Gummy Supplement Market Size, Share, Trends, Growth Drivers, Business Opportunities, and Leading Players
The global gummy supplements market is projected to reach USD 48.5 billion by 2028, at a CAGR of 14.5% over the forecast period. It is estimated to be valued USD 24.6 billion in 2023. With the rise in the per capita income of the population, consumers are becoming more health-conscious and are seeking convenient and enjoyable ways to supplement their diets. Asia has a growing middle-class population, which is consequently increasing buying power worldwide. According to OECD, the continent’s share of total middle-class consumer spending worldwide may escalate to 59% by 2030. Thus, the ascending middle-class population coupled with an increase in consumer spending capability are fueling the demand for convenient and tasty ways to supplement their diets, which in turn creates demand for sweet and chewy foods in the region.
The desire to eat healthier has gradually increased interest in seeking convenient and enjoyable ways to supplement their diets. Gummies offer a fun and tasty alternative to traditional supplement formats like pills and capsules. The demand for gummy supplements is driven by the aging population seeking more palatable ways to consume dietary supplements. Gummy supplements’ ability to mask unpleasant flavors and odors has made them an attractive option for consumers across all ages.
Gummy Supplements Market Growth Drivers
The growth of the gummy supplements market is being driven by several key factors:
1. Consumer Preferences: There’s a growing trend towards more enjoyable and convenient ways of consuming supplements. Gummy supplements offer a tasty and easy-to-swallow alternative to traditional pills and capsules, appealing to a wider demographic, including children and adults who have difficulty swallowing pills.
2. Health Awareness: Increasing awareness about the importance of maintaining good health and wellness is fueling the demand for dietary supplements. Gummy supplements provide a fun and approachable way for consumers to incorporate vitamins, minerals, and other nutrients into their daily routines.
3. Product Innovation: Manufacturers are continually innovating to develop new and improved gummy supplement formulations that cater to specific health needs and preferences. This includes supplements targeting areas such as immune support, digestive health, beauty, and sleep, among others.
4. Convenience and Portability: Gummy supplements are highly portable and do not require water to consume, making them convenient for on-the-go lifestyles. This convenience factor appeals to busy consumers who may not have the time or opportunity to take traditional supplements.
5. Marketing and Branding: Effective marketing and branding strategies have played a significant role in driving the growth of the gummy supplements market. Companies have successfully positioned gummy supplements as fun, tasty, and accessible products through various marketing channels, including social media influencers and celebrity endorsements.
6. Expanding Distribution Channels: Gummy supplements are now widely available across various retail channels, including pharmacies, health food stores, supermarkets, and online platforms. This increased accessibility has contributed to the market’s growth by reaching a broader audience.
7. Rising Disposable Income: As disposable incomes rise in many regions, consumers are increasingly willing to spend on products that offer health and wellness benefits. Gummy supplements, although often priced at a premium compared to traditional supplements, are seen as a worthwhile investment in one’s health and well-being.
Gummy Supplements Market Opportunities: Growing Gummy Supplements Market Increase in aging population
The WHO estimates that one in six individuals on the planet will be 60 years of age or older by 2030. By this point, 1.4 billion people are anticipated to be over the age of 60, up from 1 billion in 2020. The organization further estimates that between 2020 and 2050, there will be 426 million more people who are 80 years of age or elderly than there are today.
Although the shift in a nation’s population distribution toward older ages began in high-income countries (for instance, in Japan, 30% of the population is already over 60 years old), the biggest shift is currently being experienced in low- and middle-income nations. Two-thirds of the world’s populace over 60 are expected to reside in low- and middle-income nations by 2050. gummies are soft on the palate and easy to swallow and digest while being loaded with vitamins, minerals, and fibers. Hence, it can be projected that the growing aging population would foster the growth of the gummy supplements market.
Gummy Supplements Market Ecosystem
Prominent companies in this market include well-established, financially stable manufacturers of gummy supplemdnts. These companies have been operating in the market for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks.
The key players in this market include GSK PLC. (UK), Church & Dwight CO., INC. (US), H&H Group (Hong Kong), Amway (US), Procaps Group(Luxembourg), The Clorox Company (US), Bayer AG (Germany), Haleon Group of Companies (UK), Catalent, Inc. (US), Nestle (Switzerland), Unilever (UK). in sugar substitutes market include International Flavors & Fragrances Inc. (US), ADM (US), Tate & Lyle (UK), Ingredion (US), and Cargill, Incorporated (US).
Vitamin Gummies was one of the type Which Accounted Highest Market Share in North America
Vitamin gummies are a type of gummy supplement that is becoming increasingly popular. They are a convenient and tasty way to get the vitamins and minerals that your body needs, without having to swallow pills or capsules. Vitamin gummies come in a variety of flavors and shapes, making them fun for adults and children alike.
Vitamin gummies have become increasingly popular in North America, where the gummy supplements market has experienced substantial growth in recent years. This growth has been driven by rising incidences of vitamin deficiencies and undernourishment problems, as well as the increasing demand for vitamin C and D supplements. The need for personalized supplement solutions has also contributed to the growth of the gummy supplements market. While vitamin gummies can be a convenient and tasty addition to one’s diet, they should not be used as a replacement for a healthy, balanced diet. A well-rounded diet that includes a variety of fruits, vegetables, whole grains, and lean proteins is still the best way to ensure that one’s body receives all the necessary nutrients for optimal health.
US is one of the Major Market for Gummy Supplement in North America
The United States is one of the largest markets for gummy supplements in North America. The popularity of gummy supplements has increased significantly in recent years due to various factors, including the rising incidences of vitamin deficiencies, increasing demand for vitamin C and D supplements, and the need for personalized supplement solutions. Gummy supplements are a convenient and tasty way to supplement vitamin deficiencies and support health and wellness goals.
The availability of various types of gummy supplements, such as multivitamin gummies, vitamin C gummies, vitamin D gummies, and probiotic gummies, is driving the growth of the gummy supplements market in the United States. These supplements are popular among individuals of all age groups, including children and adults, due to their delicious taste and ease of consumption.
Key Questions Addressed by the Gummy Supplements Market Report:
What are gummy supplements?
What is the current size of the Gummy Supplements Market?
Which region is projected to account for the largest share of the Gummy supplements market?
Which are the key players in the Gummy Supplements Market?
Which type of gummy supplements is projected to account for the largest share of the Gummy supplements market?
Which type is projected to account for the largest share of the Gummy supplements market?
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