A new report, Vitamin Gummies Market, published by Future Market Insights (FMI) reports that the worldwide vitamin gummies market value is projected to grow at a ‘healthy’ CAGR of 5.1% between 2019-2029.
Growth will be propelled by probiotic and vegan trends within the food industry, according to the business consultancy.
As one of the drivers helping to push the category into a lucrative nutraceuticals future, FMI states that growth will be spurred on by ‘consumers who seek to balance health aspects such as folic acid, metabolic health and glycaemic index … in a bid to tackle issues such as bone strength, immunity, and nutrient deficiencies’.
E-commerce is cited as another growth factor for vitamin gummies, providing potentially ‘higher rates of profitability’ for manufacturers when compared with bricks and mortar outlets.
Key Market Segments
- Multivitamin gummies are projected to maintain a dominant market share of more than 63%. Probiotic gummies are expected to grow fastest, with a CAGR surpassing 6%
- Adult gummies will account for a greater market share (more than 64%)
- Plant-based gummies will gain rapid traction, with a CAGR surpassing 6 %
- Online retailers are anticipated to grow at a faster pace, surpassing a CAGR of 7%. Modern trade channels are anticipated to remain the ‘dominant avenue of sales’ until the end of 2029.
A report analyst for FMI comments: “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,” finishes the analyst.