Gummy Supplements Market is estimated to witness high growth owing to increasing trend of consuming gummy supplements
The Gummy Supplements Market is estimated to be valued at US$ 4093.89 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The Gummy Supplements Market is growing at a high pace due to rising healthcare
expenditure as well as increasing prevalence of vitamin and mineral
deficiencies. Gummy supplements are soft and chewable, which makes them
appealing to both children and adults. They are easy to carry and consume as
compared to traditional tablets or capsules. This makes gummy supplements a
convenient source of nutrients for individuals who find it difficult to swallow
pills. The palatable texture and fruity flavors of gummy supplements also make
them popular among individuals with low appetite.
Market Overview:
Gummy supplements are chewable supplements that contain a mixture of vitamins,
minerals, or other ingredients such as probiotics, melatonin, etc. in a soft,
gel-like candy form. The multivitamin gummy supplements are gaining popularity
as they provide essential nutrients in a chewable format which makes them easy
to consume, especially for children and the elderly population.
Market key trends:
The gummy supplements market is witnessing high growth owing to increasing
trend of consuming gummy supplements among millennials and generation Z
population. The young population prefers gummies over pills due to its soft and
chewable texture and assorted fruit flavors. Manufacturers are launching
innovative products fortified with vitamins, probiotics and other nutrients to
cater to specific need of different age groups. For instance, probiotic gummies
for gut health, melatonin gummies for better sleep. Rise in health
consciousness and demand for convenient supplement formats are some of the
major factors boosting the growth of gummy supplements market.
Porter’s Analysis
Threat of new entrants: The gummy supplements market faces moderate threat of
new entrants due to capital intensive nature for research and development of
new gummy products. However, emerging companies can penetrate the unorganized
market segments with innovative offerings.
Bargaining power of buyers: Buyers have moderate bargaining power due to
availability of substitutes. However, customized offerings from key global
brands have created brand loyalty among consumers.
Bargaining power of suppliers: Key raw material suppliers enjoy high bargaining
power due to concentrated supply of ingredients used in manufacturing gummy
supplements such as gelatin, vitamins, and minerals.
Threat of new substitutes: Threat from substitutes like pills, capsules and
syrups is low owing to high convenience of gummy format and fun appeal among
consumers.
Competitive rivalry: The market exhibits high competitive rivalry among established
global players and local manufacturers due to emphasis on product
differentiation, branding and superior taste profiles.
SWOT Analysis
Strength: Wide product portfolio across different supplements categories and
fun flavor profiles help gummy supplements gain widespread acceptance.
Innovation in shapes, sizes and formats expand audience reach.
Weakness: Higher costs of production compared to pills and tablets restrict
margins. Vulnerable to seasonality and price fluctuations of raw materials.
Opportunity: Growing prevalence of lifestyle diseases and fitness trends among
millennials and Gen Zs present an attractive opportunity. Expanding e-commerce
and organized retail channels open new entry routes.
Threats: Stringent regulations pertaining product safety and nutritional
claims. Impact of economic slowdowns on discretionary spending.
Key Takeaways
Global
Gummy Supplements Market Size is expected to witness high growth,
exhibiting CAGR of 4.8% over the
forecast period, due to increasing health consciousness among consumers and
popularity of dietary supplements among millennials. The market size is
projected to reach US$ 6,393.55 Mn by 2030 from US$ 4093.89 Mn in 2023.
Regionally, North America dominates the gummy supplements market currently
owing to favorable consumer spending on wellness products and lifestyle
changes. Asia Pacific is expected to witness fastest growth over the forecast
period attributed to growing elderly population, rising disposable incomes and
changing dietary patterns in countries like China, India and Japan.
Key players operating in the gummy supplements market are 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).
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