February 29, 2024

Gummy Supplements Market Primed for Growth due to Innovations in Convenience Nutraceuticals

Gummy supplements provide essential vitamins, minerals, probiotics and other nutrients and are usually fruit flavored and individually packaged in bright colors. They are highly popular among children and people who have difficulty swallowing conventional pills.

The global market for gummy supplements is estimated to be valued at US$ 4716.17 Mn in 2024 and is expected to exhibit a CAGR of 9.3% over the forecast period of 2024 to 2030.

Key Takeaways
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.

The gummy supplements market is expected to witness lucrative opportunities with the growing demand for sugar-free and vegetarian gummy supplements. There is also heightened demand for customized gummy supplements targeting specific issues like sleep, digestion, immunity etc.

Technological advancements in gummy formulations allow for enhanced nutrient absorption and stability. Microencapsulation technology protects sensitive ingredients and ensures longer shelf life of gummies. Blockchain enabled traceability of ingredients is also gaining prominence in the industry.

Market drivers
The primary driver for the gummy supplements market is the growing health and wellness trend among consumers. People preferred gummies for their appeal as a nutritious candy. Busy lifestyles and time constraints have further augmented demand. Rising awareness about preventive healthcare and inadequate nutrient intake from regular diet also propels the market’s growth. Ease of consuming gummies especially for children, elderly and patients boosts compliance with supplement regimens. Wide availability through retail pharmacies and e-commerce has made gummies highly accessible supplements supporting market expansion.

Current challenges in gummy supplements market
The Gummy Supplements Market Size is facing several challenges that are hindering its growth. The major challenges include stricter regulations regarding food supplements, lower consumer awareness about benefits of supplements, and presence of counterfeit products. The regulatory authorities have implemented stringent norms regarding safety, dosage, and claims of supplements. This makes it difficult for manufacturers to launch new products and expand to international markets. Many consumers are still unaware about importance of daily supplement intake. This limits the adoption of gummy supplements especially in developing nations. Moreover, rising number of counterfeit supplements being sold online and in retail outlets is creating negative perception among consumers about quality and effectiveness. This is a serious problem affecting brand image and trust of legitimate manufacturers.

SWOT Analysis
Strength: Gummies are more enjoyable and convenient delivery method for supplements as compared to traditional pills or powders. They provide multi-vitamins, minerals and other nutrients in chewy, flavorful candies that appeal to both kids and adults.
Weakness: Higher production costs compared to capsules or tablets as they require specialized equipment and longer manufacturing time. Complex formulations like herbal extracts are difficult to incorporate in gummy format.
Opportunity: Growing health consciousness and demand for fun, tasty wellness products provide growth opportunities. Working professionals and older adults prefer gummies for ease of consumption on the go.
Threats: Strict regulations can delay new product launches. Safety issues or quality failures due to counterfeiting can damage consumer trust in entire category.

Geographical regions with high market concentration
North America currently accounts for the largest share in the global gummy supplements market in terms of value. This is attributed to factors like growing health and wellness trend, large number of supplement product launches, and presence of major manufacturers in the US and Canada. Europe is another major regional market driven by awareness about preventive healthcare and personalized nutrition in countries like Germany, UK and France.

Fastest growing region
Asia Pacific region is expected to grow at the fastest pace during the forecast period due to improving living standards, expanding middle class population and rising health awareness in emerging countries. China has emerged as the major production and consumption hub for gummy supplements in Asia Pacific. Increasing domestic demand along with aggressive promotional activities by global brands will further support market growth across the developing countries in the region.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it