Gummy Market Overview and Analysis:
In 2022, the global gummy market had a valuation of USD 22.82 billion, and it is anticipated to experience a compound annual growth rate (CAGR) of 16.8% from 2023 to 2030.
Gummies refer to a type of chewy, gelatin-based confectionery that is often infused with various active ingredients such as vitamins, minerals, and supplements. They come in a variety of flavors and are known for their convenience and ease of consumption.
This growth can be attributed to factors such as the rising demand for functional and fortified gummies, the availability of gummy supplements in diverse flavors to cater to both taste preferences and health-conscious consumers, an increasing interest in vegan gummies, and a surge in demand for natural products. The popularity of gummies as a delivery format for a wide range of active ingredients further contributes to the overall expansion of the global gummy industry over the forecast period.
Gummy Market Latest Trends:
The increasing awareness about health and wellness is driving the demand for gummies infused with vitamins, minerals, and other health-promoting ingredients. Moreover, consumers are seeking gummies that offer functional benefits, such as enhanced energy, improved sleep, and stress relief. This trend is boosting the market for gummies with added functionalities. Also, there is a growing preference for natural and organic products, and this is influencing the gummy market. Consumers are gravitating towards gummies made with natural ingredients and free from artificial additives. Thus, these market trends are driving the growth of the studied market.
Market Segmentation: The Gummy Market is Segmented by Ingredients (Gelatin and Plant), End-Users (Adults and Kids), Distribution Channel (Offline and Online), and Geography (North America, South America, Europe, Asia-Pacific, and Middle-East And Africa). The report provides the market sizes and forecasts in terms of value in USD billion.
Market Drivers
Consumer Preferences for Healthier Snacking
Consumers are increasingly seeking snacks that not only satisfy their cravings but also provide nutritional benefits. Gummies infused with vitamins, minerals, and other active ingredients align with this preference for nutrient-rich formulations, appealing to those looking for convenient ways to supplement their diet. There is a growing demand for gummies made with natural and organic ingredients. Health-conscious consumers are prioritizing products free from artificial additives, preservatives, and sweeteners, contributing to the popularity of gummies positioned as a cleaner, more wholesome snack option. The intersection of consumer preferences for healthier snacking and the global gummy market reflects an evolving landscape where taste, convenience, and nutritional benefits converge to meet the demands of a wellness-conscious consumer base. Thus, the market is expected to witness significant growth over the forecast period.
Product Innovation and Diversification and Rising Demand for Functional Gummies
Product innovation and diversification, coupled with a rising demand for functional gummies, are driving significant trends in the global gummy market. These dynamics reflect a consumer base increasingly focused on wellness and seeking unique, purposeful products. Gummy manufacturers are investing in product innovation by incorporating a diverse range of formulations and ingredients. This includes vitamins, minerals, antioxidants, and other bioactive compounds. The goal is to offer consumers a variety of options that cater to specific health needs, preferences, and lifestyles. The integration of adaptogens and other wellness-focused ingredients is becoming prevalent in gummy formulations. Adaptogens, known for their stress-relieving and balancing properties, are finding their way into gummies marketed for mental well-being. Similarly, ingredients like collagen for skin health are gaining traction. Thus, owing to the above reasons, the market is expected to witness significant growth over the forecast period.
Market Restraints
Health Concerns and Sugar Content and Fluctuating Raw Material Prices
Increasing awareness of the adverse effects of excessive sugar consumption on health has led consumers to scrutinize the sugar content in food products, including gummies. Addressing these challenges requires strategic approaches from gummy manufacturers, including reformulation efforts, supply chain management improvements, and effective communication to align with changing consumer preferences and regulatory landscapes. Thus, the growth over the market is expected to slow down over the studied period.
COVID-19 Impact on Gummy Market:
The pandemic disrupted global supply chains, affecting the availability of raw materials for gummy production. Delays in transportation and logistical challenges hindered the timely procurement of essential ingredients. Moreover over, lockdowns, social distancing measures, and workforce disruptions impeded manufacturing processes. This resulted in a slowdown in production and, in some cases, temporary closures of facilities, affecting the overall output of gummy products. On the positive side, the pandemic heightened awareness about health and wellness, leading to increased interest in supplements like gummies that offer both taste and nutritional benefits. This trend positively influenced certain segments of the gummy market. Thus, with physical distancing measures in place, there was an accelerated shift towards online shopping. Gummy brands that adapted quickly to digital marketing and e-commerce channels were better positioned to reach consumers during lockdowns.
