Recent Fact.MR data posits that the global gummy vitamins market is forecast to account for an absolute dollar opportunity of over US$ 2.5 Bn between 2021 and 2031, reaching US$ 3.71 Bn and expanding at a CAGR of 5.9%. It is anticipated that propensity towards fortified gummies will boost sales for gummy vitamins market throughout the forecast period.
Historically, sales of gummy vitamins expanded at a CAGR of 4% to reach US$ 3.5 Bn from 2016 to 2020. High demand for gummy vitamins is a lucrative opportunity for supplement manufacturers in developed economies. The majority of top players in the gummy vitamin industry are based in the United States, although their growth is being observed in the international market.
Even though companies are focused on establishing a foothold in domestic markets, the trend of regional expansion in high potential regions such as APEJ and MEA is expected in the foreseeable future.
Key Takeaways from the Market Study
- North America accounts for more than 25% of the total gummy vitamins market.
- Asia presents the highest potential for growth, projected at 2.0X over its current market value.
- Multivitamins hold a prominent share within the gummy vitamins market with a share of over 50%.
- Gummy vitamins targeted at children anticipated to witness a growth of 1.5x during the forecast period.
- Germany to expand at a CAGR of 6% across the 2021-2031 assessment period
- Online retail for gummy vitamins is expected to garner an absolute dollar opportunity of over US$ 400 Mn.
“Increasing global consciousness about preventive healthcare, digital platforms and social networking sites are becoming a prominent tool for gummy vitamin producers to advertise their products” says the Fact.MR analyst.
How is Rising Demand for Children Bolstering Demand for Gummy Vitamins?
Owing to the children’s hesitancy towards eating nutritious food, parents are looking for alternative solutions. They are increasingly inclining towards easily chewable nutraceutical products available in different formats, shapes, and flavors, such as gummy supplements.
Gummy vitamins manufacturers are coming out with differently shaped products, like bears, fruits, flowers, etc. They are also launching different delectable flavors, in order to deliver a fun, flavorful, and convenient way of meeting children’s health needs.
Furthermore, parents are becoming more concerned about their children’s health and want to feed them with trustworthy vitamins supplements. Therefore, this is compelling companies are taking this opportunity by developing organic ingredient-based gummy supplements to actively target children.