Gummy Market To Reach USD 23.4 Billion By 2032, Says DataHorizzon Research
The gummy market size was valued at USD 7.2 Billion in 2022 and is expected to reach USD 23.4 Billion by 2032 with a CAGR of 12.6%.
Fort Collins, Colorado, April 28, 2024 (GLOBE NEWSWIRE) -- *
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*Rising consumer demand for convenient snacking options drives market growth*
The *gummy market* is a division of the food industry that manufactures and sells chewy, gelatin-based snacks shaped like bears, worms, or fruit slices. Gummies are popular among people of all ages because of their variety of flavors, amusing shapes, and simple packaging options.
The increasing customer preference for handy, on-the-go snacking solutions is a significant driving force in the Gummy industry. Gummies are ideal for current customers' busy lifestyles because they are easy to consume and portable. According to a Mintel survey, 94% of adults in the United States snack daily, with 50% nibbling twice or three times per day. Furthermore, the increased popularity of gummies as a fun and entertaining snacking alternative among children and young adults contributes to market growth.
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*Segmentation Overview:*
*The gummy market has been segmented into product, ingredient, end-use, distribution channel, and region.*
*Vitamins accounted for a significant market share in 2023*
· Based on product type, gummies can be classified as vitamins, minerals, carbs, omega fatty acids, proteins and amino acids, probiotics and prebiotics, dietary fibers, CBD/CBN, psilocybin/psychedelic mushroom, and melatonin. Gummy vitamins dominated the market, accounting for a sizable portion in 2023. Growing vitamin deficit is resulting in higher vitamin consumption, particularly vitamins C and D, which is driving market expansion.
*Increased gummy supplement consumption among adults bolstered the market growth. *
· Based on application, the market is bifurcated as adults and kids. Adults (men, women, pregnant women, and the elderly) accounted for the highest revenue share. This sector dominated the market due to a changing lifestyle, a balanced diet, and an increased awareness of digestive health. Gummies are a delicious alternative to typical pills for people who have difficulty managing their medicines. According to The Nutrition Business Journal, adult gummies made up 65% of all gummy vitamins. As a result, greater gummy supplement intake among adults boosted market growth. Furthermore, COVID-19's emphasis on immunity strengthening fueled demand for gummy supplements, which aid to boost immunity.
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*Gummy Market Report Highlights:*
· The gummy market growth is anticipated at a* CAGR of 12.6% by 2032.*
· Continuous innovation in product formulas and packaging offers a considerable possibility for growth in the gummy sector. Manufacturers are concentrating on developing gummy goods with lower sugar content, natural ingredients, and functional benefits to meet changing consumer tastes. For example, the use of sugar substitutes like stevia and xylitol in gummy formulations is gaining popularity. Furthermore, the use of new packaging options, such as resealable pouches and single-serve packs, is likely to improve the convenience and portability of gummy products, accelerating market expansion.
· North America dominated the gummy market and held a substantial share in 2022. Americans' increased usage of dietary supplements such as multivitamins and minerals (MVM) has contributed to the growth of the industry.
· Some prominent players in the gummy market report include Procaps Group, Santa Cruz Nutritionals, Amapharm, Herbaland Canada, Allseps Pty. Ltd., Vitux AS, Boscogen, Inc., Bettera Brands, LLC, NutraStar Manufacturing Ltd., Better Nutritionals, Prime Health Ltd., AJES Pharmaceuticals LLC, Lactonova, SMPNutra.com, Lexicare Pharma Pvt. Ltd., Superior Supplement Manufacturing, Well Aliments, Supplement Factory Ltd., Vitakem Nutraceutical, Inc.
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*About DataHorizzon Research:*
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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