Gummy Supplements Market to Reach USD 10.2 billion By 2022-2030 at a CAGR of 9.17%,
Gummy Supplements Market Overview
The gummy fibre supplements are traded to the consumers through various delivery channels such as speciality, supermarkets, and suitable stores. The key purpose behind this is to enlarge the service and process line with a widespread buyer base. There is progress in significant customers who are worried about their health. They are asking for food items and by-products that must have the ability to avoid diseases from getting inside the body and offer an overall development in the body. Also, the elderly who need gummy iron supplements are increasing. Both the emerging and settled nations are searching for sources by which they can fulfil the demand for healthy constituents in the shape of dietary and food supplements. The gummy supplements market globally witnesses that preparation challenges are the major for the market. The preparations further boost the progress of extra challenges, such as preparing capsules and tablets to hide the topics associated with vitamin steadiness in the gummies.
According to Market Research Future (MRFR), the global Gummy Supplements industry Report on Latest Trends, Growth Factors, Key Players, and more, Categorizing the Global Gummy Supplements Market Gummy Supplements Market Size was valued at USD 5.5 billion in 2022. The gummy supplements market industry is projected to grow from USD 6.004 Billion in 2023 to USD 10.2 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.17% during the forecast period (2023 – 2030). As healthcare expenditures rise and the burden of lifestyle-related disorders increases, the market for gummy supplements is being spurred ahead by a paradigm change toward preventative health management practices and convenience. The market is expanding because of the rising need for individualized supplement solutions and the creation of new product-type compositions to satisfy these needs. These are major market drivers for the expansion of market.
The gummy supplements market is growing pervasively over the past few years. The market growth attributes to the increasing number of consumers inclined toward personal fitness and a healthy diet. Gummy supplements are intended for additional nutrients that may not be provided by regular foods. Therefore, gummy supplements witness huge demand among professional athletes, sportspeople, and fitness freaks. Moreover, rising health concerns among millennials escalate the market growth to furthered height.
Additionally, rising launches of products geared to address health concerns surrounding immunity, sleep, health stress, healthy hair, skin and nails, and daily energy boost the market growth. Moreover, factors such as the increase in consumers’ interest in personal fitness and healthy diet, lifestyle changes, and increased per capita health & wellness costs push the growth of the market.
Conversely, the availability of counterfeit products inhibits market growth, replacing good brands off the shelf. Moreover, the side effects of gummy supplements obstruct market growth. Also, intense competition plays a causal role in restricting the market and prohibiting access to new competitors. It is not easy to enter the market and compete with well-established players whose supplements are preferred the most.
The report has segmented the report into four dynamics.
By Product Type: Vitamins (Single Vitamin and Multi-Vitamins), Minerals (Omega Fatty Acids, Proteins, Blends, others), and others.
By End User: Adults and Kids.
By Distribution Channel: Store-Based and Non-Store-Based.
By Regions: Americas, Europe, Asia Pacific, and Rest-of-the-World.
North America dominates the global vitamin gummy’s supplements industry. The region accounted for a 40.55% share of the overall market in 2018. The largest market share attributes to the presence of many key industry players and their product portfolio expansion. Increasing product launches with innovative flavors and added functionalities is a crucial driving force behind the growth of the market. Also, the high per capita expenses for healthcare and wellness are important growth drivers for the market.
Innovation in the flavors of gummy supplements is expected to impact the growth of the regional market positively. The US and Canada are the major growth contributors to the regional market. The North American gummy supplements market is projected to retain its dominance over the global market, growing at 8.33% CAGR throughout the forecast period.
Europe stands second in the global gummy supplements market. The availability of mainstream supplements in consumer stores is a primary driving force behind the market growth. Moreover, the resurging economy and the presence of a health-conscious populace in the region foster the growth of the market. Additionally, the growing consumption and demand for gummy supplements in this region boost the market growth.
The Asia Pacific gummy supplements market is growing rapidly. Promotional activities are undertaken by key manufacturers to create strong awareness among consumers and the easy availability of gummy supplements online impacts the regional market growth. Besides, the growing demand for natural and organic food products among demographics and increasing health & wellness spending influence the regional market growth. The APAC is expected to be the fastest-growing market for gummy supplements globally.
Highly competitive, the gummy supplements market size appears fragmented due to the presence of several large and small-scale players. Well-established players in corporate strategic initiatives such as collaboration, acquisition, partnership, expansion, and product/ technology launch to gain a larger competitive share.
Industry players compete against each other based on product innovation, pricing, added health benefits, product differentiation, and category extension.
Players leading the global Key gummy supplements Market Players include Church & Dwight Co., Inc. (the US), Bayer AG (Germany), Pharmavite LLC (US), Hero Nutritionals, LLC (US), Nature’s Way Products, LLC (US), Zanon Vitamec USA Inc. (US), Better Wellness Corp. (US), Softigel (US), The Nature’s Bounty Co. (US), and Rainbow Light Nutritional Systems, Inc. (the US), among others.
Frequently Asked Questions (FAQ):
What are Gummy Supplements Key Market Drivers?
- Growing Demand for chewable supplement among adults
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