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Gummy Vitamins Market: Players Focus on Product Development to up Sales
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Bayer AG, among them, held a sway over the gummy vitamins market in 2016 on account of its dominant share. Reasons behind its market-leading position are its range of products, including targeted multivitamins aimed for all age groups, its higher allocation on product development, and solid geographic outreach. Other keen players in the market too are expending money on product development to come up with gummies of different shapes, taste, and color, in order to drive greater sales.
A report by Transparency Market Research expects the global market for gummy vitamins to rise at a steady CAGR of 5.2% during the period between 2017 and 2025. Expanding at this rate, the market will likely become worth US$4.17 bn by 2025 from US$2.68 bn in 2016.
Single vitamin and multivitamins are the two main types of gummy vitamins sold in the market. Of the two, the multivitamins account for a substantial share in the market due to the rapid uptake of multivitamins supplements and also on account of the development of new formulations of gummy vitamins, having different tastes and shape.
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Geographically, the key segments of the global gummy vitamins market are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Of them, Asia Pacific is predicted expand at maximum pace by registering a CAGR of 3.8% in the forecast period on the back of a robust demand for vitamin and dietary supplements from developing countries in the region. The demand in the region, in turn, is being generated by enormous investments by public and private sectors to generate awareness about the usefulness of gummy vitamins in overcoming vitamins deficiency in children and adolescents.
Gummies are dietary supplements which were originally meant for children not wanting to ingest pills. Soon enough, not just did they gain popularity among children but also among adults because of their visual appeal and also because of the fact that they are consumable easily. Apart from those, there are other factors too serving to stoke market growth such a variety of products having different taste, shape, and color.
“Increase in awareness campaigns regarding preventive care, rising consumer demand for gummy vitamins owing to diversity in taste and shape, rising instances of undernourishment and malnutrition children in developing countries, and advent of novel gummy vitamins products based on organic formulations by key players has also had a positive impact on the growth of the global gummy vitamins market,” adds the lead analyst of the report.
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However, risk and side effects related to overconsumption of gummy form of vitamins is the major restraining factor for growth of gummy vitamins market. However, increasing interest in extending life expectancy has led to rising demand for dietary supplement among consumers.
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