(Entertainment-NewsWire.com, March 10, 2021 ) The global gummy vitamins market size is estimated to be valued at USD 5.9 billion in 2020 and is projected to reach USD 10.6 billion by 2025, recording a CAGR of 12.5%. The millennials prefer consuming these gummies due to factors such as busier lifestyles, rising disposal incomes, growing awareness regarding preventive healthcare measures, and maintaining better health. Other factors driving the demand for these gummy vitamins include the rise in incidences of vitamin deficiencies and undernourishment problems in developing and underdeveloped countries.
Based on end-user, the gummy vitamins market is dominated by adults. Additionally, it is projected further to grow at a faster growth rate during the forecast period. A higher percentage of the adult population across the globe, coupled with a few other factors, have attributed to this.
Other factors propelling the growth of the adult segment in the global gummy vitamin market include, need to consume these gummies among the older age population, to supplement their diets with required vitamins, which they are unable to absorb from foods and the external environment. Also, the majority of adults include the working-class population that has busier lifestyles, higher spending power, and increased chances of chronic diseases, due to which this segment accounts for a major share.
By distribution channel, the gummy vitamin market is segmented into store-based and online. The store-based segment dominated the global market, based on the distribution channel, in 2019. Key factors, such as convenient shopping destinations, a widespread network of stores across the globe, and consumer perception of finding gummy vitamin products in local drugstores & pharmacies, are projected to drive the growth of the store-based segment in the market.
The market, based on source, was dominated by the animal segment in 2019. Animal sources are a significant source of extracting vitamins. In addition, gummies that are manufactured globally are made from gelatin. Gelatin is an animal source ingredient that helps in the binding process during production. In addition, it is cheaper to procure than any other binder that is a non-animal-based source.
The North American market accounted for the largest share in 2019. The market in this region is majorly driven by the US, which is the largest producer, exporter, and consumer of gummy vitamins.
The Asia Pacific region is projected to record a higher growth rate during the forecast period. This is attributed to the untapped potential, the increase in awareness among the population, the rise in investments from the global key players, and economic developments. In addition, due to the densely populated countries in the region with higher risks of chronic diseases and vitamin deficiencies, the market is projected to witness a high demand for gummy vitamins.
Leading companies are Church & Dwight Co. Inc. (US), Life Science Nutritionals (Canada), Bettera Brands LLC (US), Softigel (US), Nature’s Way Products, LLC (US), Zanon Vitamec Inc. (US), Olly Public Benefit Corporation (US), Herbaland Naturals Inc. (Canada), Hero Nutritionals, LLC (US), SmartyPants Inc. (US), The Nature’s Bounty Co. (US), IM Healthcare (India), Nutra Solutions (US), Makers Nutrition, LLC (US), Vitakem Nutraceutical Inc. (US), Bayer Group (Germany), The Clorox Company (US), Ernest Jackson (UK), Boscogen, Inc (US), and Santa Cruz Nutritionals Inc. (US).
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