PORTLAND, Oregon, June 30, 2020
- Increase in prevalence of dysphagia, rise in consumer consciousness toward preventive healthcare creating demand for gummy vitamins, and surge in incidence of vitamin deficiency drive the growth of the global vitamins market
PORTLAND, Oregon, June 30, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Gummy Vitamins Market by Type (Single Vitamin, Multivitamin, and Prebiotics), Demographics (Children and Adult), and Sales Channel (Hypermarket and Supermarket, Specialty Stores, Retail Pharmacies, and Online Sales Channel): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global gummy vitamins industry garnered $5.7 billion in 2018, and is estimated to reach $9.3 billion by 2026, growing at a CAGR of 6.5% from 2019–2026.
Drivers, restraints, and opportunities-
Rise in incidence of dysphagia, increase in consumer consciousness toward preventive healthcare creating demand for gummy vitamins, and surge in prevalence of vitamin deficiency fuel the growth of the global vitamins market. On the other hand, high amount of sugar in gummy vitamins and difficulty in vitamin stability in gummy format curb the growth to some extent. However, pectin as an alternative for gelatin is expected to create multiple opportunities in the near future.
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The multivitamin segment to lead the trail by 2026-
Based on type, the multivitamin segment contributed to nearly two-thirds of the global gummy vitamins market share in 2018, and is expected to dominate throughout the forecast period. This is due to the fact that most of the consumers have turned to fortified gummies as a convenient and healthy dietary supplement. The prebiotics segment, on the other hand, would cite the fastest CAGR of 8.0% till 2026. This is attributed to upsurge in consumption of functional foods, which have potentially positive effects on health.
The adult segment held the largest share in 2018-
Based on demographics, the adult segment accounted for nearly two-thirds of the global gummy vitamins market revenue in 2018, and is anticipated to retain its dominance during 2019–2026, owing to very high prevalence of vitamin deficiency amongst them. Simultaneously, the children segment is anticipated to register the fastest CAGR of 6.6% by the end of 2026. Stakeholders in the industry are offering supplements in gummy forms to entice kids, which has driven the segment growth.
North America to rule the roost in terms of revenue-
Based on geography, North America generated the highest share in 2018, holding nearly half of the global gummy vitamins market. The fact that the key players in the region are adapting innovative strategies in order to sustain in the highly competitive market has boosted the growth. At the same time, the Asia-Pacific region would cite the fastest CAGR of 8.5% throughout the estimated period. People in this province have become health conscious and are opting for healthier lifestyle; thereby, adding gummy vitamins in their day-to-day consumption which, in turn, has reinforced the market growth.
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