PUBLISHER: KBV Research | PRODUCT CODE: 1374207
PUBLISHER: KBV Research | PRODUCT CODE: 1374207
The Global Multivitamin Gummies Market size is expected to reach $11.2 billion by 2030, rising at a market growth of 11.2% CAGR during the forecast period. In the year 2022, the market attained a volume of 4,866.9 million units, experiencing a growth of 11.5% (2019-2022).
Immunity is another significant area where multivitamin gummies have made their mark. Consequently, the Bone & Joint Health segment captured $867.3 million revenue in the market in 2022. In promoting bone and joint health, some gummies are enriched with calcium, vitamin D, and magnesium. These nutrients are crucial for maintaining bone density, ensuring joint flexibility, and potentially warding off osteoporosis, especially in older adults or post-menopausal women. Especially when immune system strength is paramount, gummies fortified with vitamin C, zinc, and echinacea can help enhance the body's natural defense mechanisms against infections. Some of the factors impacting the market are affordability and accessibility offered by the product, increasing consumer preference for gummies, and significant regulatory concerns.
Affordability and accessibility have become paramount factors driving the growth of the market, carving a niche for these supplements in consumers' daily lives worldwide. In the modern era of consumerism, a product's value is increasingly being measured not just by its intrinsic benefits but also by its economic viability and ease of procurement. Affordability plays a dual role in the market's expansion. The combination of affordability and accessibility creates a synergistic effect. While affordability ensures that multivitamin gummies are perceived as an economical health choice, accessibility guarantees that this choice is readily available to consumers irrespective of their location. Together, these factors have paved the way for the robust growth of the market, making them a staple in the health supplement sector. Additionally, Affordability and accessibility have become paramount factors driving the growth of the market, carving a niche for these supplements in consumers' daily lives worldwide. Affordability plays a dual role in the market's expansion. Firstly, by virtue of their competitive pricing, multivitamin gummies offer consumers a cost-effective way to supplement their dietary needs. While affordability ensures that multivitamin gummies are perceived as an economical health choice, accessibility guarantees that this choice is readily available to consumers irrespective of their location. Together, these factors have paved the way for the robust growth of the market, making them a staple in the health supplement sector.
However, regulatory concerns have emerged as significant roadblocks, potentially restricting the growth trajectory of the market. As health supplements, multivitamin gummies are subject to many regulations, which vary considerably across countries and regions. This patchwork of regulatory frameworks poses multifaceted challenges for manufacturers and distributors. In some regions, multivitamin gummies might be classified as food products, while in others, they could fall under the ambit of drugs. This fundamental difference in categorization can dictate the nature and rigor of regulatory approvals required before the product can be marketed. While the global appetite for multivitamin gummies is undeniably robust, navigating the intricate and varied regulatory landscapes poses significant challenges. Therefore, the regulatory issues associated with gummies may hamper the growth of the market.
Source Outlook
On the basis of source, the market is bifurcated into gelatin and plant-based gelatin substitute. The gelatin segment procured the highest revenue share in the market in 2022. Gelatin, derived primarily from collagen found in animal tissues, offers the desired texture, consistency, and chewiness that consumers associate with gummy products. These attributes have made gelatin a preferred choice among manufacturers for decades. The appeal of multivitamin gummies, which combine health benefits with the palatability of a candy-like treat, has been instrumental in driving the popularity of gelatin-based gummies.
Distribution Channel Outlook
Based on the distribution channel, the market is fragmented into offline and online. The online segment acquired a remarkable revenue share in the market in 2022. With the digital age in full swing, online platforms have become indispensable distribution channels. E-commerce websites, brand-owned portals, health and wellness platforms, and even aggregator platforms offer multivitamin gummies for sale. Online channels provide consumers with the convenience of home delivery, detailed product descriptions, user reviews, and, often, competitive pricing. Additionally, the vast reach of online platforms means that even niche or region-specific brands can reach a global audience.
Sales Channel Outlook
Based on sales channel, the market is segmented into OTC and prescribed. The over-the-counter (OTC) segment acquired the highest revenue share in the market in 2022. Supermarkets, drug stores, and health food shops are prime locations where consumers can pick up OTC multivitamin gummies off the shelf. The advantage of OTC sales lies in its immediacy and convenience; consumers can purchase these products without needing a medical prescription, making impulse buying and repeat purchases more manageable. Many brands emphasize their OTC visibility, employing eye-catching packaging and strategic shelf placements.
End-user Outlook
Based on end-user, the market is categorized into adults, geriatric, pregnant women, and children. The geriatric segment garnered a substantial revenue share in the market in 2022. As age advances, the body's nutrient absorption capabilities can diminish, and specific vitamin and mineral needs may increase. Traditional pill-based supplements can pose swallowing difficulties for some seniors, making gummies an attractive alternative. The chewable format and tailored formulations to address age-specific requirements make them suitable for the elderly demographic.
Application Outlook
By application, the market is segmented into general health, bone & joint health, immunity, cardiac health, diabetes, skin/hair/nails, prenatal health, and others. In 2022, the skin/hair/nails segment procured a remarkable growth rate in the market. The burgeoning beauty and wellness segment has witnessed the emergence of gummies targeting skin, hair, and nail health. Infused with biotin, folic acid, and antioxidants, these gummies cater to individuals seeking radiant skin, lustrous hair, and strong nails, attributing an aesthetic appeal to the health supplement category.
Regional Outlook
Based on the region, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region registered the highest revenue share in the market in 2022. North America stands as a significant player in the multivitamin gummies landscape. Driven by a health-conscious populace, advanced healthcare infrastructure, and heightened awareness about nutritional supplements, the U.S. and Canada have witnessed a surge in demand. Factors like an aging population, rising healthcare expenditures, and an emphasis on preventive healthcare further propel the market in this region.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SmartyPants Vitamins, Pharmavite LLC, Garden of Life, Better Nutritionals, LLC, Church & Dwight Co., Inc. (Vitafusion), Swanson Health Products, Inc., Nature's Way Brands, LLC, MRO MaryRuth, LLC, GNC Holdings, LLC and Bayer AG
Market Segments covered in the Report:
By Source (Volume, Million Units, USD Million, 2019-2030)
By Distribution Channel (Volume, Million Units, USD Million, 2019-2030)
By Sales Channel (Volume, Million Units, USD Million, 2019-2030)
By End-user (Volume, Million Units, USD Million, 2019-2030)
By Application (Volume, Million Units, USD Million, 2019-2030)
By Geography (Volume, Million Units, USD Million, 2019-2030)
Companies Profiled
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