Gummy Vitamins Market to Cross USD 9.49 billion by 2028 owing to Rising Popularity for Easy-to-Consume Supplements
The gummy vitamins market was worth USD 6.16 billion in 2021 and is estimated to progress steadily to reach USD 9.49 billion by 2028, growing at a CAGR of 6.02% during the forecast period (2022 to 2028).
Westford, USA, Jan. 10, 2023 (GLOBE NEWSWIRE) — A significant shift in lifestyle trends, increasing health issues, growing demand for nutritional products, high disposable income, and a rise in consumer awareness about the key benefits of vitamins are some of the most prominent factors driving growth for the gummy vitamins market. Gummy vitamins are nutritional supplements shaped like soft, chewable gummy bears or other shapes. They are primarily advertised to children as a fun way to take vitamins, but adults can also enjoy them. Gummy vitamins are high in vitamin C and B12, as well as other critical elements like zinc and iron.
According to SkyQuest market insights, gummy format vitamins are trendy among the younger generation, with over 67% of the US population aged 18 to 35 preferring them over other vitamin formats. Furthermore, as per a recent survey, 76% of Americans and 39% of the Asian Pacific population consumes at least one supplement every day.
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Gummy Vitamins to Attain High Consumption among Adult and Children Segment
SkyQuest’s latest research found that approximately 30% of the population has difficulty swallowing pills. In addition, around 20 to 30 percent of cancer patients, including many prostate cancer patients, have problems swallowing pills and capsules. Gummy vitamins are a tremendous help for people who struggle to swallow pills. Gummy vitamins are significantly more convenient than regular vitamin pills. Furthermore, gummy vitamins have grown in popularity among children and adults due to their ease of swallowing. However, sugar content has been a source of worry for customers and is a factor in the give-and-take of gummy supplements. They taste fantastic since they are sweetened, and because the quantities are smaller per gummy than tablets, one needs to eat more gummies to achieve the necessary nutrients, increasing sugar intake.
The latest report on gummy vitamins market includes information on recent developments, import-export analysis, production analysis, value chain optimization, and opportunities in terms of emerging revenue pocket. In addition, the report features changes in market regulations, category market growths, application niches and dominance, geographic expansions, product approvals, product launches, and technological innovations.
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High Rate of Vitamin Deficiencies Globally to Propel Gummy Vitamins Market Growth
The rise in vitamin deficiency and malnutrition issues in developing and underdeveloped countries, particularly in the Asia Pacific and Africa, is driving significant growth for the gummy vitamins market. As per SkyQuest’s research, the number of undernourished people increased by 150 million between 2019 and 2022. In addition, rising hair fall issues and raising awareness about women’s health are all predicted to boost gummy vitamin sales in the long run. Furthermore, the rise in the cases of chronic diseases in developed regions such as Europe and North America in recent years has boosted the demand for gummy vitamins.
The market is projected to see innovation in format, serving size, and flavor to cater to the growing number of adult users. The market report provides an in-depth analysis of important regional markets, focusing on discovering attractive opportunities in the various regions. Furthermore, the current and future market perspectives of the industry in terms of recent developments are covered in the report. The report also includes growth prospects, drivers, challenges, and restraints.
Increasing Growth of Fitness and Wellbeing Industries to Boost Gummy Vitamins Product Sales
Rising activity in the fitness and wellness industries has increased product sales in recent years. According to research projections, the global health and wellness market is predicted to touch worth US$ 6.75 trillion by 2030. In addition, an expanding number of outlets offering the products, including everyday businesses such as supermarkets, has further boosted sales. Furthermore, following the pandemic phase, a large segment of the global population has become health concerned, bolstering market growth in various countries worldwide.
The vitamin and supplement sector is rapidly developing, with new entrants challenging established players. However, despite high entry barriers, several pockets of the market remain underserved, and start-ups are bringing innovations to target these areas. The market report sheds light on the latest developments in the industry to help market participants to stay updated with the current market dynamics.
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Key Advancements in Gummy Vitamins Market
- Nature’s Truth, a company established in the United States that sells vitamins and other natural health products, announced the extension of its gummy vitamins product range for children to satisfy rising demand. Elderberry gummies, vitamin C gummies, and other items were mentioned as part of the expansion. The new gummies were all non-GMO, vegetarian, and gluten-free.
- Kourtney Kardashian Barker has launched a new vitamin and supplement line that features unique science-backed formulations that are delicious, clean, and packed in 100% post-consumer recycled materials. The Lemme brand results from Kardashian Barker’s decades-long enthusiasm for health and wellbeing and five years of study with a team of premier scientists, MDs, and botanists to create what the brand claims are the cleanest gummy vitamins and supplements available.
- National Nutrition collaborates with SUKU Vitamins to provide a complete line of SUKU gummy vitamins. National Nutrition is Canada’s largest vitamin and supplement retailer, and SUKU Vitamins is a Canadian gummy vitamin brand that uses Naturopathic formulas. With this new relationship, all SUKU gummy vitamins will be available at National Nutrition, including the best-selling candies Applely Ever After and Luscious Hair.
- Abbott has introduced Arachitol Gummies, an easy-to-take nutritional supplement for daily Vitamin D, calcium, and curcumin requirements in children and adults. The orange fruit-flavored gummies, authorized by India’s Food Safety and Standards Authority (FSSAI), would help bone health, immunity, and overall well-being.
The gummy vitamins market is fragmented and competitive, with a strong presence of major pharmaceutical businesses and domestic players catering to the confectionary segment. The competitive landscape includes the market ranking of the top companies, as well as recent service/product launches, business expansions, collaborations, and acquisitions.
Prominent Players in the Gummy Vitamins Market
- Pfizer Inc.
- Bayer AG.
- The Honest Company, Inc.
- Church & Dwight, Inc.
- SmartyPants Vitamins
- Pharmavite LLC.
- Bettera Wellness
- Olly Public Benefit Corporation
- Ion Labs, Inc.
- Hero Nutritionals LLC.
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