variety of products.
Geographically, the global market for gummy vitamin brands can be divided into Europe, Latin America, Asia Pacific (APAC), Middle East & Africa (MEA) and North America.
Europe could emerge as a highly attractive market expanding at a rate of 9.40% to touch USD 2,939.7 million by the year 2028. The Gummy Vitamins Market Size size in the region is quite substantial and is boosted by the rising number of consumers growing health conscious and opting for healthier and more nutritious food products. Popular trends of organic and natural food items, and the surging focus on weight management among consumers could also foster the sales of gummy vitamins over the following years.
The Asia Pacific market is on the way to garner a high valuation of USD 2,019.9 million by the end of the conjectured period. The APAC market in 2018 was worth USD 770.2 million, and its jump to a valuation of USD 2,019.9 million in the coming years indicates robust growth potential, backed by the expanding middle-income populace that are increasingly witnessing a surge in their purchasing capacity. From a competitive standpoint, the regional market is growing intense with a mounting number of manufacturers striving to capitalize on the emerging trends of health consciousness among the people, to capture a higher position.
Bayer Group (Germany), Pharmavite LLC (U.S.), The Nature's Bounty Co. (U.S.), Nature's Way Products, LLC (U.S.), Herbaland Naturals Inc. (Canada), Rainbow Light Nutritional Systems Inc. (U.S.), Hero Nutritionals, LLC (U.S.), Gimbals Fine Candies (U.S.), Olly Public Benefit Corporation (U.S.), SmartyPants Inc. (U.S.), Life Science Nutritionals (Canada), Softigel (U.S.), Church & Dwight Co., Inc. (U.S.), Zanon Vitamec USA Inc. (U.S.), Bettera Wellness Corp. (U.S.), are the key firms in the market for gummy vitamins.
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