Dublin, Nov. 04, 2020 (GLOBE NEWSWIRE) -- The "Global Gummy Vitamins Market by Product Type (Multivitamins, Single Vitamins), Source (Animal, Plant), Packaging Type (Bottles & Jars, Pouches), Distribution Channel (Store-based, Online), End-user (Adult, Children) and Region - Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global gummy vitamins market is estimated to be valued at USD 5.9 billion in 2020 and is projected to reach USD 10.6 billion by 2025, recording a CAGR of 12.5%, in terms of value.
Factors such as the rising incidences of vitamin deficiencies and under-nourishments, along with growing awareness for on-the-go supplements, offering pleasant tastes and convenience in consumption are projected to drive the growth of the gummy vitamins industry during the forecast period.
However, the growth of the gummy vitamins market is inhibited by factors, such as high costs of products, owing to the value-added benefits of the product and costlier procurement of ingredients/raw materials. In addition, the risks and side-effects associated with the over-consumption of gummy format supplements and formulation challenges faced by the key manufacturers inhibits the growth of this market.
Owing to the higher population of adults across the globe, along with higher risks of occurrence of chronic diseases caused due to vitamin deficiencies, are few of the factors resulting in a higher growth rate of the adult segment during the forecast period. Also, the ability to absorb vitamins from foods and the external environment reduces or vanishes slowly with age. Hence, the aging population majorly rely on these dietary supplements to balance their dietary requirements. Thus, the adult segment is further projected to grow at a faster growth rate.
The store-based segment dominated the global gummy vitamins market, based on the distribution channel, in 2019. However, the increase in global companies, awareness regarding the association of online retail stores with discounted price products, higher margins, and the availability of various products are a few factors that have led to non-store based distribution channels to grow at a faster pace in the coming years. Non-store based distribution channel majorly consists of online retailing and direct to consumer channels. Hence, this segment is expected to grow at a higher rate than compared to that of the store-based channels.
The plant-based segment is projected to grow at the highest CAGR during the forecast period. Consumers increasingly prefer adopting vegan and vegetarian lifestyles. Due to these factors, manufacturers in the global gummy vitamins market are producing gummies with agar-agar and xanthan gum, and plant-based alternatives to avoid the use of gelatin. As the consumers in the global market are increasingly shifting toward plant-based sources of products, the market is projected to grow at a higher pace.
The multivitamin segment is projected to grow at the highest CAGR during the forecast period. Consumers in the market prefer consuming multivitamin gummies over and above the single vitamin gummies. This is attributed to factors such as multivitamin gummies provide benefits of multiple vitamins in one single gummy. Also, consuming single concentrated vitamin gummy for various vitamin deficiencies is time, money, and effort consuming. Thus, the multivitamin gummy products are projected to witness substantial demand in the forecasted period.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Ecosystem/Market Map
7 Case Study Analysis
8 Gummy Vitamins Market, by Product Type
9 Gummy Vitamins Market, by Source
10 Gummy Vitamins Market, by Packaging Type
11 Gummy Vitamins Market, by Distribution Chanel
12 Gummy Vitamins Market, by End-user
13 Gummy Vitamins Market, by Region
14 Competitive Landscape
15 Company Profiles
Church & Dwight Co. Inc.
Life Science Nutritionals Inc.
Makers Nutrition, LLC
Nature's Way Products, LLC
Nutra Solutions USA
Olly Public Benefit Corporation
Santa Cruz Nutritionals
Softigel by Procaps
The Clorox Company
The Nature's Bounty Co.
Vitakem Nutraceutical Inc.
For more information about this report visit https://www.researchandmarkets.com/r/tv5dtp
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