Pune India, Jan. 14, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the gummy vitamins market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the gummy vitamins market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the type, material, application, patient, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global gummy vitamins market are Smarty Pants Vitamins, Pharmavite, Hero Nutritionals, Life Science Nutritionals, LLC, Unilever PLC, Nutra Solutions, Church & Dwight Co. Inc., Zanon Lifesciences Pvt. Ltd., Nature’s Bounty, Herbaland, Bayer AG, Ferrara Candy Company, Santa Cruz Nutritionals Inc. among others. To achieve a substantial market share in the worldwide gummy vitamins market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Gummy vitamins are consumed to maintain the nutritional balance of the body. These vitamins help the body to perform its regular functions by boosting the body with immense nutrients. There has been an increase in demand for gummy vitamins recently, leading to the launch of a number of ingredient-specific products. Probiotic-infused gummy vitamins have gained high traction in recent years. Undernutrition and the growing vegan population across the globe are expected to drive the market's revenue growth. A significant increase in the vegan population is expected in coming years, and consumers' preference for plant-based foods is increasing the demand for vegan gummy vitamins for dietary supplements. The gummy vitamins market is witnessing immense growth but there are some factors which are hampering the growth of the market such availability of substitutes in the market, health issues related to excessive consumption and the high cost of products. Gummy vitamins may cause tooth decay, heart disease, and weight gain for consumers due to their high sugar content, which is expected to restrain revenue growth for the gummy vitamin market. Moreover, a lower level of reliability of these gummies compares to traditional sources of vitamins, as well as other nutritional components, are limiting their use among consumers.
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Scope of Gummy Vitamins Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Type, Source, End-User, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Smarty Pants Vitamins, Pharmavite, Hero Nutritionals, Life Science Nutritionals, LLC, Unilever PLC, Nutra Solutions, Church & Dwight Co. Inc., Zanon Lifesciences Pvt. Ltd., Nature’s Bounty, Herbaland, Bayer AG, Ferrara Candy Company, Santa Cruz Nutritionals Inc. among others. |
Segmentation Analysis
Multivitamin is expected to be the fastest-growing segment in 2022.
The type segment includes multivitamins and single vitamins. The multivitamins segment is expected to witness the highest growth rate during the forecast period. Multivitamins are beneficial because they contain calcium, vitamins, magnesium, potassium, and iron. Furthermore, multivitamins are packed with other nutrients as well, such as thiamin, niacin, riboflavin, selenium, zinc, Vitamin A, Vitamin D, D3, and others, which are driving the market growth of the segment.
Air transport is expected to be the fastest-growing segment in 2022.
The source segment includes plant and animal. The plant segment is expected to witness the highest growth rate during the forecast period. Gummy vitamins are made with plant-based vitamins which are obtained from mushrooms, cereals, nutritional yeast, leafy vegetables, fruits, sea vegetables, avocados, and others. Plant-based products are becoming more popular on the market because of an increasing Vegan population and a growing concern about preserving dairy and meat-based products.
Vitamin Deficiency is expected to be the fastest-growing segment in 2022.
The end-user segment includes food supplements, weight gain, vitamin deficiency, immunity strength and others. The vitamin deficiency segment is expected to witness the highest growth rate during the forecast period. It has been reported that some people eat food with an adequate diet but cannot absorb healthy nutrients in their bodies due to health issues, resulting in deficiencies in their bodies. The vitamin deficiency segment dominated the gummy vitamin market because different types of gummy vitamins are able to meet the needs of the deficit nutrient.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the gummy vitamins market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. As the health-conscious consumer base grows, supplements and gummies will become a daily requirement; the growing vegan population will also drive the demand for vegan nutrient gummies in the region which will boost the market growth. In addition, gummy brands have the opportunity to gain a competitive advantage by offering well-differentiated fortified gummies to satisfy the demand for confectionery products in the region.
Country Analysis
- Germany
Germany's gummy vitamins market size was valued at USD 1.30 billion in 2022 and is expected to reach USD 3.2 billion by 2030, at a CAGR of 12% from 2023 to 2030.
Because of the high prevalence of type-2 diabetes in the country, the market grew steadily, but low-calorie or low-sugar gummies are expected to gain popularity, since they prevent obesity, thus reducing the risk of diseases like diabetes, thereby boosting the market growth.
- China
China’s gummy vitamins market size was valued at USD 1.42 billion in 2022 and is expected to reach USD 3.5 billion by 2030, at a CAGR of 12.2% from 2023 to 2030.
Rising consumer awareness about the health benefits associated with gummy vitamins and expanding startups in the country will propel the market’s growth.
- India
India's gummy vitamins market size was valued at USD 1.09 billion in 2022 and is expected to reach USD 2.7 billion by 2030, at a CAGR of 12.1% from 2023 to 2030.
The country's market will grow due to a growing health-conscious population and a surge in the consumption of dietary supplements.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the increasing demand to fulfil the requirement of essential nutrients for the proper functioning of the body, propelling the growth of the market across the countries.
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