Welp MagazineGrowing awareness about the health benefits of gummy vitamins among consumers is expected to drive market growth over the forecast period. The category faces competition from traditional vitamin supplements in terms of delivery forms and offers a differentiating factor by being available as a chewable form that appeals greatly to children. However, a lack of product innovation poses an opportunity for new entrants in this segment.
Market Estimates and Forecasts
The market is expected to reach USD 8.67 Billion by 2028 from USD 2.30 Billion in 2018, at a CAGR of 10.1% during the forecast period. Gummy vitamins are chewable tablets that come in flavors like cherry, orange or grape which make them more appealing for kids as compared with regular hard pills or capsules. The demand for these types of vitamin supplements has risen owing to their low price point and easy accessibility along with being tasty too.
Application Insights
Based on application, the market is segmented into vitamin A, D3 and other vitamins such as B6, B12 etc. Vitamin A segment accounted for the largest share of the market in 2017 owing to its wide applications in various food products such as cereals and snacks including breakfast bars, granola bars and energy bars which are consumed by children on a daily basis. This segment is projected to grow at a CAGR of 12% during the forecast period.
Regional Insights
Based on region, the global gummy vitamins market is segmented into North America, Europe, Asia Pacific and LAMEA. North America is expected to dominate the global gummy vitamins market owing to the rising demand for vitamin supplements in kids and adults which can be easily accessed through online stores, learn more about them. The U.S. accounts for the largest share of the market in this region owing to its strong consumer base and increasing awareness about the nutritional values of food products among consumers. The Asia Pacific region is projected to grow at a CAGR of 11% during the forecast period owing to increasing consumer awareness about the nutritional value of food products and rising demand for healthy snacks among kids and adults along with easy accessibility through online stores. Japan accounts for a major share of this region due to the increasing number of health supplement stores available across the country which are providing various types of vitamin supplements including gummy vitamins which are making them more popular among consumers throughout the country.
Key Drivers and Restraints Shaping Market Growth
The market is highly dependent on the growth of the consumer population and the rising demand for healthy food products and snacks. Moreover, increasing consumer awareness about the nutritional value of food products and various types of supplements are projected to boost the growth of this market in coming years. The growing demand for healthy snacks like gummy vitamins will also propel the market growth over the forecast period.
Key Trends in Global Gummy Vitamins Market
The increasing number of health supplement stores are offering various types of vitamin supplements including gummy vitamins which are making them more popular among consumers throughout the Asia Pacific region. Growing awareness about the nutritional values of food products and increasing consumer base is expected to further boost the growth of this market over the next few years.
Segment-wise, Country-wise, and Region-wise Analysis
The global gummy vitamins market is segmented on the basis of product type, end-use, and region. On the basis of product type, the market is segmented into vitamin C, vitamin D and others. On the basis of end-use, the market is segmented into health supplement stores and others. The global gummy vitamins market is further categorized based on region into North America (NA), Latin America (LA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA) and Others.
The U.S. holds a significant share in the global gummy vitamins market as it is a major consumer of this product globally. This can be attributed to increasing awareness regarding healthy food products among consumers in this country which has resulted in increased demand for these products over time. The increasing number of health supplement stores have also contributed to an increase in demand for this product in the U.S., which can be attributed to growing awareness among consumers regarding various health benefits of these products. The other major regions such as the Asia Pacific and MEA are expected to witness significant growth in the coming years, due to increasing demand for functional food products.
The major players in the global gummy vitamins market are based in North America and Europe. These players are focusing on increasing their product range and product portfolio to cater to the growing demand for gummy vitamins globally. The other players operating in this market include a number of small-sized companies based in Europe, which are focused on developing unique formulations for their respective products, as well as developing new markets for their products through targeted marketing strategies.
Brand Share and Market Share Analysis
Some of the key players operating in this market are, Biotest Nutritionals, Inc., All American Selections, LLC, Suneris Inc., Nature’s Secret LLC, Nature’s Bounty Corporation, and GNC Holdings Inc.
The segmentation analysis of the global gummy vitamins market has been performed on the basis of product type and region. On the basis of product type, the global gummy vitamins market has been segmented into vitamins A&D and D3. On the basis of region, this market has been segmented into North America and Europe. The global gummy vitamins market is expected to witness significant growth over the forecast period owing to the increasingly health-conscious population in these regions. The Asia Pacific has emerged as a key region for the development of new products by several leading players operating in this market owing to the growing demand for functional foods products in this region.
Key Product Innovations and Regulatory Climate
The key product innovations and regulatory climate for the global gummy vitamins market has been analyzed in this report. On the basis of product type, the global gummy vitamins market has been segmented into vitamins A&D and D3. On the basis of region, this market has been segmented into North America and Europe. The key regulatory events and trends in the global gummy vitamins market have also been discussed in this report.
Key Market Drivers
The key factors driving the growth of the global gummy vitamins market include increasing health awareness among consumers, increasing prevalence of chronic diseases such as diabetes, cardiovascular diseases, cancer, Alzheimer’s disease, etc., together with growing demand for functional foods products throughout various regions of the world. Moreover, increasing demand for natural ingredients to treat various diseases is expected to augment growth opportunities in this market over the forecast period. However, the high cost associated with the development of such products is expected to hamper growth prospects during the forecast period.
