Market Synopsis
As per the research conducted by Market Research Future (MRFR), the global gummy vitamin market is poised to acquire the market value of USD 7.86 billion, expanding at a CAGR of 7.30% during the evaluation period from 2022 to 2030.
The health benefits provided by the gummy vitamins is the most significant factor driving the global gummy vitamins market 2020. The gummy vitamins have gained significant popularity among the working class owing to the hectic working schedule, prolonged working hours, which weakens their health. Further, the gummy vitamins provide strength to immunity, cure low bone strength, and provide necessary nutrients to the body. Also, the flourishing pharmaceutical sector in various regions is likely to steer the market efficiently in the forthcoming period. Besides, the ease of availability owing to the increasing trend of e-commerce is projected to accelerate the development of the market.
On the other hand, overconsumption of gummy vitamins can lead to vitamin or mineral toxicity in the human body, which is projected to hamper the market. However, the outbreak of COVID-19 is estimated to propel the market efficiently since the gummy vitamins strengthen the immunity and provide necessary nutrition.
Market Segmentation
The segment analysis of the global Gummy Vitamins Market Overview is done by type, end-user, and distribution channel.
The type based segments of the global gummy vitamins market are single vitamins and multivitamins. Single Vitamins are projected to procure a CAGR of 8.88% during the review period. Further, multivitamins are estimated to record a notable CAGR, while acquiring the market value of USD 6,610.8 million by 2028.
The end-user based segments of the gummy vitamins market are adult and child. The adult segment is predicted to garner market value of USD 6,618.5 million by 2028.
The distribution based segments of the global gummy vitamins market are non-store-based and store-based. The store-based segment is anticipated to acquire the market value of USD 7,684.5 million by 2028.
Geographical Analysis
Based on the region, the gummy vitamins market is segmented into Europe, North America, Latin America, Asia-Pacific, and the Middle East and Africa.
The APAC region is projected to acquire a market value of USD 2,019.9 million and expand at a notable CAGR by 2028. The development in the region is estimated to be influenced by factors like increasing the purchasing power of consumers and the presence of developing countries like India, China, and Japan. Further, the increasing consciousness towards health is anticipated to steer the market during the forecast period.
The MEA region is likely to procure the least market share owing to the presence of sluggish economies in the region.
As per the analysis, Europe Gummy Vitamins Market is estimated to record a CAGR of 9.40%, while procuring the market value of USD 2,939.7 million by 2028. As per the research, the most significant factor responsible for the development of the regional market is the surging demand for natural and organic food products. Further, the surging demand for nutritious food and beverages is likely to steer the market during the forecast period.
Key Players
The renowned players of the global gummy vitamins market are Inc. (U.S.), Rainbow Light Nutritional Systems, Herbaland Naturals Inc. (Canada), Church Dwight Co., Inc. (U.S.), Olly Public Benefit Corporation (U.S.), Gimbals Fine Candies (U.S.), Bayer Group (Germany), Softigel (U.S.), Zanon Vitamec USA Inc. (U.S.), Pharmavite LLC (U.S.), Nature's Way Products, LLC (U.S.), Life Science Nutritionals (Canada), S Hero Nutritionals, LLC (U.S.), SmartyPants Inc. (U.S.), Bettera Wellness Corp. (U.S.), and The Nature's Bounty Co. (U.S.).
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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