Dec 18, 2019
North America Leads with One-fifth Share in Gummy Vitamins Market, while APEJ Witnesses Phenomenal Growth
by Team Fact.MR
Global gummy vitamins market is forecasted to account for an absolute dollar opportunity of US$ 124 Mn between 2019 and 2029 with North America capturing a significant chunk of the market share. Vitamin intake patterns of consumers has undergone a paradigm shift in the recent past wherein apart from prescription based sales, an impetus in the demand for over the counter vitamins has been observed. Consumer pharmaceutical heavyweights in North America such as Pfizer Inc. and GlaxoSmithKline plc from UK, under a joint partnership are cashing in on this trend. On the supply side, agility of pediatricians to prescribe non-traditional forms of vitamins to kids is propelling market growth. The demand for gummy vitamins is seeing an uptick among the working class on the back of ingredients that boost metabolic health and regulate folic acid amounts in the body.
Key Takeaways of the Gummy Vitamins Market
- North America accounts for 1/5th share in total gummy vitamins market, and is expected to showcase a gradual growth trend.
- With 2X growth between 2019 and 2029, APEJ is expected to become the second largest gummy vitamins market by 2029.
- Multivitamins hold a prominent share within the gummy vitamins market. However, by 2029, probiotics segment is projected to grow by twice its estimated value in 2019.
- Gummy vitamins targeted for kids not only account for a higher market share, but are also anticipated to witness a 1.9X growth during the forecast period.
- Online retail for gummy vitamins is expected to garner an absolute dollar opportunity of over US$ 400 Mn during the forecast period.
- Church & Dwight Co. Inc. is the leading stakeholder in gummy vitamins market, while the rest of the market is highly fragmented owing to the presence of large number of companies.
“Gummy vitamin manufacturers have been finding new revenue streams to ignite life into the maturing product life-cycle of these vitamins. Around half-a decade back, gummy vitamin manufacturers positioned these vitamins from ‘child-specific’ to encompass all age groups. Through the introduction of pet-specific gummy vitamin supplements, the companies are expanding their offerings and are tapping into new avenues” – Says a Fact.MR Analyst
Manufacturers Steer towards Untapped Markets for Greater Profitability
Currently the gummy vitamins market is fragmented with the entrance of multiple emerging players. Key competitors in the market are focused on increasing their product portfolio and online retail presence. Majority of top players in gummy vitamins market are based in United States, though their expansion in the foreign market is also being observed.
Herbaland Naturals Inc., one of major players in the gummy vitamin market is making inroads in the Chinese vitamin market through Tmall International, an e-commerce platform under Alibaba Group. Even though companies have focused on establishing a foothold in domestic markets, the trend of regional expansion in high potential regions such as APEJ and MEA is expected in the foreseeable future
Find More Valuable Insights on Gummy Vitamins Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the Global Gummy vitamins market, presenting historical demand data (2014-2018) and forecast statistics for the period, 2019-2029. The study divulges compelling insights on the gummy vitamins market on the basis of product type (single vitamin, multivitamin, probiotic), source type (plant based, animal based), customer orientation (children, adult), sales channel, packaging type and region.
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