DUBLIN--(BUSINESS WIRE)--The "Gummy Vitamins Market by Type, Demographics, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2019-2026" report has been added to ResearchAndMarkets.com's offering.
According to this report the global gummy vitamins market size was $5.7 billion in 2018, and is projected reach $9.3 billion by 2026, registering a CAGR of 6.5% from 2019 to 2026.
Gummy vitamins are chewable vitamins that are similar to gummy candies and are available in different shapes, colors, and flavors. They are produced with the help of corn starch, gelatin, sugar, water, and added colorings. Popular flavors available in gummy vitamins include raspberry, lemon, orange, and cheery. Vitamin supplements are extensively popular around the world. They improve health and can compensate for poor diet. Furthermore, gummy vitamins are easily chewable and are highly popular among people having difficulty in swallowing pills.
The key factors that drive the growth of the gummy vitamins market include increase in expenditure on dietary supplements, surge in The prevalence of vitamin deficiency, and multiple health benefits of gummy vitamins. However, factors such as formulation of gummy vitamins stability issue in a gummy delivery system poses and high amount of sugar content in gummy vitamins are expected to restrain the market growth. Furthermore, novel innovations in formulation have gained huge traction in the recent years. In addition, introduction of gelatin free, probiotic enriched, and non GMO gummy vitamins is anticipated to create lucrative opportunities for the market expansion in the upcoming future.
The global gummy vitamins market is segmented on the basis of type, demographics, sales channel and region. Depending on type, the gummy vitamins market is studied across single vitamin, multi vitamin and prebiotics. The market also segments global gummy vitamins market by demographics into children and adult. Based on sales channel the global market is studied across hypermarket and supermarket, specialty stores, retail pharmacies and online sales channel. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The gummy vitamins market is witnessing a surge in popularity around the world, owing to difficulty in swallowing pills. Furthermore, gummy vitamins are available in different flavors and imparts smooth textures to vitamins; thus, making it more attractive, tasty, and easily chewable.
Key Findings
- North America leads in terms of gummy vitamins market share and is expected to remain dominant during the forecast period.
- U.S. was the highest contributor to the North America gummy vitamins industry, with $2,344.0 million in 2018. The country is expected to generate revenue of $3,450.3 million toward the end of the forecast period.
- In 2018, based on type, the multivitamin segment leads in terms of market share, however, prebiotic segment is expected to gain market share in the upcoming years.
- The online sales channel segment is expected to gain significant market share in the upcoming years, and is estimated to grow at a CAGR of 8.4% during the forecast period.
- Based on region, Asia-Pacific is anticipated to grow with robust CAGR of 8.5% during the forecast period.
Market Dynamics
Drivers
- Increasing The prevalence of dysphagia to augment market growth
- Increasing consumer consciousness towards preventive healthcare creating demand for gummy vitamins
- Increasing The prevalence of vitamin deficiency to bolster demand
Restraints
- High amount of sugar in gummy vitamins to dissuade market growth
- Difficulty in vitamin stability in gummy format posing challenge for manufacturers
Opportunities
- Pectin as an alternative for gelatin
Key Market Players
- Bayer AG.
- Pfizer Inc.
- Church & Dwight, Inc.
- The Honest Company, Inc.
- Pharmavite LLC.
- SmartyPants Vitamins
- Olly Public Benefit Corporation
- Bettera Wellness
- Hero Nutritionals LLC.
- Ion Labs, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/g7eu95
