CHICAGO, Oct. 16, 2020
CHICAGO, Oct. 16, 2020 /PRNewswire/ -- According to the new market research report "Gummy Vitamins Market by Product Type (Multivitamins, Single Vitamins), Source (Animal, Plant), Packaging Type (Bottles & Jars, Pouches), Distribution Channel (Store-Based, Online), End User (Adult, Children), and Region - Global Forecast to 2025", published by MarketsandMarkets™, 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% in terms of value. The increasing prevalence of vitamin deficiencies and undernourishment along with growing demand and awareness for on-the-go supplements, supporting better health among consumers, is driving the majority growth of the global gummy vitamins market. Apart from that, the hike in need for immunity boosting or supporting products, as a preventive healthcare measure, is further rocketing the growth of the gummy vitamins market.
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114 – Tables
44 – Figures
198 – Pages
The adult end-user segment is projected to witness significant growth during the forecast period.
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 vitamins 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.
The store-based segment is projected to account for a major share in the gummy vitamins market during the forecast period
By distribution channel, the gummy vitamins market is segmented into store-based and online. The store-based segment dominated the global gummy vitamins market, based on the distribution channel, in 2019. Due to 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.
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The animal source dominated the global gummy vitamins market with the largest share in 2019.
The gummy vitamins 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.
Based on product type, the multivitamin segment is expected to hold the majority share in the global vitamin market.
Multivitamins are cheaper as compared to the single vitamins. They also have a high quantity of vitamins, as they contain 10 to 20 different vitamins and minerals. These typically include vitamins A, C, D, E, K, B vitamins, zinc, pantothenic acid, folic acid, magnesium, calcium, and biotin. Most multivitamins contain an overall coverage of nutrients without high dosages. Hence, the consumption of one gummy containing multiple vitamins is easier and beneficial to the consumer as compared to the consumption of a single vitamin containing gummy. Thus, this results in the leading share of the multivitamin gummy vitamin segment by product type.
The North America region dominated the gummy vitamin market with the largest share in 2019, whereas Asia Pacific is expected to witness the highest growth rate.
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. Further, the rise in income, increase in purchasing power, and significant consumer demand for nutritional & healthy products are the key factors that are projected to encourage the consumption of gummy vitamins in the region.
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.
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as 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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