by Gummy supplements have gained immense popularity as an easy way to consume daily vitamins and minerals. Gummy supplements are chewable gelatin-based supplements infused with various vitamins, minerals, herbs or other nutraceuticals. They are fun to consume, come in assorted flavors and help meet daily nutritional needs easily. The product is widely marketed towards children, but adults also find their appeal due to ease of consumption. The global gummy supplements market provides a convenient format for supplementation and helps support overall health and wellness.
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 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving the gummy supplements market is the proliferation of customized and specialized gummies targeting specific health conditions. Manufacturers are developing gummies focused on various health issues like bone and joint health, sleep, energy, immunity, digestion etc. This allows consumers to choose supplements tailored to their individual needs. Another significant trend is the adoption of vegan and plant-based gummies. With the rise of flexitarian and vegan diets, consumers are demanding gummy supplements without animal-derived gelatin. This has propelled companies to launch pectin-based and other plant-derived gummy versions. Furthermore, the introduction of gummy supplements fortified with premium and rare ingredients is gaining traction. Products containing ingredients like CBD, collagen, probiotics are gaining consumer interest for their perceived superior benefits. Innovation in formulations, flavors and formats is expected to be a key influencer shaping the future growth paths of the gummy supplements market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the gummy supplements market is moderate. Establishing manufacturing facilities and distribution channels require significant investment which acts as a barrier.
Bargaining power of buyers: The bargaining power of buyers in the gummy supplements market is high. Buyers can easily switch between various brands depending on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Raw material providers have limited control over pricing due to availability of substitutes.
Threat of new substitutes: The threat of substitutes is high as capsule, tablet and liquid supplements provide similar benefits. Products from alternate categories also pose competition.
Competitive rivalry: The competitive rivalry is high among existing players. Manufacturers compete on the basis of flavor varieties, ingredients, marketing initiatives 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 9.3% over the forecast period 2023 to 2030.
Regional analysis: North America is the largest market for gummy supplements attributed to increasing prevalence of lifestyle diseases. Europe is second largest region driven by growing demand for nutritional supplements. Asia Pacific is expected to witness fastest growth with prevalence of dietary deficiencies in countries like India and China.
Key players: Key players operating in the gummy supplements market are Diebold Nixdorf, Inc., DXC Technology, ECR Software Corporation, Fujitsu, ITAB Group, NCR Corporation, Pan-Oston Corporation, ShelfX Inc., Slabb Inc., and Toshiba Global Commerce Solutions. The market is highly competitive with these players competing on the basis of product offerings and pricing
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
