by The gummy supplements market is estimated to be valued at US$ 4093.89 Mn or 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 dietary supplements available in a gummy form. They are used as a fun alternative to regular multivitamin tablets or capsules. They are particularly popular among kids and the geriatric population who are unable to swallow regular pills. Some common types of gummy supplements available are multivitamins, vitamin D, vitamin C, minerals, probiotics, omega-3 and prenatal supplements. They provide essential nutrients in a fuss free way and are available in different flavors like oranges, berries etc.
Market Dynamics:
Growing health awareness among consumers regarding the need for nutritional supplementation is a major driver for the gummy supplements market. According to a report by International Food Information Council, 60% of American consumers track nutrients or vitamin/mineral intake. Additionally, busy lifestyles coupled with hectic schedules leave little time for a balanced diet. This has increased demand for convenient supplement options like gummies. Furthermore, ease of consumption is a strong factor favoring gummies over pills or capsules. They are soft, chewable and enjoyable for consumers of all age groups including kids and seniors. Key gummy supplements available are vitamin, mineral and probiotic gummies which help address specific nutritional deficiencies in a fun format.
Segment Analysis
The gummy supplements market can be segmented into vitamins, minerals, amino acids, botanical supplements and others. Among these, the vitamins segment dominates and accounted for around 40% of the overall market share in 2022. This is because vitamins are essential nutrients that support overall health and immunity. Gummies containing vitamins A, C, D, B-complex and multivitamins are widely consumed.
PEST Analysis
Political: The gummy supplements market is regulated by various authorities to ensure product safety and quality. These regulations influence R&D spending and new product launches.
Economic: Rising incomes and health awareness are driving consumers towards preventive healthcare options like supplements. However, inflation can impact disposable incomes and affect market growth.
Social: Changing lifestyles and busy schedules have increased the demand for convenient dosage forms like gummies. They are popular among kids, millennials and the elderly due to their taste.
Technological: Advanced technologies enable customized nutrition through innovative delivery solutions like modifying formulations, flavors and inclusions. This is boosting product 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 dosage forms like gummies. The market size for 2023 is estimated at US$ 4093.89 Mn.
Regional analysis: North America dominates currently due to high nutritional supplementation rates. Asia Pacific is expected to grow the fastest at a CAGR of around 6% due to rising health consciousness in countries like India, China and Japan.
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). These companies launched various gummy products with novel formulations, flavors and ingredients to meet consumer needs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
