Gummy supplements have come a long way from being seen as candy for children. They are increasingly finding favor with adults as well due to their easy-to-chew, chewy texture and convenient delivery of essential vitamins, minerals, other nutrients and supplements. Available in various flavors and shapes, gummy supplements make it fun and hassle-free for people to meet their daily nutritional needs without having to swallow large, tough pills. The global gummy supplements market has witnessed robust growth in recent years with a growing focus on preventive healthcare and importance given to lifestyle diseases. Key product categories include vitamin gummies, probiotic gummies, prebiotic gummies, fish oil & omega fatty acid gummies, melatonin gummies and other supplement gummies.
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 3.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Some of the major trends driving the gummy supplements industry include rising health-consciousness, an aging population seeking nutrition support and rising discretionary incomes allowing for premium wellness products. Studies show over 50% of global consumers want health products that are quick and convenient to use on a daily basis. Gummy supplements cater well to such preferences. Brands across the world are innovating with diverse flavors, shapes and formulations of gummy supplements targeted for different regions, lifestyles and age groups like children, adults, athletes and seniors. This is expected to push the gummy supplements industry to greater heights in the coming decade.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the gummy supplements market is moderate. Established brands have strong brand recognition and distribution networks that make it difficult for new companies to enter the market.
Bargaining power of buyers: The bargaining power of buyers in the gummy supplements market is high. Buyers have a large number of product options from various manufacturers. Buyers can negotiate on pricing and switch between brands easily.
Bargaining power of suppliers: The bargaining power of suppliers in the gummy supplements market is moderate. While there are many raw material suppliers, leading brands have scale and strong relationships that ensure steady supply.
Threat of new substitutes: The threat of new substitutes is high for the gummy supplements market. Other vitamin/supplement delivery formats like capsules and pills offer similar benefits at lower costs. Companies are constantly developing new delivery methods.
Competitive rivalry: Competition in the gummy supplements market is high due to presence of many established brands. Manufacturers compete based on product innovation, brand, taste, and pricing.
Key Takeaways
The Global Gummy Supplements Market Size is expected to witness high growth over the forecast period. 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 3.1% over the forecast period 2023 to 2030.
North America currently dominates the market due to high health awareness and busy lifestyles leading to demand for chewable supplements. Europe is also a major market driven by increasing health consciousness. Asia Pacific is expected to grow at the fastest pace due to rising disposable incomes and growing millennial population.
Key players operating in the gummy supplements market are BASF SE, British Petroleum Plc, Chevron Corporation, China National Petroleum Corporation (CNPC), China Petrochemical Corporation (SINOPEC), ExxonMobil Corporation, INEOS Group Ltd., LyondellBasell Industries Inc., Royal Dutch Shell PLC, and SABIC. Leading companies are investing in new flavors, innovative blends of vitamins and supplements, and attractive packaging to appeal to a wider consumer base. Acquisitions and partnerships are also common in the market to expand geographic footprints and product portfolios.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it