Market Overview
Global Gummy Vitamins Market size is poised to reach the valuation of USD 9,395.1 million by 2028, as per the Latest Report by Market Research Future (MRFR). The market is projected to expand at 9.10% CAGR over the forecast period (2018-2028). It stood at USD 3,931.8 million in 2018. Increasing cases of vitamin deficiencies coupled with preference towards easy-to-swallow supplements are factors expected to drive market growth.
Availability of chewable supplements such as gummy vitamins is anticipated to drive market growth at a global level. The high need for these supplements among adults is fueled due to vitamin deficiency levels. According to the U.S. Department of Agriculture (USDA), more than 50% of the population is deficient in vitamin D. Manufacturers are thus introducing supplements in a variety of flavors to appeal to audiences.
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The high demand for naturally derived products is expected to offer growth opportunities for supplement manufacturers. For instance, SmartyPants launched the SmaryPants Vitamins line which comprises vitamins infused with probiotics and omega 3. Moreover, the need for natural sweeteners, natural flavors, and natural colors is likely to present new avenues for manufacturers to explore.
But adverse effects associated with gummy vitamins can pose a major challenge to market growth.
Competitive Analysis
Key players in the Gummy Vitamins Market include Rainbow Light Nutritional Systems, Inc. (U.S.), Gimbals Fine Candies (U.S.), Herbaland Naturals Inc. (Canada), Hero Nutritionals, LLC (U.S.), Olly Public Benefit Corporation (U.S.), Softigel (U.S.), Bayer Group (Germany), Pharmavite LLC (U.S.), Church & Dwight Co., Inc. (U.S.), Life Science Nutritionals (Canada), Zanon Vitamec USA Inc. (U.S.), Bettera Wellness Corp. (U.S.), SmartyPants Inc. (U.S.), Nature’s Way Products, LLC (U.S.), and The Nature’s Bounty Co. (U.S.).
Segment Analysis
The global gummy vitamins market is segmented by type, end-user, and distribution channel.
By type, multivitamins is projected to exhibit 9.20% CAGR over the forecast period to reach a valuation of USD 6.61 billion by 2028. On the other hand, single vitamins is projected to witness 8.88% CAGR over the assessment period to reach USD 2.78 billion by the end of the forecast period. For instance, omega-3 DHA supplements are in high demand among pregnant women in addition to reducing cholesterol levels.
Among end-user, the child segment is projected to exhibit 9.27% CAGR over the forecast period to reach a valuation of USD 2,776.5 million by 2028. This can be attributed to preference of these supplements by children due to their taste and shape. Manufacturers are launching low sugar content versions to cater to the tastes of children. On the other hand, adults segment is projected to expand 9.03% during the forecast period.
By distribution channel, the store-based channel is projected to reach USD7,684.5 million by 2028, while the non-store-based channel is projected to exhibit 10.10% CAGR over the forecast period. Non-store channels make use of ecommerce to offer customers an array of products. This medium can be used in reaching customers across various regions.
Regional Analysis
Geographically, the gummy vitamins market is segmented into Europe, Asia Pacific (APAC), Latin America, North America, and the Middle East & Africa (MEA).
Europe is projected to expand 9.40% CAGR over the forecast period to reach a valuation of USD 2,939.7 million by 2028. The regional gummy vitamins market is projected to expand due to consumers opting for nutritious foods and beverages. High demand for natural and organic food products is expected to work in favor of the market with consumers opting for gummy vitamins.
The APAC region is expected to reach a valuation of USD 2,019.9 million by 2028. It stood at USD 770.2 million in 2018. The market growth in the region is anticipated to be driven by various factors which include growing middle-income population and rising purchasing power of consumers. In addition, supplement manufacturers intend to capitalize on the upward trend of health consciousness among consumers to penetrate the market.
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