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 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 soft, chewable vitamins and supplements that provide nutritional benefits. They are available in different tastes and flavors for kids and adults. Gummy supplements are convenient to consume and easily digestible. They contain vitamins, minerals, and other ingredients that support overall health and wellness. People prefer gummy supplements over conventional tablets or capsules due to their taste and ease of consumption. The gummy form makes the consumption of supplements fun and enjoyable.
Market key trends:
One of the key trends in the gummy supplements market is the increasing demand for natural and plant-based products. Consumers are shifting towards natural and organic products due to rising health concerns related to synthetic ingredients. As a result, companies are focusing on developing gummy supplements with natural colors, flavors, and sweeteners. Another trend is customization and personalization in gummy supplements. Manufacturers offer customized gummy supplements as per the dietary requirements and nutrient deficiencies in individuals. This has increased the product appeal and customer retention. Furthermore, the advent of CBD-infused gummies is gaining traction in the global market. CBD gummies help in relieving stress, anxiety and support better sleep.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate to low. It takes significant capital investments in R&D, marketing, technology, distribution channels to enter the market. Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of several substitutes in the market such as traditional supplements in the form of pills or capsules. Bargaining power of suppliers: Suppliers have moderate bargaining power as there are substitute raw material suppliers and prices of raw materials are somewhat volatile. Threat of new substitutes: Threat from substitutes is moderate. Pills or capsules are traditional substitutes but gummies are becoming popular due to enhanced palatability and convenience. Competitive rivalry: The competitive rivalry is high among the established players due to their ability to invest in branding and innovation.
Key Takeaways
Global Gummy Supplements Market Size is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing health awareness and preference for convenient supplement forms. The North America region dominated the market with over 35% share in 2023 owing to growing health consciousness.
Regional analysis
North America is expected to dominate the gummy supplements market over the forecast period. This is attributed to increasing health awareness and preference for chewable gummy supplements among the consumers in the region. Asia Pacific is expected to exhibit the fastest growth rate over the forecast period owing to the growing economy, rising income levels, and increasing focus on preventive healthcare in countries such as China and India.
Key players
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).
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it