(Food-Beverage-News.Com, February 16, 2021 ) According to MarketsandMarkets, the global 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%.
The millennials prefer consuming these gummies due to factors such as busier lifestyles, rising disposal incomes, growing awareness regarding preventive healthcare measures, and maintaining better health. Other factors driving the demand for these gummy vitamins include the rise in incidences of vitamin deficiencies and undernourishment problems in developing and underdeveloped countries.
The global market is moderately impacted due to the uncertain pandemic circumstances that occurred across the globe. The effects of COVID-19 have impacted the supply chain of the final products and the availability of raw material ingredients. The North American region, followed by Europe and Asia Pacific, plays a vital role in the gummy vitamins market due to the concentration of several key players operating here. The supply from these regions is affected because of COVID-19 lockdown and restrictions, restricting the transition of goods. However, it is expected that the regional consumption will witness a surge, especially with higher sales across the supermarkets & hypermarkets.
In addition, the consumption of vitamins, such as vitamin C and vitamin D, is associated with immunity-boosting benefits, which will act as another key factor to boost the demand for gummy vitamins. Moreover, the rise in concerns regarding the safety of human health and increase in awareness for immunity boosters and other key vitamins is projected to result in an exponential growth in demand for vitamin-induced products in gummy formats. The growth of the gummy format can be further attributed to facts such as the convenience provided by gummy products and the increasing number of consumers suffering from pill-swallowing issues.
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 Market Players: Church & Dwight Co. Inc. (US), Life Science Nutritionals (Canada), Bettera Brands LLC (US), The Clorox Company (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), Ernest Jackson (UK), Boscogen, Inc (US), and Santa Cruz Nutritionals Inc. (US).
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