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Gummy Vitamins Market 2024: Industry Growth, Key Players, and Trends
Gummy Vitamins
Gummy Vitamins Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $11.21 billion In 2028 At A CAGR Of 9.1% :
The gummy vitamins market size has grown rapidly in recent years. It will grow from $7.19 billion in 2023 to $7.92 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to increased undernourished population, increased health consciousness, growth in dietary supplements and strong economic growth in emerging markets.
The gummy vitamins market size is expected to see strong growth in the next few years. It will grow to $11.21 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to increase in geriatric population, increasing vegan population, increasing prevalence of dysphagia and rising digital media marketing and social media. Major trends in the forecast period include focus on product innovations, launching flavored gummy vitamins, use of plant-based , launch of 3d printed gummy vitamins and partnerships and collaborations.
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Gummy Vitamins Market Major Segments
The gummy vitamins market covered in this report is segmented -
1) By Product Type: Single Vitamin, Multi Vitamin, Probiotics
2) By Source: Plant, Animal
3) By End User: Adult, Children
4) By Sales Channel: Hypermarket, Supermarket, Specialty Stores, Retail Pharmacies, Online Sales Channel, Other Sales Channel
Key Driver - Rising Vegan Population Drives Growth In The Gummy Vitamins Market
The increasing vegan population is expected to propel the growth of the gummy vitamins market. A vegan is an individual who follows a vegan lifestyle, which involves abstaining from the consumption of animal products and, in many cases, avoiding the use of other animal-derived goods or by-products. The increasing vegan population presents a market opportunity for gummy vitamin manufacturers to align their products with the values and preferences of a growing consumer segment. For example, in December 2021, according to Redefinemeat, an Israel-based company that manufactures packaged food products, there are an estimated 79 million vegans globally, which is over 1% of the whole population. In the USA, 2 % of people identify as vegan. Three-quarters of them are female. By 2040, it's projected that only 40 % of the world's population will eat meat. Therefore, the increasing vegan population is expected to support the demand for the growth of the gummy vitamins market.
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Prominent Trend - Innovative Trends Drive Growth In The Gummy Vitamin Market
Product innovations have emerged as a key trend gaining popularity in the gummy vitamin market. Major companies operating in the gummy vitamin sector are focused on innovations to meet consumer demand and strengthen their position. For instance, in June 2021, Vitamin Angels, a UK-based start-up, launched 3D-printed, high-impact, personalized gummy vitamins for kids. Each package includes 28 vegan that are gluten-free, sugar-free, and free of artificial flavors and colors. These are based on a monthly subscription and will be delivered through the letterbox every month.
Gummy Vitamins Market Players
Major companies operating in the gummy vitamins market report are Co Inc, Unilever PLC, Otsuka Pharmaceutical, Reckitt Benckiser Group plc, Sirio Pharma Co., Hero Nutritionals Llc, Herbaland Naturals Inc, Nature's Way Products, Llc, Zanon Lifesciences Private Limited, India Private Label Supplements, Biovencer Healthcare Private Limited, Radius Healthcare Private Limited, Estrellas Life Sciences Private Limited, Nanchang Xinouli Trading Co., Ltd, Jiangsu Handian Biotechnology Co., Ltd, Biocaro Pharmaceutical Co., Ltd, Shantou Sweet Road Industry And Trading Co., Ltd, The Good Vitamin Co, Garden Of Life, Vegums, Amway Corp, Noreva Biotech, Vtf, Solgar, Evalar, Biovea, Terezia, Zarbee's Inc, Olly Public Benefit Corporation, Atrium Innovations, Pfizer, Inc, Now Foods, Healthvit, Ascendis Health, Inova Pharmaceuticals,, Vitabiotics Ltd, Glaxosmithkline Plc, Abbott Laboratories, Nestle S.A, Gnc Holdings Inc., Life Science Nutritionals, Bettera Brands Llc, Bayer Ag, Santa Cruz Nutritionals Inc, Makers Nutrition Llc, Nutra Solutions, Ferrara Candy Company
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Largest And Fastest Growing Region In The Market
North America was the largest region in the gummy vitamins market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the gummy vitamins market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Gummy Vitamins Market Report Structure
3. Gummy Vitamins Market Trends And Strategies
4. Gummy Vitamins Market - Macro Economic Scenario
5. Gummy Vitamins Market Size And Growth
…..
27. Gummy Vitamins Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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