by 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 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Gummy supplements are soft gel or gelatin based supplements that contain various vitamins, minerals, probiotics or other ingredients and provide nutritional support. They are easy to consume and offer nutritional benefits to individual. They are especially popular among children and elderly population who find it difficult to swallow tablets. The global health and wellness trend has accelerated the demand for gummy supplements as they offer convenience and taste flexibility as compared to conventional capsules or pills.
Market key trends:
One of the key trends in the Gummy Supplements Market Size is the growing demand for specialty supplements. Manufacturers are offering specialized gummies targeted towards specific health issues like immune support, bone health, cognitive function, gut health etc. Another major trend is development of vegan gummy supplements made from plant based gelatin alternatives like pectin, tapioca or corn starch, which are driving their sales in vegan and vegetarian population. Moreover, manufacturers are introducing customizable and personalized gummies where consumers can pick ingredients of their choice and requirement. Innovative flavors is another area where gummy makers are focusing to make supplements more appealing and drive sales.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as nutritional supplements market requires high capital investment and well-established distribution network. However, advantages like lower production costs and innovative products can attract new players.
Bargaining power of buyers: The bargaining power of buyers is high as Gummy supplements market has many dispersed buyers and products are easily substitutable. Buyers can easily switch brands based on the price and promotions offered.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials used in gummy supplements like vitamins, minerals, and gelatin are available from numerous suppliers globally. However, suppliers may pose a threat by raising prices.
Threat of new substitutes: The threat of new substitutes is high as gummy supplements face competition from other delivery forms like tablets, capsules, and liquids. Consumers constantly look for newer delivery forms based on taste, convenience, and perceived health benefits.
Competitive rivalry: is intense among the major players due to the presence of many global and domestic players offering similar products.
Key Takeaways
The global Gummy Supplements market is expected to witness high growth, exhibiting a CAGR of 4.8% over the forecast period 2023-2030, due to increasing health consciousness and preference for chewable delivery forms among consumers.
Regional analysis: North America dominates the Gummy Supplements market and is expected to maintain its dominance over the forecast period, owing to high nutritional supplement adoption and presence of major players. Asia Pacific is estimated to be the fastest growing market due to rising disposable income, growing population and expanding retail landscape in countries like India and China.
Key players: 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). These players are focusing on new product launches and strengthening their distribution channel to increase customer base.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
