Pune, India, May 09, 2019 (GLOBE NEWSWIRE) -- Gummy Vitamins Market is poised to touch USD 9,395.1 Mn by 2028 at an impressive 9.10% CAGR during the forecast period (2018-2028), reveals the latest report by Market Research Future (MRFR).
Market Analysis
Global Gummy Vitamins Market is estimated to register a staggering CAGR of 9.10% during the forecast period of 2018-2028. Gummy vitamins are chewable supplements available in several different flavours and sizes. These gummy vitamins are generally consumed by children and adults that suffer various vitamin deficiencies. Many factors are contributing to the positive ascension of the global gummy vitamins market. Easy availability of gummy vitamins supplements is expected to prompt drastic growth in the consumption of the same during the forecast timeline.
Furthermore, a growing affinity towards functional foods by health-conscious consumers is anticipated to drive the gummy vitamins market to a great extent. Gummy vitamins play an essential role in the maintenance of nutrient levels in children. Growing awareness of the same among mothers is mounting the consumption rates of gummy vitamins through the review period. Moreover, an increasing need for gummy vitamins in developed economies across the globe has created many growth avenues for gummy vitamins supplement manufacturers. Lack of proper awareness regarding gummy vitamins in Brazil, China, and Argentina has pushed the manufacturers to invest in these countries in an attempt to expand their market reach and domination.
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Key Players and Industry Buzz
The Global Gummy Vitamins Market report by MRFR mentions detailed profiling of many vital market players. This list of prominent players includes Rainbow Light Nutritional Systems, Inc. (U.S.), Gimbals Fine Candies (U.S.), Herbaland Naturals Inc. (Canada), Hero Nutritionals, LLC (U.S.), Olly Public Benefit Corporation (U.S.), Softigel (U.S.), Bayer Group (Germany), Pharmavite LLC (U.S.), Church & Dwight Co., Inc. (U.S.), Life Science Nutritionals (Canada), Zanon Vitamec USA Inc. (U.S.), Bettera Wellness Corp. (U.S.), SmartyPants Inc. (U.S.), Nature's Way Products, LLC (U.S.), and The Nature's Bounty Co. (U.S.).
April 2019: Unilever PLC announced their plans to acquire the US-based supplement firm OLLY Nutrition for an undisclosed sum. OLLY Nutrition is known for gummy vitamins and supplements, even though it also sells snack bars and protein powders.
April 2019: Taura has recently entered into a joint venture with Viva 5 to develop 100% fruit puree-based vegan gummy supplements and introduce the same to the market. Viva 5 is a nutraceutical developer, while Taura is a 35-year-old company that supplies fruit pieces used in bakery and confectionery products.
Market Segmentation
The global Gummy Vitamins Market is studied for various segments, based on type, end-user, distribution channel, and region. Based on type, the global gummy vitamins market is bifurcated in the segments of multivitamins and single vitamins. The single vitamins market is expected to register an 8.88% CAGR by 2028. Such drastic graph climb of the segment can be owed to the rising awareness of the benefits of vitamin supplements. On the other hand, the multivitamins segment is anticipated to capture a market valuation of USD 6,610.8 million over the review period, exhibiting a lucrative CAGR of 9.20%.
Based on end-user, the global gummy bear vitamins market is segmented into child and adult. The child segmented was seen accounting for 29.10% gummy vitamins market share in 2018. To sustain the constant sales of gummy supplements for children, manufacturers are lowering the sugar content in these supplements, providing healthier options. The child segment is expected to showcase a stellar CAGR of 9.27% during the assessment timeline. Alternatively, the adult segment is projected to showcase a market valuation of USD 6,618.5 million, expanding at a 9.03% CAGR by the end of 2028.
Based on the distribution channel, the global market is segmented into store-based and non-store-based. The store-based segment is observed to reach a gummy vitamins valuation of USD 7,684.5 million by the end of the assessment period. The non-store-based segment is predicted to avail a CAGR of 10.10% over the forecast period of 2018-2028.
Browse the market data and Information spread across 161 pages with 265 data tables and 18 figures of the report “Gummy Vitamins Market Report - Forecast 2018-2028” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/gummy-vitamins-market-6653
Regional Analysis
The global Gummy Vitamins Market is segmented into Europe, North America, Latin America, Asia Pacific (APAC), and the Middle East & Africa (MEA), based on region. Europe is projected to upsurge at a stellar CAGR of 9.40% during the forecast period. This rapid market ascension can be attributed to the growing number of consumers opting for nutritious food and beverage options. High demand for natural and organic food products is also expected to boost the gummy vitamins market growth in the forthcoming years.
Asia Pacific is anticipated to reach a market valuation of USD 2,019.9 million by the end of the forecast period. At the beginning of the forecast period, however, the APAC region’s gummy vitamins valuation stood at USD 770.2 million. The bolstering of the global gummy vitamins can be owed to the growing disposable affordability of a large chunk of the population and a mushrooming awareness towards healthy lifestyle choices. Additionally, gummy vitamins supplement manufacturers are observed to capitalize on this upscaling trend of health consciousness within the region.
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