Growth of Gummy Market Estimated at CAGR of 6.1% During Forecast Period, says TMR Study

 

The gummy market is expected to exceed the valuation of US$ 6.7 Bn by 2031, finds a TMR study. The popularity of gummies among individuals of all age groups is a key factor fueling the gummy market. Rise in disposable income and development of the health & wellness segment in developing economies have led to a spurt in the demand for gummies.

Product innovations that are aimed at children such as gummy cola bottles, sour gummy, and jumbo gum drops are creating ample opportunities in the gummy market. Manufacturers are boosting the production of gummies made with natural fruit juice and color derived from natural sources to serve changing preferences of new-age consumers. Manufacturers are increasing the availability of products certified by the United States Department of Agriculture (USDA) to gain competitive advantage.

North America is anticipated to hold a leading share of the gummy market in the upcoming years. Manufacturers in the gummy market of the region are aggressively engaging in R&D with the rising awareness for market-tested products. Manufacturers also obtain insights for most searched gummy supplements on Internet search engines to serve vast sales of nutritional supplements via eCommerce.

Alternative approach of startups in the North America gummy market is promising for the growth of the market in the region. Startups in the region are aiming at serving minimum viable product (MVP) customers with nutraceutical ingredients in products. The launch of products that are FDA and FTC compliant is helping manufacturers in the gummy market of the region to boost their credibility credentials.

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Gummy Market – Key Findings of Report

• Robust sales via online health & wellness shopping apps and eCommerce continues to create opportunities in the gummy market amid the ongoing COVID-19
• Rising awareness of importance of a strong body and strong mind to fight pandemics has led to changes in dietary preferences. Surge in demand for 100% natural ingredients gummies to boost immunity and strengthen overall constitution of the body pertaining to strengthening hair, muscle strength, and fragile nails triggers the demand for gummies.
• Concerns of high sugar content and rise in preference for fruit-based flavors are leading to innovations in the gummy market
• High prevalence of vitamin deficiency is driving the interest of manufacturers in the gummy market to capitalize in this space. Manufacturers are engaging in R&D for the production of real fruit flavored gummy candies that are fortified with vitamin D3 and B12.
• Concerns of low or excess vitamin content in gummy vitamins as compared to conventional vitamins are resulting in companies to increase R&D to improve gummy formulations.
• Convenient to use and precise labeling of vitamins boost demand for gummy vitamins for children in comparison with pill vitamin supplements.

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Gummy Market – Growth Drivers

• Excessive rise in demand for dietary supplements, especially among baby boomers to prevent health conditions such as osteoporosis and chronic diseases spells growth of the gummy market
• Product innovations to use natural ingredients to be suitable for children and serve the demand of new-age consumers to stimulate growth

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Gummy Market – Key Players

Some of the key players operating in the gummy market are;

• Church & Dwight Co. Inc.
• Schwabe Group
• Herbaland Naturals LLC
• Unilever
• Zanon USA
• Hero Nutritionals
• Otsuka Pharmaceuticals Co. Ltd.
• Bayer AG
• Pfizer Inc.
• Rainbow Light
• DSM
• Nestle S.A.
• IM Healthcare
• Solistaa Pharmaceuticals Pvt. Ltd.
• Vitabiotics
• Lactonova
• Chubears
• Baidyanath Group
• Piping Rock Health Products LLC
• Lexicare Pharma Private Limited

The gummy market is segmented as follows;

Gummy Market by Source

• Plant-based
• Animal-based

Gummy Market by End User

• Children
• Zillenials
• Millenials
• Adults

Gummy Market by Flavor

• Citrus
• Berries
• Tropical Fruit
• Other Flavors

Gummy Market by Functionality

• VDS
• Healthy Weight
• Sports Nutrition
• Brain Health
• Immunity
• Better Sleep

Gummy Market by Sales Channel

• Hypermarkets/Supermarkets
• Departmental Stores
• Convenience Stores
• Drug & Specialty Stores
• Online Retail
• Other Retail Formats

Gummy Market by Region

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East & Africa

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