A report by Transparency Market Research forecast the global market for gummy vitamins will rise at a steady CAGR of 5.2% between 2017 and 2025. It’s expected the market will be worth approximately $4.17 billion by 2025, up from $2.68 billion in 2016.
Single vitamin and multivitamins are the two main types of gummy vitamins sold in the market, according to the report. Of the two, multivitamins account for a substantial share in the market due to the rapid growth of multivitamin supplements, and also on account of the development of new formulations of gummy vitamins featuring different tastes and shape.
"Increase in awareness campaigns regarding preventive care, rising consumer demand for gummy vitamins owing to diversity in taste and shape, rising instances of undernourishment and malnutrition children in developing countries, and advent of novel gummy vitamins products based on organic formulations by key players has also had a positive impact on the growth of the global gummy vitamins market," added the lead analyst of the report.
However, risk and side effects related to overconsumption of gummy form of vitamins is the major restraining factor for growth of gummy vitamins market, according to the report.
Geographically, the key segments of the global gummy vitamins market are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Of them, Asia Pacific is predicted grow at the fastest pace, with a CAGR of 3.8% in the forecast period . The demand in the region, in turn, is being generated by enormous investments by public and private sectors to generate awareness about the usefulness of gummy vitamins in overcoming vitamins deficiency in children and adolescents.
Some of the prominent players in the global gummy vitamins market are ABH Labs, LLC, Boli Naturals LLC, Vitakem Nutraceutical Inc., Ferrara Candy Company, Gimbal Brothers, Inc., Bayer AG, Melrob Group, Makers Nutrition, LLC, Santa Cruz Nutritionals, Nutra Solutions USA, Contract NUTRA, Ernest Jackson, F. Hunziker + Co AG, Softigel, and Sirio Pharma.
Bayer AG held a stronghold over the gummy vitamins market in 2016 on account of its dominant share. Reasons behind its market-leading position are its range of products, including targeted multivitamins aimed for all age groups, its higher allocation on product development, and solid geographic outreach.