Gummy Supplements Market Outlook
The gummy supplements market is growing pervasively over the past few years. The market growth attributes to the increasing number of consumers inclined toward personal fitness and a healthy diet. Gummy supplements are intended for additional nutrients that may not be provided by regular foods. Therefore, gummy supplements witness huge demand among professional athletes, sportspeople, and fitness freaks. Moreover, rising health concerns among millennials escalate the market growth to furthered height.
According to Market Research Future (MRFR), the global Gummy Supplements industry Report on Latest Trends, Growth Factors, Key Players, and more, Categorizing the Global Gummy Supplements Market Growth Industry is predicted to register a CAGR of 8.40% and reach USD 7,145.8 Million by 2028. Gummy Supplements Industry High consumer inclination toward functional foods has increased the demand for fortified gummies. Also, rising health concerns have increased the popularity of fortified gummies among consumers. Consistent positive results demonstrated by these supplements act as a key tailwind for the market growth.
Additionally, rising launches of products geared to address health concerns surrounding immunity, sleep, health stress, healthy hair, skin and nails, and daily energy boost the market growth. Moreover, factors such as the increase in consumers’ interest in personal fitness and healthy diet, lifestyle changes, and increased per capita health & wellness costs push the growth of the market.
Conversely, the availability of counterfeit products inhibits market growth, replacing good brands off the shelf. Moreover, the side effects of gummy supplements obstruct market growth. Also, intense competition plays a causal role in restricting the market and prohibiting access to new competitors. It is not easy to enter the market and compete with well-established players whose supplements are preferred the most.
There are moderated implications of the supply for fortified gummies because of the spread of the novel coronavirus. The supply chain management for the final products to be sold in the market was exposed to various adverse impacts of COVID19 like the lockdowns. The gummy supplements market is majorly dependent on exports from different regions. Due to the imposition of restrictions related to international travel or export ban. The transition of glutathione gummy supplements is expected to regain momentum along with increased consumption in different regions.
The spread of coronavirus has led people to take care of their lifestyle and thus, keep proper track of the consumption of necessary immunity-boosters, vitamins, and minerals. The government is also taking up initiatives for spreading awareness, and mass distribution of Vitamin C, and D supplements. Also, the vegan omega3 gummy supplements are being exported to international borders, thus, helping the market cover up the losses due to the spread of coronavirus.
The report has segmented the report into four dynamics.
By Product Type: Vitamins (Single Vitamin and Multi-Vitamins), Minerals (Omega Fatty Acids, Proteins, Blends, others), and others.
By End User: Adults and Kids.
By Distribution Channel: Store-Based and Non-Store-Based.
By Regions: Americas, Europe, Asia Pacific, and Rest-of-the-World.
North America dominates the global vitamin gummys supplements market. The region accounted for a 40.55% share of the overall market in 2018. The largest market share attributes to the presence of many key industry players and their product portfolio expansion. Increasing product launches with innovative flavors and added functionalities is a crucial driving force behind the growth of the market. Also, the high per capita expenses for healthcare and wellness are important growth drivers for the market.
Innovation in the flavors of gummy supplements is expected to impact the growth of the regional market positively. The US and Canada are the major growth contributors to the regional market. The North American gummy supplements market is projected to retain its dominance over the global market, growing at 8.33% CAGR throughout the forecast period.
Europe stands second in the global gummy supplements market. The availability of mainstream supplements in consumer stores is a primary driving force behind the market growth. Moreover, the resurging economy and the presence of a health-conscious populace in the region foster the growth of the market. Additionally, the growing consumption and demand for gummy supplements in this region boost the market growth.
The Asia Pacific gummy supplements market is growing rapidly. Promotional activities are undertaken by key manufacturers to create strong awareness among consumers and the easy availability of gummy supplements online impacts the regional market growth. Besides, the growing demand for natural and organic food products among demographics and increasing health & wellness spending influence the regional market growth. The APAC is expected to be the fastest-growing market for gummy supplements globally.
Highly competitive, the gummy supplements market size appears fragmented due to the presence of several large and small-scale players. Well-established players in corporate strategic initiatives such as collaboration, acquisition, partnership, expansion, and product/ technology launch to gain a larger competitive share.
Industry players compete against each other based on product innovation, pricing, added health benefits, product differentiation, and category extension.
Players leading the global gummy supplements market include Church & Dwight Co., Inc. (the US), Bayer AG (Germany), Pharmavite LLC (US), Hero Nutritionals, LLC (US), Nature’s Way Products, LLC (US), Zanon Vitamec USA Inc. (US), Better Wellness Corp. (US), Softigel (US), The Nature’s Bounty Co. (US), and Rainbow Light Nutritional Systems, Inc. (the US), among others.
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