The Global Dietary Supplements Industry Current Scenario and Outlook
The unprecedented COVID-19 outbreak has brought significant challenges for various industries across the globe. Stringent restrictions on movement, production, supply of raw materials, and limited stocks have affected the growth of businesses to a great extent.However, with the roll out of the vaccination process in countries like the U.S., the U.K., China, India, and Germany, manufacturers are gaining momentum in terms of production and sales.
Due to the negative after-effects of the pandemic, dietary supplements are gaining more importance as they provide additional nutrient support and foster a speedy recovery in COVID-19 patients. Increasing emphasis on the benefits derived from such supplements will further drive the global dietary supplements industry.
Global gummy vitamins market is forecasted to account for an absolute dollar opportunity of over US$ 2.5 Bn between 2020 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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Gummy Vitamins Market: Segmentation
Fact MR’s study has done the segmentation of the gummy vitamins market on the basis of product type, source type, customer orientation, packaging type, sales channel and region.
The global gummy vitamins market is segmented on the basis of product type, source type, customer orientation, packaging type, sales channel and region.
On the basis of product type, the gummy vitamins market is segmented into:
- Single Vitamin Gummy
- Multivitamin Gummy
- Probiotic Vitamin Gummy
On the basis of source type, the gummy vitamins market is segmented into:
On the basis of customer orientation, the gummy vitamins market is segmented into:
On the basis of packaging type, the gummy vitamins market is segmented into:
- Bottles & Jar
- Stand-Up Pouches
- Other Packaging Type
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On the basis of sales channel, the gummy vitamins market is segmented into:
- Direct Sales
- Modern Trade
- Convenience Stores
- Departmental Stores
- Specialty Stores
- Drug Stores / Pharmacies
- Online Retailers
- Other Sales Channel
On the basis of region, the gummy vitamins market is segmented into:
- North America
- Latin America
- CIS & Russia
- Middle East & Africa
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 2020 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 2020
- 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.
Find More Valuable Insights on the Market
Fact.MR, in its new offering, provides an unbiased analysis of the global market for gummy vitamins, with historical data on demand (2015-2019) and expected projections for the period (2020-2030). The report discloses compelling insights into the demand for gummy vitamins based of product type (single vitamin gummy, multivitamin gummy, probiotic vitamin gummy), source type (animal based, plant based), customer orientation (children, men, women), packaging type (bottles & jar, standup pouches, other packaging type), sales channel (direct sales, modern trade, convenience stores, departmental stores, specialty stores, drugstore/pharmacies, online retailers, other sales channels) across several major regions.
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