Nutraceutical industry and digitisation trends support growth
Vitamin gummies are set to become a lucrative segment in the nutraceutical industry in the years to come. Most traction will come from working class consumers who seek to balance health aspects such as folic acid, metabolic health, and glycemic index for the human body, in a bid to tackle issues such as bone strength, immunity, and nutrient deficiencies.
The pharmaceutical industry is booming in the emerging economies of India and China with companies seeking to bolster their product portfolios, through new nutraceutical products. With the rise in ecommerce, vitamin gummies manufacturers potentially have a higher rate of profitability from this distribution channels as compared to brick and mortar outlets.
Ecommerce also allows manufacturers to provide services to complement their finished products, along with greater customer convenience through card payments, and home delivery services, which is boosting the popularity of online shopping for vitamin gummies.
Key market segments
The global vitamin gummies market can be largely segregated on the basis of product type (single vitamin gummy, multivitamin gummy, and probiotic vitamin gummy), customer demographic (children, adult, men, and women), ingredient source (animal based and plant-based), packaging type (bottles & jars, stand up pouches, and others), and sales channels (direct sales, modern trade, convenience stores, departmental stores, specialty stores, pharmacies, online retailers, and others).
- Multivitamin gummies are projected to continue their dominance with a market share of more than 63%. However, probiotic vitamin gummies are expected to the fastest growing segment through the forecast period with a CAGR surpassing 6%.
- Vitamin gummies for adults will account for a larger market share of more than 64%, while vitamin gummies for children are projected to rise at a higher CAGR surpassing 6%.
- Animal based vitamin gummies continue to hold dominance in the industry accounting for more than three quarters of the products. However, plant based gummies are anticipated to gain rapid traction with a CAGR surpassing 6%.
- Direct sales and online retailers are anticipated to grow at a faster clip surpassing a CAGR of 7%. However, modern trade channels are anticipated to remain the dominant avenue of sales through the end of 2029.
Conventional vitamins and dietary supplements have been in the market for a long time. However, gummy vitamins have gained traction rapidly among adults and young children as well in recent years. This can be attributed to the fact that gummy vitamins provide not only provide high nutritional values but also enable easier and safer consumption.
Major players in the industry include Pharmavite, BAYER AG, Wellnext Health, Smarty Pants Vitamins, Life Science Nutritionals and Church & Dwight Co. Inc., among others. Vitamin gummies are primarily consumed in developed regions such as North America. This region is expected to continue its dominance accounting for nearly 29% of the overall vitamin gummies market.
The APEJ region, and MEA regions on the other hand are displaying the faster growth with CAGRs of 7.5 and 6.9% respectively. This attributed to increased incidences of vitamin deficiencies, and movements to solve national nutritional deficits.
These insights are based on a report on Vitamin Gummies Market by Future Market Insights.