With the ongoing restrictions on mass gatherings and large events due to Covid-19, there has been a bearish trend in the global demand for gummy vitamins. However, consumption of food products infused with vitamins is high due to continuous advertising of the benefits of vitamin infused food products by several media houses. Gummy vitamins in this aspect are witnessing accelerating demand. However, due to instability in the current supply chain, gummy vitamin manufacturers have narrowed down production.
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Global gummy vitamins market is forecasted to account for an absolute dollar opportunity of over US$ 2.5 Bn between 2023 and 2030. It is anticipated that propensity towards fortified gummies will boost sales for gummy vitamins market throughout the forecast period. High demand for gummy vitamins is a lucrative opportunity for supplement manufacturers in developed economies.
Several other emerging competitors such as nutrient firm Olly Public Benefit Corporation have introduced its gummy vitamin supplements in Singapore and other Asian countries which was previously only available in the U.S. via e-commerce. The product is in heavy demand as an alternative measure to boosts one’s immune system amid the Covid-19 outbreak.
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Key Takeaways of Gummy vitamins Market
- North America accounts for more than 25% of the total gummy vitamins market, and is expected to showcase a gradual growth trend. Manufacturers of gummy vitamins in that region are taking on an information oriented campaigning approach during the Covid-19 pandemic
- With 2.0X growth between 2023 and 2030, APEJ is anticipated to become the second largest gummy vitamins market by 2030. The general spike in the requirement of additional nutrients to meet demands of fast-paced lifestyles after the cessation of the Covid-19 outbreak in the region will attribute to such growth
- Multivitamins holds a prominent share within the gummy vitamins market with a share of over 50%. However, by 2030, probiotics segment is projected to grow 2X from estimated value in 2023
- Gummy vitamins targeted for children not only account for a higher market share, but are also anticipated to witness a growth of 1.5 X during the forecast period
- Online retail for gummy vitamins is expected to garner an absolute dollar opportunity of over US$ 400 Mn during the forecast period
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“Increasing global consciousness about preventive healthcare, digital platforms and social networking sites are becoming a prominent tool for gummy vitamin producers to advertise their products” says the Fact.MR analyst
Gummy Vitamins Manufacturers Eyeing Untapped Markets for Greater Profitability
Currently the gummy vitamins market is fragmented consisting of several food giants including Church & Dwight, Pfizer and Ferrara acquiring more than 25% market share with multiple emerging players. Key competitors within the gummy vitamin market are focused on improving their product range and retail presence online. The majority of top players in the gummy vitamin industry are based in the United States, although their growth is being observed in the international market. Even though companies are focused on establishing a foothold in domestic markets, the trend of regional expansion in high potential regions such as APEJ and MEA is expected in the foreseeable future.
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