Gummy Supplements Market Valuation to Reach USD 7,145.8 Million by 2025 at 8.40% CAGR, Estimates Market Research Future (MRFR) – GlobeNewswire
Pune, India, Feb. 12, 2021 (GLOBE NEWSWIRE) — Gummy Vitamins Market Overview:
Market Research Future (MRFR) studied the Global Gummy Supplements Market 2020 through the analysis period between 2017 and 2028. The global gummy supplement market can rise at 8.40% CAGR through the forecast tenure. By 2025, the gummy supplements market size is expected touch USD 7,145.8 Mn.
Issues related to side effects due to overconsumption of gummy supplements can hamper the market rise. The rise in consumption of chewable supplements with the availability of different flavors, especially among kids, can support the market upsurge. The high traction of fortified gummies among adults can contribute to the expansion of the market in the years to come. These causes can counter the market slow-down owing to the aforementioned causes. Moreover, the rise in preference for natural and organic ingredients can open-up several opportunities to for players in the near future.
Star Nutra, a reputed nutraceutical manufacturer, rolled out Unmarked Wellness, its first owned brand. The rise in global consumer demand for immunity boosting supplements had driven the company to launch three-product gummy vitamin line, enriched with farm fresh and lab-patented ingredients to improve health. Other renowned marketers are also investing in innovations to cater need for immunity boosters amidst COVID 19. Dynaleo, a reputed company with the highest-capacity production of premium cannabis-infused soft chews, in Canada; announced the launch of their two gummy brands; DYNATHRIVE CBD and Sunshower. These products are available in several retails and online channels in Britain and the company plans on increasing their sales to other regions that can earn high revenue for their business. Gogo Herbs, a manufacture of natural weight-loss supplements, has adopted new commercial model to improve their business in the ongoing pandemic. In this, they allow customers to pick their supplements and then compare prices of the same product on different online retail platform. At the same time, they are also taking required initiatives to improve sales convenience at offline retail stores. The easy of accessibility of gummy vitamins at affordable price can bolster the market rise in the near future.
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Key Players Locking Horns:
- Church & Dwight Co., Inc. (US),
- Bayer AG (Germany),
- Pharmavite LLC (US),
- Nature’s Way Products, LLC (US),
- Hero Nutritionals, LLC (US),
- Zanon Vitamec USA Inc. (US),
- Bettera Wellness Corp. (US),
- Softigel (US),
- Rainbow Light Nutritional Systems, Inc. (US) and
- The Nature’s Bounty Co. (US)
Market Segmentation:
The segment study of the global gummy supplements market is based on end user, product type, and distribution channel.
Vitamin Segment to Lead with Considerable Traction
The product type-based segments of the gummy supplements market are minerals, vitamins, omega fatty acids, blends, and proteins among others. The vitamins segment can secure the highest market share, whereas the blends segment can register 9.26% CAGR in the forecast period. The high affordability of blends gummy supplements and manufacturers introducing latest multifunctional solutions in the blends segment can promote the market growth in the years to come.
Increase in Sales of Gummy Supplements for Kids to Generate Decent Turnover
The end-user-based segments of the gummy supplements market are kids and adults. The adult’s segment can earn the highest maximum market value by 2025. The increase in sale of supplements through the review period due to surge in awareness of modern healthcare solutions can favor the market. The availability of gummy supplements in different forms, such as; gummies, capsules, and tablets, can support expansion of the market in the near future. The kid segment can exhibit 8.65% CAGR through the evaluation period. The exponential growth of kids’ gummy supplements can be attributed to their similar taste to gummy candies.
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Online Platforms to Support Market Rise
Non-store-based and store-based are distribution channel-based segments of the global gummy supplements market. The store-based segment can yield high revenue by 2025 as the demand for store-based channels is high owing to their one-stop shopping experience. The non-store-based segment can also witness high CAGR in review period due to the presence of several robust online platform in the pandemic.
Regional Status and Challenges:
The worldwide market of gummy supplements in analyzed for different countries to identify growth pockets.
Hike in Healthcare Expenditure to Aid North America Gummy Supplement Market Gain Momentum
In North America, the gummy supplements market can surge due to hike in capita disposable income and rise in consumption of gummy vitamin. The presence of a large consumer base in the US and the rise in traction of gummy supplements among children in Canada can contribute significantly to the regional market rise.
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EU and APAC Market to Witness Rapid Expansion
In Europe, regular product launches to by players to secure global foothold, following expansion plans of marketers, can boost the sale of gummy supplements, thus favor EU market. As per MRFR findings, the market can exhibit considerable CAGR in the review period. Germany can lead Europe market in the years to come. In Asia Pacific, the expansion of consumer base for dietary supplements and rise in demand for natural food additives and ingredients among people is likely to drive the regional gummy supplements market.
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