by Gummy supplements provide various health benefits and come in attractive flavors and colors that appeal to the youth population. They are widely used to fulfill the dietary needs of vitamins, minerals, fatty acids, and other nutrients. Gummy supplements are available in the form of single and multivitamins, prebiotics and probiotics, fish oil and omega fatty acids, melatonin, calcium, and other products. They help boost immunity, energy levels, brain health, digestive health, heart health, and joint health.
The global gummy supplements market is estimated to be valued at US$ 4093.89 Mn in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing adoption of gummy supplements among the youth population is expected to drive the market growth over the forecast period. According to a survey conducted by Ipsos in 2021, nearly 50% of parents give gummy supplements to their children due to taste and texture preferences. Gummies offer an enjoyable way for kids to consume important vitamins and minerals. Moreover, innovations in flavors, shapes, and packaging of gummy supplements catering to kids and teens is also helping increase their popularity. However, stringent regulations on fortified food products may hamper the market growth. Various standards and guidelines imposed on limits of nutrients that can be added to supplements may increase the compliance challenges for manufacturers. Nonetheless, investments in research & development of advanced formulations, customized for specific health conditions is expected to create lucrative opportunities for players in the gummy supplements market.
Segment Analysis
The gummy supplements market can be segmented into vitamin gummies, botanical gummies, and probiotic gummies. The vitamin gummies segment is dominating the market and accounts for over 50% share. The ease of consumption of gummy supplements as compared to pills is driving the growth of this segment. Vitamin gummy supplements provide micronutrients and are convenient for people of all ages to consume.
PEST Analysis
Political: The regulations regarding supplements claims and advertising are becoming more stringent. FDA is regulating the labeling and promoting of supplements.
Economic: Rising disposable incomes and health awareness is driving the growth of the supplements industry. However, inflationary pressure can negatively impact the consumer spending on supplements.
Social: Gummy supplements are gaining popularity due to changing lifestyle and time constraints. People prefer quick and tasty supplements over pills. Also, there is increasing focus on preventive healthcare and wellness.
Technological: Advancements in flavors, textures are helping manufacturers launch innovative gummy supplements. Companies are using natural colors and flavors to make the products more appealing to consumers.
Key Takeaways
The Global Gummy Supplements Market Size is expected to witness high growth over the forecast period of 2023 to 2030. . The global gummy supplements market is estimated to be valued at US$ 4093.89 Mn in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 to 2030.
North America is currently the largest as well as the fastest growing regional market for gummy supplements.Factors such increasing health consciousness and busy lifestyle are driving the demand.
Key players operating in the gummy supplements market are BASF SE, British Petroleum Plc, Chevron Corporation, China National Petroleum Corporation (CNPC), China Petrochemical Corporation (SINOPEC), ExxonMobil Corporation, INEOS Group Ltd., LyondellBasell Industries Inc., Royal Dutch Shell PLC, and SABIC. These companies are focused on new product launches and adopting sustainable production practices.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
