NEWARK, Del, Sept. 15, 2023 (GLOBE NEWSWIRE) -- The global gummy market size reached US$ 21.4 billion in 2022. Revenue generated by gummies sales is likely to be US$ 24.3 billion in 2023. In the forecast period between 2023 and 2033, sales are poised to soar by 11.8% CAGR. Demand is anticipated to transcend to US$ 74.4 billion by 2033 end.
The growing interest in CBD and hemp products for their potential health benefits will likely help expand the CBD gummy market. These gummies are often marketed as promoting relaxation and stress relief. Inclusivity and dietary restrictions have also played a role in driving demand. Vegan and allergen-free gummy options cater to a broader audience, including those with dietary restrictions or preferences.
Companies are leveraging the health and wellness trend in their marketing strategies. Gummies are often promoted as a fun yet health-conscious choice, appealing to consumers seeking a balance between enjoyment and nutrition. Gummies are convenient for on-the-go consumption, making them popular for busy individuals looking for a quick and nutritious snack.
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Gummy products can now be found in health food stores, mainstream supermarkets, and online marketplaces, making them more accessible to a wide consumer base. The health and wellness trend is wider than a specific region, driving the demand for gummy products on a global scale. Manufacturers are expanding their reach to meet the growing demand in various markets.
Consumers increasingly seek unique and exotic flavors in gummies, prompting manufacturers to expand their offerings beyond traditional options such as strawberry and cherry. Gummy manufacturers are experimenting with innovative ingredients like superfoods, botanical extracts, and functional additives. They are likely to create unique taste profiles that cater to health-conscious consumers.
Personalized gummy products, where consumers can choose their preferred flavors and ingredients, are becoming more popular, allowing for a unique taste experience. Gummy vitamins and supplements with unique flavor profiles are gaining traction as consumers seek enjoyable ways to meet their nutritional needs.
Key Takeaways from the Gummy Market Study:
- Sales of gummies escalated at 13.9% CAGR during the historical period 2018 to 2022.
- By product, the vitamins segment is set to witness an 11.7% CAGR from 2023 to 2033.
- Based on ingredients, the gelatin division is projected to register a 11.5% CAGR between 2023 and 2033.
- The United States is estimated to account for a significant valuation of US$ 12.8 billion by 2033.
- China is set to register a sum of US$ 11 billion by 2033 in the global gummy market.
"Rising demand for different flavors and textures is likely to drive demand for gummy in the global market. Key manufacturers are researching and innovating in flavors and core ingredients to diversify their product offerings. Customer demand for novel textures and sensory experiences is expected to remain a constant influence on the market through." says a lead Future Market Insights (FMI) analyst
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Competitive Landscape:
Key manufacturers emphasize the health benefits of their gummy products, promoting them as a convenient and tasty way to consume vitamins, minerals, and other supplements. As consumers become more environmentally conscious, manufacturers may implement sustainability practices in their supply chains, such as using eco-friendly packaging materials and sourcing responsibly.
Key Companies Profiled in the Gummy Market
- Procaps Group;
- Santa Cruz Nutritionals;
- Amapharm;
- Herbaland Canada;
- Allseps Pty. Ltd.
Gummy Market Recent Developments:
- In August 2023, Procaps Group, S.A. announced the release of a brand-new white paper on gummy goods and its ground-breaking gummy technology.
- In May 2022, With the introduction of Pushing Pop Gummy Pop-its, Bazooka Candy Brands continues revolutionizing the confectionary sector. A new gummy invention will be introduced at the Chicago-based Sweet & Snacks Expo this year.
Get More Valuable Insights on the Gummy Market
FMI has released an objective assessment of the global gummy market, presenting past demand data from 2018 to 2022 and projecting forecast statistics for 2023 to 2033.
Gummy market by product (vitamins, minerals, carbohydrates, omega fatty acids, proteins & amino acids, probiotics & prebiotics, dietary fibers, CBD/CBN, psilocybin/psychedelic mushroom, melatonin, and others), ingredients (gelation and plant-based gelatin substitutes) end use (adults and kids), distribution channel (offline and online) across different region from 2023 to 2033.
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Gummy Market Outlook by Category
By Product:
- Vitamins
- Minerals
- Carbohydrates
- Omega Fatty Acids
- Proteins & Amino Acids
- Probiotics & Prebiotics
- Dietary Fibers
- CBD/CBN
- Psilocybin/Psychedelic Mushroom
- Melatonin
- Others
By Ingredient:
- Gelatin
- Plant-based Gelatin Substitutes
By End-use:
- Adults
- Men
- Women
- Pregnant Women
- Geriatric
- Kids
By Distribution Channel:
- Offline
- Hypermarkets/Supermarket
- Pharmacies
- Specialty Stores
- Practitioner
- Others
- Online
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia and the Pacific
- Middle East and Africa
About the Food and Beverages Division at Future Market Insights (FMI)
FMI's food and beverages team offers comprehensive business intelligence services, with a vast array of reports and data points analyzed across 50+ countries over a decade. The team provides consulting services and end-to-end research, offering expert analysis, actionable insights, and strategic recommendations to clients worldwide. Contact them to explore how they can assist with your unique business intelligence needs.
Author:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives. She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India. Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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Vitamin Gummies Market: As per Future Market Insights (FMI), the vitamin gummies market totaled US$ 3810 million in 2022. The market is expected to exhibit a CAGR of 6.5% to reach US$ 7352.3 million in 2033.
About Future Market Insights (FMI)
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