by Rich in vitamins, minerals, herbs or other ingredients, gummy vitamins and supplements make it easy for both kids and adults to get their daily dose of nutrients. With a variety of flavors to choose from, gummy supplements are an enjoyable alternative to swallowing pills. People are increasingly turning to gummy supplements to support their bone, heart, immune or overall health in a fun, chewable treat.
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 9.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the gummy supplements market is the rising demand for healthier and more natural products. Consumers are increasingly seeking out supplements made from recognizable ingredients that are free of artificial colors, flavors and sweeteners. As a result, manufacturers are responding by developing gummy supplements made with organic and plant-based ingredients like fruit and vegetable juices. Another notable trend is customization and personalization. Major companies are launching gummy supplements tailored to customers’ specific needs like immunity support, bone health, prenatal care etc. In addition, they offer different formulations like vegan, gluten-free to suit varying dietary preferences and lifestyles. This rising demand for customized, clean label and specialized gummy supplements will continue boosting market revenues over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as establishing a new brand in the gummy supplements market requires substantial capital investments and resources to gain consumer trust and recognition.
Bargaining power of buyers: The bargaining power of buyers is high as gummy supplements have numerous substitutes and buyers can easily shift to alternatives based on pricing and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are numerous raw material suppliers and key ingredients can be sourced from different regions to negate dependency on a few suppliers.
Threat of new substitutes: The threat of substitutes is high as solutions like tablets, capsules, and liquids pose direct competition to gummy supplements. Consumer preferences are also moving towards more natural substitutes.
Competitive rivalry: The competitive rivalry in the market is high due to the presence of numerous established brands continuously competing on the basis of product differentiation, pricing, and marketing strategies.
Key Takeaways
The Global Gummy Supplements Market Size is expected to witness high growth over the forecast period driven by the thriving wellness industry and increasing popularity of chewable supplements among consumers. 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 9.3% over the forecast period 2023-2030.
Regional analysis: North America currently dominates the market and is expected to maintain its lead during the forecast period. Growing health consciousness and high discretionary spending on supplements give North America an upper hand in the gummy supplements market.
Key players: Key players operating in the gummy supplements market are Diebold Nixdorf, Inc., DXC Technology, ECR Software Corporation, Fujitsu, ITAB Group, NCR Corporation, Pan-Oston Corporation, ShelfX Inc., Slabb Inc., and Toshiba Global Commerce Solutions. These players are focusing on new product launches and innovative capabilities to cater to dynamic consumer preferences.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
