Gummy Supplements Market to Reach US$ 3,721.78 Mn by 2022, CAGR of 4.88% Driven by Increasing Health Consciousness
The global Gummy Supplements Market is estimated to be valued at US$ 3,721.78 Mn in 2022 and is expected to exhibit a CAGR of 4.88% over the forecast period of 2022-2030, as highlighted in a new report published by Coherent Market Insights. Gummy supplements refer to chewable vitamins and minerals in the form of gummy candies. They offer various advantages such as easy consumption, better absorption, and enhanced taste, which make them appealing to consumers. Gummy supplements meet the growing need for convenient and enjoyable ways to incorporate essential nutrients into daily diets. The rising health consciousness among consumers, coupled with the increasing preference for wellness and preventive healthcare, is driving the demand for gummy supplements in the market.
Market Key Trends:
With the increasing awareness about the importance of overall wellness and preventive healthcare, there is a growing trend of incorporating gummy supplements as a part of daily dietary routines. Gummy supplements offer an attractive and flavorful alternative to traditional pills, which can be challenging to swallow for some individuals. The pleasant taste and chewable form of gummy supplements appeal to both children and adults, making them a popular choice in the market.
Moreover, gummy supplements are not limited to essential vitamins and minerals but also include a wide range of functional ingredients such as probiotics, omega-3 fatty acids, and herbal extracts. These supplements cater to specific health concerns like gut health, immune support, bone strength, and cognitive function. The inclusion of functional ingredients in gummy supplements adds to their market appeal and provides consumers with targeted health benefits.
Overall, the gummy supplements market is witnessing significant growth due to the increasing health consciousness among consumers and the demand for convenient and enjoyable ways to incorporate essential nutrients
The gummy supplements market can be segmented based on type, distribution channel, and region.
Based on type, the market is dominated by multivitamin gummies. This segment is expected to witness high growth over the forecast period. The dominance of multivitamin gummies can be attributed to the increasing consumer awareness about the benefits of taking multivitamins for overall health and wellbeing. Additionally, the convenient and enjoyable nature of gummies makes them more appealing to consumers. Other sub-segments in the gummy supplements market include omega-3 gummies, probiotic gummies, and collagen gummies.
The global Gummy Supplements Market Share is expected to witness high growth, exhibiting a CAGR of 4.88% over the forecast period. This growth can be attributed to several factors. Firstly, there is a growing emphasis on preventive healthcare and wellness, leading to increased consumption of dietary supplements. Gummy supplements offer a convenient and enjoyable way for consumers to incorporate essential nutrients into their daily routine. Additionally, the rise of e-commerce platforms has made these supplements easily accessible to consumers, further driving market growth.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the gummy supplements market. This can be attributed to the high prevalence of lifestyle diseases, increasing health-consciousness among consumers, and a well-established dietary supplements market in the region. Furthermore, the growing popularity of gummy supplements among children and older adults is also contributing to the market growth in North America.
Key players operating in the gummy supplements market include 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 are focusing on product innovation, strategic partnerships, and expanding their distribution networks to gain a competitive edge in the market.
Overall, the gummy supplements market is expected to experience significant growth due to increasing consumer preference for convenient and enjoyable dietary supplements, the rising prevalence of lifestyle diseases, and the expanding e-commerce sector. North America is anticipated to be the key region driving market growth, while key players continue to innovate and expand their product offerings.