The gummy supplements market is estimated to be valued at US$ 4093.89 Mn or billion in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Gummy supplements are chewable, soft gelatin forms of supplements that are often available in different shapes and flavors. They are used to easily deliver vitamins, minerals and other nutrients. As they taste good and are easy to chew, they are a convenient way for children and adults alike to consume daily supplements. Popular products include vitamins, prebiotics, probiotics and melatonin gummies. With changing lifestyles, gummy supplements have gained popularity as an on-the-go consumption format.
Market Dynamics:
Convenience of consumption: Gummy supplements offer a convenient and easy way for people to take their daily dose of vitamins and other supplements without having to swallow pills. Their soft gelatin texture makes them ideal for those who have difficulty in swallowing pills. This increased convenience of consumption through a chewable format is driving the growth of the Gummy Supplements Market Size.
Changing consumer preferences: Younger consumers especially prefer products that are tasty and come in youth-friendly flavors and formats. The availability of gummy supplements in flavors like strawberry, orange and grape appeals to young consumers. With improving dispositions incomes, more consumers are willing to spend on products that offer nutrition as well as taste appeal. This changing consumer preference for tasty on-the-go products is beneficial for the gummy supplements market.
Segment Analysis
The gummy supplements market can be segmented into vitamin gummies, probiotic gummies, protein gummies and other functional gummies. Vitamin gummies represent the largest segment due to growing vitamins and minerals deficiency in the modern lifestyle. Furthermore, vitamin gummies are widely available across convenience stores, hypermarkets/supermarkets and online retail channels which make it easily accessible to consumers.
PEST Analysis
Political: No stringent regulations related to production and marketing of gummy supplements enable easy market penetration for key players.
Economic: Rising disposable income is driving the demand for functional and nutritional supplements including gummy supplements.
Social: Growing awareness and demand among consumers towards healthier lifestyle options with fun formats like gummy supplements is boosting the market growth.
Technological: Advancements in flavours and formulas development give opportunities for wider application scope of gummy supplements. Use of natural colours and flavours is a key trend.
Key Takeaways
The global gummy supplements market is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing health consciousness among population and popularity of gummy format among kids and adults for easy consumption of supplements. The market size for 2023 is estimated at US$ 4093.89 Mn.
North America represents the largest regional market for gummy supplements. High awareness about nutritional benefits of gummy supplements and growing trend of preventive healthcare is driving the North America market. Asia Pacific is expected to showcase fastest growth over the forecast period. Rising middle class population, growing millennial population seeking convenient supplement formats, and increasing healthcare expenditure are key factors propelling the Asia Pacific market.
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 key players are undertaking organic growth strategies including new product launches, expansion of distribution network and collaborations to gain significant market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