Segmental Analysis
Plant Based Gummy Types is Expected to Witness Significant Growth Over the Forecast Period
Plant-based gummy types refer to a category of gummy candies that are made using ingredients derived from plant sources, excluding animal-based components. These gummies are crafted without the use of traditional gelatin, which is derived from animal collagen, and instead utilize plant-based alternatives to achieve a chewy and gummy texture. Moreover, plant-based gummies often use substitutes for gelatin, such as pectin, agar-agar, or other plant-derived gelling agents. These alternatives allow manufacturers to create gummy textures without relying on animal-derived ingredients. Thus, the segment is expected to witness significant growth over the forecast period.
Adults Based End-user Segment is Expected to Witness Significant Growth Over the Forecast Period
Gummies for adults are often enriched with essential vitamins, minerals, and other nutrients to support overall health and well-being. These may include ingredients like vitamin D, B-vitamins, antioxidants, and omega-3 fatty acids. Moreover, the formulation of adult gummies often reflects a focus on health and wellness. Manufacturers may include ingredients known for specific health benefits, such as immune system support, joint health, cognitive function, or heart health. Thus, owing to such advantages, the segment is expected to witness significant growth over the forecast period.
Online Distribution Channel Segment is Expected to Witness Significant Growth Over the Forecast Period
The online distribution channel enables gummy manufacturers to reach a global audience. Consumers from different geographical locations can easily access and purchase a diverse range of gummy products without being constrained by physical store locations. Also, online platforms provide unparalleled convenience for consumers to explore and purchase gummies from the comfort of their homes. This accessibility is particularly valuable for individuals with busy lifestyles or those seeking specific products not readily available in local stores. The online distribution channel has become an integral part of the gummy market, providing a dynamic and responsive platform that caters to the evolving needs and preferences of consumers. As technology continues to advance, online channels are expected to play an increasingly influential role in shaping the landscape of gummy sales and distribution and expected to witness significant growth over the forecast period.
North America Region is Expected to Witness Significant Growth Over the Forecast Period
North America boasts several well-established gummy brands that have become synonymous with quality and variety. These brands often lead the market, offering a diverse range of gummy products catering to different age groups and health needs. Moreover, the growing emphasis on health and wellness has significantly influenced the gummy market in North America. Consumers are increasingly seeking gummies that not only serve as a tasty treat but also provide nutritional benefits, such as vitamins, minerals, and other functional ingredients.
Furthermore, collaborations between gummy brands and well-known personalities or entities are not uncommon in North America. Limited-edition releases and exclusive partnerships contribute to the excitement and engagement of consumers within the gummy market. Thus, the region is expected to witness significant growth over the forecast period.
Gummy Market Competitive Landscape:
The gummy market on a global scale is anticipated to experience a level of competition characterized by moderation, attributed to the multitude of players within the industry. In response to evolving consumer preferences, a considerable number of companies are diversifying their product offerings as a strategic means to establish a competitive advantage. Manufacturers are actively involved in research and development endeavors focused on the ingredients integral to gummy production. Additionally, they are broadening their array of products through initiatives such as product introductions, mergers, and acquisitions, aiming to meet the escalating demand for gummies. Some prominent players in the global gummy market include:
- Procaps Group
- Santa Cruz Nutritionals
- Amapharm
- Herbaland Canada
- Allseps Pty. Ltd.
- Vitux AS
Recent Development:
1) In March 2023, Goli Nutrition Inc. introduced a groundbreaking 3-in-1 probiotic gummy that blends prebiotics, probiotics, and postbiotics. These innovative gummies are designed to promote a balanced gut microbiome and bolster immune health.
2) In June 2022, vitafusion, the preeminent brand for adult gummy vitamins in North America, collaborated with brand ambassador Tiffany Haddish to introduce a pair of innovative gummy vitamin products: Multi + Beauty and Multi + Immune Support. These gummy vitamins provide dual benefits, seamlessly merging immune system reinforcement, beauty enhancement, and a comprehensive daily multivitamin, all encapsulated in two delightful flavors.
Frequently Asked Questions (FAQ) :
Q1. What was the Gummy Market size in 2022?
As per Data Library Research the global gummy market had a valuation of USD 22.82 billion in 2022.
Q2. At what CAGR is the gummy market projected to grow within the forecast period?
Gummy Market it is anticipated to experience a compound annual growth rate (CAGR) of 16.8% over the forecast period.
Q3. Which Region is expected to hold the highest Market share?
North America region is expected to hold the highest Market share.
Q4. What segments are covered in the Gummy Market Report?
By Ingredients, By Distribution Channel, End-User and Geography these segments are covered in the Gummy Market Report.
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Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
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