Gummy Market Size, Estimates, And Forecast To 2028
Gummy Industry Overview
The global gummy market size is expected to reach USD 42.06 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 12.6% over the forecast period. The advent of organic, clean, and natural formulated gummy supplements by key market participants; coupled with increasing customer demand for nutrition with taste and flavor is a major factor fueling the market growth.
Gummy Market Segmentation
Grand View Research has segmented the global gummy market on the basis of application, end user, distribution channel, and region:
Based on the Application Insights, the market is segmented into Vitamins, Minerals, Omega Fatty Acids, Proteins, Others.
- The vitamins segment led the market accounting for more than 55% of the overall revenue share in 2020. The increasing working-class population and changes in lifestyles have failed to keep up with the nutrition requirement through food; thus, the demand for vitamin supplements has been increasing.
- According to the World Health Organization, an estimated 17.9 million people die each year because of CVDs. Omega fatty acid gummies aid in reducing the risk of heart attack and are a healthy option for children, pregnant women, and the geriatric population, therefore, gaining traction.
- The growing trend of protein diet is expected to fuel the demand for protein gummies. However, the rising penetration of protein powders, cookies, bars, and protein-energy balls is anticipated to hamper the growth of gummy formats. However, market players are focusing on offering high-protein gummies with various flavors and shapes, which will support the segment growth.
Based on the End-user Insights, the market is segmented into Adults and Kids.
- The adult end-user segment dominated the market with a revenue share of more than 62% in 2020. The rising demand for convenient dietary supplements from working professionals, sports enthusiasts, elderly people, and pregnant women is expected to augment the growth of the adult end-user segment over the forecast period.
- The kids segment is also estimated to register significant growth during the forecast years due to rising product demand. The growing inclination of parents toward natural supplements, along with their willingness to spend more on kids’ health and wellness products, is expected to drive the segment growth over the coming years.
- Manufacturers, such as CBDfx, are offering gummies containing Cannabidiol (CBD) along with turmeric & spirulina. CBD is derived from organically grown hemp to attract consumers demanding supplements with organic, clean label, and natural claims. Rising consumer interest in whole food supplements is also expected to favor segment growth.
Based on the Distribution Channel Insights, the market is segmented into Store-Based and Non-Store-Based.
- The non-store distribution channel segment is expected to witness the fastest CAGR of more than 14% during the forecast period. Increasingly sophisticated consumer demands coupled with the rising penetration of e-commerce are mainly driving the growth of this segment. Key manufacturers are accessing new distribution channels to connect with the diverse consumer base, which has increased the product sales through the non-store-based channels, such as online stores and other e-retailers like Amazon, 1mg, and others.
Gummy Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East and Africa (MEA)
Key Companies Profile & Market Share Insights
The companies are working on their branding strategies to appeal to the target audience respective to the specific applications. Players are investing in advanced automated continuous production lines to increase production efficiency. The high level of competition has intimidated the key players to increase their market share with acquisitions, collaborations, new product launches, and mergers.
Some of the prominent players operating in the global gummy market include,
- Procaps Group
- Santa Cruz Nutritionals
- Amapharm
- Herbaland Canada
- Allseps Pty. Ltd.
- Vitux AS
- Boscogen, Inc.
- Bettera Brands, LLC
- NutraStar Manufacturing Ltd.
- Better Nutritionals
- Prime Health Ltd.
- AJES Pharmaceuticals LLC
- Lactonova
- com
- Lexicare Pharma Pvt. Ltd.
- Superior Supplement Manufacturing
- Well Aliments
- Supplement Factory Ltd.
- Vitakem Nutraceutical, Inc.
Order a free sample PDF of the Gummy Market Intelligence Study, published by Grand View Research.