The Global Gummy Market was estimated at USD 15.89 Bn in 2020 and is expected to grow with CAGR of 10.8% during the forecast period.
The gummy market is majorly growing owing to the increasing demand for on-the-go dietary supplement products across the globe. This growth is prominently due to the growing geriatric population who are at a higher risk of developing dysphagia and vitamin deficiency and often face difficulty in consuming pills. Additionally, the millennials with busier work schedules are also demanding convenient products that offer health benefits to them. Gummies help in addressing these issues and offer consumers on-the-go consumption properties, combined with ease in consumption, as these gummies are chewable candies. In addition, these products also offer an increased quantity of multivitamins in gummies, encouraging consumers for adopting these products rather than opting for other singular vitamin capsules, or tablets which, in turn, providing the customer with convenience in consumption. Therefore, the rising demand for on-the-go & convenient supplements is expected to drive the gummy market demand during the forecast period.
Moreover, children and the geriatric population are often reluctant in consuming dietary supplements due to their unappealing, unpleasant strong, and harsh tastes and demand for products that are appealing in nature. Therefore, the gummy market is also experiencing traction owing to the properties offered by gummies such as tastes, flavors, and forms, along with additional health benefits. Thereby, the rising product awareness and consumption are driving the growth in the market. Hence, many key market players have shifted their focus on manufacturing gummies with distinct flavors such as orange, lime, strawberry, cherry, and others which is contributing to proliferating growth in the gummy industry. Furthermore, other factors such as rising awareness campaigns on preventive care, along with increasing instances of malnutrition and undernourishment in the developing nations are expected to influence the market growth.
Based on region, the Asia-Pacific region is growing with the fastest CAGR in the gummy market and is projected to exhibit high growth during the forecast period. This high growth rate is mainly attributed to the densely populated countries in the region such as China and India with higher risks of vitamin deficiencies and chronic diseases. The growing prevalence of chronic diseases in the region has led to a rise in the health-conscious consumer base who are increasingly demanding products that are filled with nutrition and help them to maintain a balanced diet. Hence, the growing number of health-conscious consumers are prominently driving the growth in the gummy industry in the region. Moreover, increasing purchasing power in many developing nations along with improving accessibility of several brands is creating growth opportunities in this region.
The key market players in the gummy industry are: