The Global Gummy Market is estimated to reach $37.1 billion by 2027, with a 12.5% CAGR during the forecast period. Gummies, as opposed to hard tablets and pills, are semi-solid, soft-textured candies that are chewable.
Furthermore, there is a wide variety of flavours available in gummies, which is boosting global demand for gummies and thereby adding to the expansion of the gummy market. Many firms, including Amway, Nature Made, and Abbott Laboratories, are offering vitamin- and mineral-based candies in flavours such as blueberry, strawberry, and orange, which is drawing more customers who want nutritional supplements that taste good.
The consumption of these gummies by millennials has increased due to factors such as rising disposable incomes, improved awareness of preventative healthcare measures, busier lifestyles, and the maintenance of better health conditions.
Furthermore, rising occurrences of vitamin deficiency and malnutrition in developing and developed countries are driving the global need for gummies. The burgeoning dietary supplement market in the United States, together with healthy improvements in consumers’ lifestyles as a result of increased awareness about preventative healthcare supplements, has resulted in the country’s high consumption of gummies.
Impact of Covid-19
The worldwide COVID-19 epidemic has impacted the supply chain, retail distribution, and consumer behaviour for many products. However, the gummy industry experienced a surge in demand during the pandemic because of rising consumer awareness of health and wellness products. Numerous limitations, like the total travel ban and others, have hampered the worldwide supply chain of a wide range of items. The movement of products among regions was likewise prohibited.
Furthermore, the necessity of eating vitamins such as vitamin D and vitamin C has increased because they aid to strengthen a person’s immunity, which would encourage the expansion of the gummy market.
Some of the Market Growth Factors are-
- The growing geriatric population and the changing lifestyle of consumers
- The increasing demand for dietary supplements
Some of the Market Restraining Factors are-
- The low availability of raw materials and high cost of products
Outlook
The market is divided into four regions: North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America emerged as the leading region in the gummy market in 2020, with the highest revenue share. The dietary supplement industry has grown significantly in the area in recent years, owing to a rising health-conscious customer base, particularly in industrialized countries such as the United States and Canada.
The market is divided into Vitamins, Omega Fatty Acids, Minerals, Proteins, and Other Applications. Protein diets are becoming increasingly popular, which is expected to drive demand for protein gummies.
The market is divided into two segments based on End User: Adults and Children. In 2020, the adult segment will have the highest revenue share in the gummy market. The growing demand for nutritional supplements among sports enthusiasts, working professionals, the elderly, and pregnant women are expected to drive adult segment development over the forecast period.
The market is divided into two segments based on distribution channels: offline and online. Over the forecast period, the offline distribution channel is expected to develop at the fastest rate. Several large corporations are opting for new distribution channels to interact with their vast consumer base, which has increased product sales through non-store-based channels such as online stores and e-retailers such as 1mg, Amazon, and others.
Based on the information provided above one can safely say that the gummies industry is nowhere near the verge of collapse as there are a lot of individuals in the world who need Gummies. Also due to the introduction of Covid in the world, it has become important for a lot of people to have these so that the immunity of them are up to the necessary level.