Increased importance being given to preventive healthcare is a prominent influencer aiding the growth of gummy vitamin consumption. However, disruptions in the food and beverage industry coupled with the temporary closure of production facilities during regional and nationwide lockdowns will impact producer and retailer inventories, which will have a negative impact on the gummy vitamins market throughout the pandemic.
The popularity of nutraceuticals as immune system strengtheners during the ongoing coronavirus pandemic will help to reduce losses arising from these disruptions.
Global gummy vitamins market is forecasted to account for an absolute dollar opportunity of over $2.5 Billion between 2020 and 2030.
Gummy vitamins are consumed widely across age demographics, owing to easier swallowability in comparison to pharmaceutical pills.
In addition, the rise in chronic diseases across North America and Europe has helped to build up the demand for gummy vitamins in recent years.
Consequently, issues of dysphagia will contribute to growth of the gummy vitamins market after the coronavirus crisis comes under control.
Gummy Vitamins Market- Critical Takeaways
- Multivitamin gummies remain highly sought after by consumers, while probiotic vitamin gummies are gaining ground rapidly.
- Adults remain the primary consumer demographic for gummy vitamins. However, development of new flavors is attracting younger consumers.
- Modern trade is used commonly for gummy vitamin distribution. However, sales through e-retail channels are rapidly gaining traction.
- North America is a major consumer of gummy vitamins, driven by higher consumer health awareness. Rise of urban lifestyles in high population centers such as India and China will generate growth in Asia Pacific.
Gummy Vitamins Market- Drivers
- The development of organic and sugar free variants of gummy vitamin products is driving adoption.
- Easy swallowability in comparison to conventional pills, supports consumption in young and elderly demographics.
- Growth of sales through e-commerce platforms bolsters revenue in the gummy vitamins industry.
- Growing incidences of vitamin deficiencies among consumers, support sales of gummy vitamin products.
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Gummy Vitamins Market- Restraints
- High sugar content in conventional gummy vitamin formulations, and related health concerns restrict market growth.
- Issues associated with stability of vitamins in a gummy delivery system poses a challenge to manufacturers.
Coronavirus Impact on Gummy Vitamins Market
Manufacturers in the gummy vitamins market are facing a number of challenges in terms of maintaining operations in production facilities. Widespread shortages of workers and cash flow resources are key problems during this crisis.
It is essential for manufacturers to strategize handling of existing inventory. This will enable a sufficient supply of stocks among retailers. In addition, market players are also investing in online distribution channels, which have gained traction following movement restrictions on the public.
Players in the gummy vitamins market are investing in the expansion of product portfolios with new flavors and ingredients, in addition to the expansion of production facilities.
Vitafusion has released 6 new gummy vitamin products in the United States in March 2020. Similarly, Unilever has started retailing OLLY brand gummy vitamins in Singapore, following the acquisition of the US based manufacturer.
Ion Labs Inc., Bayer AG, Hero Nutritionals LLC, Pfizer Inc., Bettera Wellness, Church & Dwight Inc., Olly Public Benefit Corporation, The Honest Company Inc., SmartyPants Vitamins, and Pharmavite LLC are some of the leading gummy vitamins manufacturers.