The Gummy Vitamins Market size is estimated to be valued at USD 5.9 billion in 2020 and is projected to reach USD 10.6 billion by 2025, recording a CAGR of 12.5% in terms of value. The increasing prevalence of vitamin deficiencies and undernourishment along with growing demand and awareness for on-the-go supplements, supporting better health among consumers, is driving the majority growth of the global gummy vitamins market. Apart from that, the hike in need for immunity boosting or supporting products, as a preventive healthcare measure, is further rocketing the growth of the market.
Multivitamins are cheaper as compared to single vitamins. They also have a high quantity of vitamins, as they contain 10 to 20 different vitamins and minerals. These typically include vitamins A, C, D, E, K, B vitamins, zinc, pantothenic acid, folic acid, magnesium, calcium, and biotin. Most multivitamins contain an overall coverage of nutrients without high dosages. Hence, the consumption of one gummy containing multiple vitamins is easier and beneficial to the consumer as compared to the consumption of a single vitamin containing gummy. Thus, this results in the leading share of the multivitamin gummy vitamin segment by product type.
Based on end-user, the gummy vitamins market is dominated by adults. Additionally, it is projected further to grow at a faster growth rate during the forecast period. A higher percentage of the adult population across the globe, coupled with a few other factors, have attributed to this. Other factors propelling the growth of the adult segment in the global gummy vitamin market include, need to consume these gummies among the older age population, to supplement their diets with required vitamins, which they are unable to absorb from foods and the external environment. Also, the majority of adults include the working-class population that has busier lifestyles, higher spending power, and increased chances of chronic diseases, due to which this segment accounts for a major share.
The Asia Pacific region is projected to record a higher growth rate during the forecast period. This is attributed to the untapped potential, the increase in awareness among the population, the rise in investments from the global key players, and economic developments. In addition, due to the densely populated countries in the region with higher risks of chronic diseases and vitamin deficiencies, the market is projected to witness a high demand for gummy vitamins.
Key players are Church & Dwight Co. Inc. (US), Life Science Nutritionals (Canada), Bettera Brands LLC (US), Softigel (US), Nature’s Way Products, LLC (US), Zanon Vitamec Inc. (US), Olly Public Benefit Corporation (US), Herbaland Naturals Inc. (Canada), Hero Nutritionals, LLC (US), SmartyPants Inc. (US), The Nature’s Bounty Co. (US), IM Healthcare (India), Nutra Solutions (US), Makers Nutrition, LLC (US), Vitakem Nutraceutical Inc. (US), Bayer Group (Germany), The Clorox Company (US), Ernest Jackson (UK), Boscogen, Inc (US), and Santa Cruz Nutritionals Inc. (US).