05 November 2020
Visiongain has published a new report on Adult Vitamin Gummies Market Report 2021-2031: Forecasts by Product Type (Single Vitamins, Multi-Vitamins), by Application (Weight Management, Food Supplements, Vitamin Deficiency, Immunity Management), PLUS Profiles of Leading Adult Vitamin Gummies Companies and Regional and Leading National Market Analysis, PLUS COVID-19 Recovery Scenarios.
The Global Adult Vitamin Gummies market was valued at US$ xx billion in 2020 and is projected to reach a market value of US$ xx billion by 2031. Rising awareness regarding a vegan diet among adults in recent years is a major factor increasing the demand for adult vitamin gummies. Growth in the pharmaceutical industry in emerging countries such as China, India is expected to generate new opportunities for the company.
COVID-19 Impact on Adult Vitamin Gummies Market
Manufacturers in the adult vitamin gummies market are facing several challenges in terms of maintaining operating in the production facilities. Further, widespread shortages of the workers and cash flow resources are the major problems during the crises.
Manufacturers are focussing on strategizing and handling the existing inventory to enable a sufficient supply of stocks among the retailers. In addition to these manufacturers are also focussing on e-commerce as a mode of distribution during the pandemic.
Growing Demand for Staying healthy among the consumers
There is a growing demand for staying healthy that has resulted in the inclination towards a vegan diet. A vegan diet offers several health benefits such as weight loss, reduces the risk of heart disease, lowering the chances of cancer among others. In 2017, 6 percent of the U.S population identified themselves as a vegan that’s a jump from one percent in 2014. Further, in 2019, 25% of the population lying between the age group of 25 to 34 have turned themselves into vegan to reduce obesity. Therefore this has resulted in more consumption of products such as gummy vitamins among the people thereby triggering the overall market growth.
Growth in the Pharmaceutical Industry
Growth in the pharmaceutical industry is also a major factor driving the overall demand for adult vitamin gummies. For instance, the global pharmaceutical industry is expected to reach US$ 1.5 Trillion in 2023 from US$ 1.2 trillion in 2018 with an annual growth of 3% to 6%. This is mainly because consumers are becoming more inclined to supplement products launched by pharmaceutical companies than other prescription drugs. Therefore, this is boosting the demand for vitamin gummies thereby resulting in market growth.
New Product Developments
New product developments are generating new opportunities for the market during the forecast period. For instance, in 2020 San Francisco-based brand OLLY introduced gummy vitamin supplements in Singapore after Unilever acquired the company in 2019.
Some of the major companies operating in the global adult vitamin gummies market are ABH Labs, LLC, Aktiv Organic Limited, The Ferrara Candy Company, Gemini Pharmaceuticals, Gimbal's Gummy Vitamins, Santa Cruz Nutritionals, Lonza, Makers Nutrition, LLC, Nature's Bounty, Inc. (NBTY, Inc.), Nutra Solutions USA, Church & Dwight Co., Inc., Zanon Vitamec, Bayer, Inc. among others. Companies are focusing upon new product developments and launches to grab more number of customer attention. Further consumers are focussing also on online retail. For instance, India’s functional food brand Power Gummies is focusing on online expansion and new product development.
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