With 2X growth between 2019 and 2029, APEJ is expected to become the second largest gummy vitamins market by 2029.
Rockville, United States – January 9, 2020 /MarketersMedia/ —
Gummy vitamins are chewable candy type products that are developed to be dietary supplements. These products comprise a range of essential nutrients, and are often consumed by children, who avoid conventional medications, with a range of flavors to choose from. However, with the growing awareness about the health benefits from gummy vitamins, adults from working class populations have also increased consumption.
The global gummy vitamins market is anticipated to grow at a healthy CAGR of ~5.5 per cent. This growth can be attributed to the introduction of vegan and sugar free gummy vitamin varieties, even as major manufacturers have opted to choose sugar alternatives such as honey to attract a wider range of consumer demographic.
Collaborations and Acquisitions Gain Importance in Business Strategies
The global gummy vitamins market is very fragmented with major manufacturers such as Pharmavite LLC, Life Science Nutritionals Inc., Nutranext LLC, Pfizer Inc., and Taura Natural Ingredients Ltd. holding control over only 1/5th of the overall market.
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These major players are increasingly pushing for strategic collaborations, acquisitions and mergers, with the aim of expanding market presence and product portfolios, by partnering with leading health and wellness manufacturers.
Some of the key examples of such moves include the partnerships between Taura Natural Ingredients and Viva 5 Corporation, Pfizer Inc. and GlaxoSmithKline plc, and Clorox and Nutranext.
“Gummy vitamin manufacturers have been finding new revenue streams to ignite life into the maturing product life-cycle of these vitamins. Around half-a decade back, gummy vitamin manufacturers positioned these vitamins from ‘child-specific’ to encompass all age groups. Through the introduction of pet-specific gummy vitamin supplements, the companies are expanding their offerings and are tapping into new avenues” – Says a Fact.MR Analyst
Probiotic Variants Gain Popularity
Gummy vitamins are finding roles in a number of end uses, which in turn is increasing opportunities for growth. Some of the key new segments includes gummy vitamins for pets, and variants for hair-care. Probiotic gummy vitamins are expected to grow at a much faster rate than other options.
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This growth can be attributed to the rising incidences of lifestyle based ailments, which arise from a sedentary lifestyle, which has resulted in awareness among customers to improve on the scope for the use of gummy vitamins as preventative medication. The growth of probiotics is expected to bolster the gummy vitamins market by USD 23 million.
In addition, manufacturers are also investing in tech advancements, such as the development of starch free molds, which has resulted in substantial reduction of downtime and greater rates of productivity in the industry.
North America Dominates, as Asia and Africa Generate Lucrative Opportunities
Gummy vitamins are most commonly consumed in developed countries around the world. Currently, the countries in North America hold the largest share of the worldwide gummy vitamins market. However, countries in the Asia Pacific excluding Japan region are expected to rise at a faster rate.
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This growth can be attributed to the increasing awareness about vegan trends, and the booming market of pharmaceuticals, particularly in India and China, which are witnessing major changes in terms of nutraceuticals.
Further, the increased interest in ecommerce as a medium of sales and distribution is enabling major manufacturers to increase their offerings from only products, to also include services, while reducing operational costs to substantially increase profitability margins, which is expected to work in favor of the gummy vitamins market through the years ahead.
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Release ID: 88942144
This news is published on Reuters.