Albany, NY, June 20, 2018 (GLOBE NEWSWIRE) -- As per a recent market study by Transparency Market Research (TMR), the global gummy vitamins market is likely to expand at a CAGR of 5.2% between 2017 and 2025, for the gummy vitamins market to be worth US$4.17 bn by 2025. Vis-à-vis revenue, the market was evaluated at US$2.68 bn in 2016. Product-wise, multivitamins hold a substantial share in the market due to an upsurge of demand for multivitamins supplements and also on account of new formulations of gummy vitamins in different tastes and shapes. The segment of single vitamins too is predicted to rise at a healthy clip due to the demand for Vitamin D supplements among all age groups and rising use of omega-3 DHA among pregnant women.
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Geography-wise, Asia Pacific is predicted to display a robust demand for gummy vitamins due to rising awareness of availability of vitamins and dietary supplements to complement nutritional requirements. Vast investments by public and private sectors to create awareness about the benefits of gummy vitamins to complement nutritional requirements is serving to boost this regional market. The region is predicted to clock the maximum CAGR of 3.8% between 2017 and 2025 among other key regional segments.
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Rising Awareness of Intake of Dietary Supplements for Nutritional Requirements Fuels Demand
Gummy vitamins are dietary supplements which were originally formulated for children not wanting to take pills. In no time, gummy vitamins gained popularity among children as well as adults because of their visual appeal and also because they are easy to ingest. Availability of gummy vitamins in different shape, taste, and color are some other factors stoking the growth of this market.
Increase in awareness campaigns to promote preventive care, high incidence of malnutrition and undernourishment in developing countries, enticing visual appeal of gummy vitamins, and advent of novel products based on organic formulations are some other key factors that are positively impacting the global gummy vitamins market.
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Side Effects Resulting from Overconsumption Challenges Market
However, health risk and side effects associated with overconsumption of gummy vitamins are key factors restraining the growth of gummy vitamins market. Nevertheless, rising awareness of availability of dietary supplements to complement nutritional requirements is serving to boost the demand for gummy vitamins.
Prominent players in the global gummy vitamins market are Boli Naturals LLC, Ferrara Candy Company, Bayer AG, Makers Nutrition LLC, Nutra Solutions USA, Ernest Jackson, Softigel, ABH Labs LLC, Vitakem Nutraceuticals Inc., Gimbal Brothers Inc., Melrob Group, Santa Cruz Nutritionals, Contract NUTRA, F. Hunziker + Co AG, and Sirio Pharma.
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Among them, Bayer held a sway over the market in 2016 owing to its dominant share. Extensive product range, which includes targeted multivitamins for all age groups, focus on product development, and solid geographical outreach are key factors behind Bayer’s leading position. Other key players are also expending money on product development to introduce gummy vitamins in different shapes, taste, and color that would give them competitive advantage.
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