According to a new report published by Allied Market Research, titled, "Gummy Vitamins Market by Type, Demographics, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2019–2026," the global gummy vitamins market size was $5.7 billion in 2018, and is projected reach $9.3 billion by 2026, registering a CAGR of 6.5% from 2019 to 2026
With rapidly increasing awareness about wellness and personal health, people across the globe are now incorporating vitamins and dietary supplements as part of routine diet. According to AMR study more than 60% of adults are consuming vitamin on daily basis and more than 50% take a supplement daily. Consumers are now much more dependent for vitamins and other essential nutrients on additional supplements apart from food intake. The dietary supplement market has expanded rapidly amidst rise in vitamin deficiency among population, proliferation of preventative healthcare solutions, and taste & convenience; thus, motivating children and adults alike to take vitamins.
The gummy vitamins are most likely to play a pivotal role in preventative healthcare. Ageing population are now extensively affected by health-related diseases. Furthermore, impact of vitamin deficiency can be mitigated by incorporating gummy vitamins in daily diet. As a result, consumers globally are now venturing toward alternative form of pills, that is, gummy vitamins to cater to the nutrients deficiency mainly of vitamins in the body. Increasing adoption of alternative form of vitamins drives gummy vitamins market growth.
The gummy vitamins contain substantial amount of added sugars. For instance, one popular brand of gummy multivitamins for children is made with three different types of added sugars and contains around 3 grams of sugar and around 15 calories per gummy. Consuming large amount of added sugar results in heart disease, obesity, and dental cavities. While the gummy vitamins might not contain large amount of added sugar, it can significantly contribute to excessive sugar consumption if consumer consumes multiple gummy vitamin per day. To reduce amount of added sugars in gummy vitamins, manufacturers might add sugar alcohols instead. Overconsumption of sugar alcohols leads to nausea, diarrhea, and other digestive symptoms.
The global gummy vitamins market is segmented on the basis of type, demographics, sales channel, and region. Depending on type, the gummy vitamins market is studied across single vitamin, multivitamin, and prebiotics. The market also segments global gummy vitamins market by demographics into children and adult. Based on sales channel the global market is studied across hypermarket and supermarket, specialty stores, retail pharmacies, and online sales channel. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA
Key Findings of the Study:
- North America leads in terms of gummy vitamins market share and is expected to remain dominant during the forecast period.
- U.S. was the highest contributor to the North America gummy vitamins industry, with $2,344.0 million in 2018. The country is expected to generate revenue of $3,450.3 million toward the end of the forecast period.
- In 2018, based on type, the multivitamin segment leads in terms of market share, however, prebiotic segment is expected to gain market share in the upcoming years.
- The online sales channel segment is expected to gain significant market share in the upcoming years, and is estimated to grow at a CAGR of 8.4% during the forecast period.
- Based on region, Asia-Pacific is anticipated to grow with robust CAGR of 8.5% during the forecast period.
Some of the key players in the gummy vitamins market analysis include Bayer AG., Pfizer Inc., Church & Dwight, Inc., The Honest Company, Inc., Pharmavite LLC., SmartyPants Vitamins, Olly Public Benefit Corporation, Bettera Wellness, Hero Nutritionals LLC., and Ion Labs, Inc.