As per a recent market study by Transparency Market Research (TMR), the global gummy vitamins market is likely to expand at a CAGR of 5.2% between 2017 and 2025, for the market to be worth US$4.17 bn by 2025. Vis-à-vis revenue, the market was evaluated at US$2.68 bn in 2016. Product-wise, multivitamins hold a substantial share in the market due to an upsurge of demand for multivitamins supplements and also on account of new formulations of gummy vitamins in different tastes and shapes. The segment of single vitamins too is predicted to rise at a healthy clip due to the demand for Vitamin D supplements among all age groups and rising use of omega-3 DHA among pregnant women.
Gummy vitamins have not just gained popularity among children, at whom the product was pitched initially as an attractive alternative to bitter pills, but also among adults who are health conscious and want to better their life expectancy. As a result, their market has been seeing steady progress. In order to grow their market shares, most players are investing in product development. This has resulted in an array of gummy vitamins having different colors, shapes, and sizes. This has also had a major positive impact on the market.
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Rising Awareness of Intake of Dietary Supplements for Nutritional Requirements Fuels Demand
Gummy vitamins are dietary supplements which were originally formulated for children not wanting to take pills. In no time, gummy vitamins gained popularity among children as well as adults because of their visual appeal and also because they are easy to ingest. Availability of gummy vitamins in different shape, taste, and color are some other factors stoking the growth of this market.
Increase in awareness campaigns to promote preventive care, high incidence of malnutrition and undernourishment in developing countries, enticing visual appeal of gummy vitamins, and advent of novel products based on organic formulations are some other key factors that are positively impacting the global gummy vitamins market.
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Side Effects Resulting from Overconsumption Challenges Market
However, health risk and side effects associated with overconsumption of gummy vitamins are key factors restraining the growth of gummy vitamins market. Nevertheless, rising awareness of availability of dietary supplements to complement nutritional requirements is serving to boost the demand for gummy vitamins.