The gummy supplements market is estimated to be valued at US$ 4093.89 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Gummy supplements are chewable fruit-flavored gummy-shaped vitamins and minerals supplements. They come in various flavors like orange, lemon, cherry and provide micronutrients to the body. Gummy supplements have gained popularity due to its ease of consumption, taste appeal and less choking hazard as compared to pills. They are one of the convenient modes of supplement intake for kids and adults.

Market key trends:

The Gummy Supplements Market Size is witnessing high growth owing to increasing demand for convenient usage formats of dietary supplements. Gummy supplements are easy to consume, come in various flavors and shapes appealing to both kids and adults. Their gelatinous structure makes it easy to chew and swallow without water. With growing health consciousness, consumers prefer supplements that are tasty and provide micronutrients in an enjoyable format. The demand for gummy vitamins and mineral supplements is increasing, especially among millennials and generation z who seek fun and tasty wellness products. Manufacturers are launching innovative products in various flavors to attract these consumer bases. For instance, Vitafusion launched its gummy vitamin range in flavors like mixed berry, tropical fruit and citrus.

Porter's Analysis

Threat of new entrants: Low capital requirement for manufacturing and strong retail network allows new players to enter the market easily. However, established brands have strong brand recognition and economies of scale.

Bargaining power of buyers: Buyers have significant bargaining power due to availability of substitutes and undifferentiated products. Buyers can negotiate on price and quality.

Bargaining power of suppliers: Few global players have dominant position in raw material supplies giving them strong bargaining power over manufacturers. However, alternative sourcing options provide some flexibility to manufacturers.

Threat of new substitutes: Alternate delivery formats like tablets and capsules pose threat of substitution. New innovations likes flavoured gummies can emerge as substitutes.

Competitive rivalry: Intense competition exists among existing players due to large number of regional and private label brands. Product differentiation, pricing strategy and expansion decide competitive edge.

SWOT Analysis

Strengths: Large consumer base, established distribution channels, strong brand portfolio and product innovation support market dominance of key players.

Weaknesses: Commoditization of products limits pricing flexibility. High promotion and marketing spends erode margins in competitive landscape.

Opportunities: Nutraceutical trend drives growth opportunities in new therapeutic segments and geographies. Customized gummies cater niche health needs.

Threats: Stringent regulations and quality certifications increase compliance costs. Supply chain disruptions and inflationary pressures impact profitability.

Key Takeaways

The global Gummy Supplements Market is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing preference for convenient supplement formats among consumers. Asia Pacific dominates the market and is projected to maintain its lead position throughout the forecast period backed by rising health awareness and disposable incomes in highly populated countries.

Regional analysis:

North America represents the largest regional market followed by Europe and Asia Pacific. Asia Pacific exhibits highest growth potential advancing at a CAGR of over 6% during 2023-2030. Increasing health and wellness spending coupled with growing millennial population drives the Asia Pacific gummy supplements market.

Key players analysis: Key players operating in the gummy supplements market are GlaxoSmithKline (GSK), Bayer AG, Amway Corporation, Church & Dwight Co. Inc., Nestle SA, Hero Nutritionals® LLC., Aesthetic Nutrition Pvt. Ltd (Power Gummies), Unilever PLC, and Jagzee Enterprises (Nutrazee). Large players are focusing on strategic acquisitions and expansions to consolidate market presence.

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