by Gummy supplements are chewable gummy candies enriched with vitamins, minerals, probiotics or other functional ingredients that provide nutritional support. They are highly popular among children and adults due to their enjoyable texture and taste. Gummy supplements aid in digestive health, immune function, bone and heart health, brain function and other health aspects.
The global Gummy Supplements Market is estimated to be valued at US$ 4093.89 Mn in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising health consciousness among consumers has been a key driver for the gummy supplements market. Increasing awareness about the importance of daily vitamin intake and other supplements to maintain overall well-being has spurred the demand for gummy supplements. The fun, colorful and candy-like format makes it easy for people of all ages to enjoy supplements as part of their daily routine without compromising on taste. This has especially resonated well with children and millennials. Manufacturers have responded to this growing demand by innovating new products fortified with various health-promoting ingredients.
SWOT Analysis
Strength: Gummy supplements have high popularity among children and millennials due to its chewable and tasty format. They provide essential nutrients in a convenient format.
Weakness: Gummy supplements have high sugar content which can lead to obesity and other health issues if consumed in excess. Their efficacy is also questionable for some nutrients.
Opportunity: Growing awareness about preventive healthcare and focus on wellness is driving the demand for nutritional supplements. The gummy supplements market can tap into this growing base of health-conscious consumers.
Threats: Stringent regulations pertaining to labelling and ingredients can increase compliance costs for manufacturers. Intense competition from other delivery formats like pills and powders also poses a threat.
Key Takeaways
The Global Gummy Supplements Market Size is expected to witness high growth. The global Gummy Supplements Market is estimated to be valued at US$ 4093.89 Mn in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 to 2030.
Regionally, North America dominates the market currently due to high health awareness and disposable incomes. The region is expected to continue its dominance over the forecast period. Asia Pacific is expected to be the fastest growing market owing to rising living standards and health consciousness.
Key players operating in the gummy supplements market are BASF SE, British Petroleum Plc, Chevron Corporation, China National Petroleum Corporation (CNPC), China Petrochemical Corporation (SINOPEC), ExxonMobil Corporation, INEOS Group Ltd., LyondellBasell Industries Inc., Royal Dutch Shell PLC, and SABIC. These players arefocused on new product launches and strengthening their distribution networks to tap into opportunities across different regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
