Dublin, March 29, 2023 (GLOBE NEWSWIRE) -- The "Gummy Vitamins Global Market Opportunities And Strategies To 2032" report has been added to ResearchAndMarkets.com's offering.
The gummy vitamins market reached a value of nearly $6,444.8 million in 2022, having grown at a compound annual growth rate (CAGR) of 13.2% since 2017. The market is expected to grow from $6,444.8 million in 2022 to $9,823.3 million in 2027 at a rate of 8.8%. The market is then expected to grow at a CAGR of 7.0% from 2027 and reach $13,799.1 million in 2032.
Growth in the historic period resulted from increased undernourished population, increased health consciousness, growth in dietary supplements and strong economic growth in emerging markets. Factors that negatively affected growth in the historic period was side effects associated with overconsumption.
Going forward, increase in geriatric population, increasing vegan population, increasing prevalence of dysphagia and rising digital media marketing and social media will drive the growth. Factors that could hinder the growth of the gummy vitamins market in the future include intense competition.
The gummy vitamins market is segmented by product type into single vitamin, multi vitamin and probiotics. The multi vitamin market was the largest segment of the gummy vitamins market segmented by product type, accounting for 49.0% of the total in 2022. Going forward, the multi vitamin segment is expected to be the fastest growing segment in the gummy vitamins market segmented by product type, at a CAGR of 9.1% during 2022-2027.
The gummy vitamins market is segmented by source into plant and animal. The animal market was the largest segment of the gummy vitamins market segmented by source, accounting for 85.0% of the total in 2022. Going forward, the plant segment is expected to be the fastest growing segment in the gummy vitamins market segmented by source, at a CAGR of 10.1% during 2022-2027.
The gummy vitamins market is segmented by end-user into adult and children. The adult market was the largest segment of the gummy vitamins market segmented by end-user, accounting for 66.3% of the total in 2022. Going forward, the children segment is expected to be the fastest growing segment in the gummy vitamins market segmented by end-user, at a CAGR of 9.3% during 2022-2027.
The gummy vitamins market is segmented by sales channel into hypermarket and supermarket, specialty stores, retail pharmacies, online sales channel and other sales channel. The hypermarket and supermarket market was the largest segment of the gummy vitamins market segmented by sales channel, accounting for 36.3% of the total in 2022. Going forward, the online sales channel segment is expected to be the fastest growing segment in the gummy vitamins market segmented by sales channel, at a CAGR of 12.2% during 2022-2027.
North America was the largest region in the gummy vitamins market, accounting for 45.3% of the total in 2022. It was followed by Western Europe, Asia Pacific and then the other regions. Going forward, the fastest-growing regions in the gummy vitamins market will be Asia Pacific and South America where growth will be at CAGRs of 9.2% and 9.0% respectively. These will be followed by Middle East and Western Europe where the markets are expected to grow at CAGRs of 9.0% and 8.8% respectively.
The Global gummy vitamins market is fragmented, with a large number of players. The top ten competitors in the market made up to 15.08% of the total market in 2021. Majority of the companies are local players have large number of domestic manufacturing facilities and have presence across the supply chain.
However, some large companies are trying to expand their presence in other low cost economies to take advantage of low cost labor and cheaper raw material prices. Church & Dwight Co Inc was the largest competitor with 4.72% share of the market, followed by Unilever PLC with 3.75%, Otsuka Pharmaceutical with 2.92%, Reckitt Benckiser Group plc with 1.35%, Sirio Pharma Co with 0.92%, Hero Nutritionals LLC with 0.48%, Herbaland Naturals Inc with 0.39%, Nature's Way Products, LLC with 0.38%, Zanon Lifesciences Private Limited with 0.09%, and Nature's Bounty, Inc with 0.09%.
Market-trend-based strategies for the gummy vitamins market includes focus on product innovations, launching flavored gummy vitamins, use of plant-based gummies, launch of 3d printed gummy vitamins and partnerships and collaborations
Player-adopted strategies in the gummy vitamins market includes focus on offering innovative solutions through the launch of new products, strengthening business divisions through strategic acquisitions and increasing dietary supplement manufacturing capacity through business expansions.
To take advantage of the opportunities, the publisher recommends the gummy vitamins companies to focus on flavored gummy vitamins, focus on plant-based gummies, focus on product innovations, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, leverage social media, target local departmental stores to spread awareness, target local retailers, focus on older population, increase focus on vegan population.
| Report Attribute | Details |
| No. of Pages | 297 |
| Forecast Period | 2022 - 2032 |
| Estimated Market Value (USD) in 2022 | $6444.8 Million |
| Forecasted Market Value (USD) by 2032 | $13799.1 Million |
| Compound Annual Growth Rate | 7.9% |
| Regions Covered | Global |
Opportunity Analysis
- The top opportunities in the gummy vitamins market segmented by product type will arise in the multi vitamin segment, which will gain $1,723.4 million of global annual sales by 2027.
- The top opportunities in the gummy vitamins market segmented by source will arise in the animal segment, which will gain $2,779.3 million of global annual sales by 2027.
- The top opportunities in the gummy vitamins market segmented by end-user will arise in the adult segment, which will gain $2,168.8 million of global annual sales by 2027.
- The top opportunities in the gummy vitamins market segmented by sales channel will arise in the hypermarket and supermarket segment, which will gain $1,131.5 million of global annual sales by 2027.
- The gummy vitamins market size will gain the most in the USA at $1,412.1 million.
Major Market Trends
- Product Innovations
- Flavored Gummy Vitamins
- Use Of Plant-Based Gummies
- Launch Of 3D Printed Gummy Vitamins
- Partnerships And Collaborations
Competitive Landscape and Company Profiles
- Church & Dwight Co Inc
- Unilever PLC
- Otsuka Pharmaceutical Co., Ltd
- Reckitt Benckiser Group plc
- Sirio Pharma Co
For more information about this report visit https://www.researchandmarkets.com/r/aikql9
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