The global gummy supplements market size was valued at USD 9.30 billion in 2023. The market is projected to grow from USD 10.50 billion in 2024 to USD 27.57 billion by 2032, exhibiting a CAGR of 12.89% during the forecast period.
Gummy supplements, rich in vitamins and minerals, offer a tasty and convenient solution for fulfilling nutritional requirements. Rising adoption of sports supplements, underscores athletes' inclination toward convenient and efficient nutritional options to optimize performance, driving the market growth.
The market witnessed significant growth during the COVID-19 pandemic, with consumers prioritizing their health. Many individuals took preventive healthcare measures, leading to increased consumption of vitamins and mineral supplements during that period.
Fortune Business Insights™ provides this information in its research report, titled “Gummy SupplementsMarket, 2024-2032”.
Information Source: https://www.fortunebusinessinsights.com/gummy-supplements-market-109478
Segmentation:
Single Vitamin Segment Held the Largest Share Owing to Widespread Micronutrient Deficiencies
By type, the market is distributed into multi-vitamin, minerals, probiotics, omega-3 fatty acids, collagen, single vitamin, and others. The single vitamin segment captured the largest market share in 2023. High prevalence of deficiencies, especially of vitamins C, D, and B, across various age groups, stimulates demand for single vitamin supplements, propelling segment growth.
Adults Segment Secured the Highest Market Share owing to Convenience and Taste Appeal
By end-user, the market is fragmented into adults, children, and geriatric.
The adults segment witnessed the highest gummy supplements market share. Rising preference for gummy vitamins and minerals among adults is attributed to their convenient form and enjoyable taste, effectively masking the unpleasantness of pills or capsules. This appeal is particularly strong for middle-aged individuals experiencing "pill fatigue."
Supermarkets/Hypermarkets Segment Holds the Apex Position due to Convenience and Accessibility
By distribution channel, the market for gummy supplements is divided into supermarkets/hypermarkets, pharmacies/drug stores, specialty stores, online retail, and others. The supermarkets/hypermarkets dominates the market as they provide convenient shopping experiences with services such as home delivery and bulk purchasing options, making it easy for consumers to access a wide range of gummies and other products.
In terms of region, the market is categorized into Europe, North America, the Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report provides quantitative and qualitative insights, encompassing market sizing, growth rates across segments, competitive landscape, regulatory analysis, and recent industry trends such as mergers & acquisitions.
Drivers and Restraints:
Strategic Product Promotion and Diverse Functional Offerings to promote Product Demand
Effective promotional campaigns, such as Swisse Wellness' "Function, Fun Gummies" and Power Gummies' "GummyUpShapeUpDressUp," play a pivotal role in increasing product awareness and attracting consumers, thereby fueling market expansion. Moreover, the presence of brands such as Swisse Wellness, which provides gummies offering a range of functional benefits, and Power Gummies, aimed at consumers seeking a healthier lifestyle, widens the selection of products available. This diverse array of options appeals to a broader audience, thereby driving market expansion.
However, high levels of sugar alcohols, while enhancing flavor, pose health risks, discouraging consumer uptake and impeding gummy supplements market growth.
Regional Insights:
North AmericaDominate the Market Owing to Strong Presence of Manufacturers
North America is the leading region, accounting for approximately 44.48% of the market share in 2023. The region benefits from the presence of robust manufacturers, surging adoption of gummies, and access to diverse range of gummy supplements.
The surge in sports enthusiasts and growing awareness of health-conscious lifestyles, including veganism, stimulate demand for convenient options such as gummies in the Asia Pacific market.
Competitive Landscape:
Key Players are Focusing on Product Innovation to Meet Consumer Demand
Church & Dwight, Haleon Plc., The Clorox Company, and others are pivotal in the gummy industry, driving market expansion through their diverse flavored nutritional supplements enriched with vitamins and minerals. Moreover, their robust sales strategies contribute to the market's upward trajectory, as they meet consumer demand with innovative product offerings, fueling the growth of the gummy supplements market.
Key Industry Development:
April 2023- Nutritional supplements leader TopGum announced the acquisition of PharmltBe, an R&D specialist, aiming to bolster gummy production with advanced techniques in the future.
List of Key Players Mentioned in the Report:
- Church & Dwight (U.S.)
- Haleon Plc. (U.K.)
- Nordic Naturals (U.S.)
- Hero Nutritionals (U.S.)
- Nutri Bears (India)
- Jamieson Vitamins (Canada)
- The Clorox Company (U.S.)
- H&H Group (Hong Kong)
- Unilever Plc. (U.K.)
- Nestle Health Science (Switzerland)
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