Gummy Vitamins Market Size, Share, Growth Analysis, By Distribution Chanel(Non-store-based and store-based), By Source(Plants and animals), By Application(Vitamins, minerals), By End-user(Adults and children) - Industry Forecast 2024-2031

In 2021, according to a regional study, the North America gummy vitamins market accounted for the largest revenue share. The growing number of health-conscious consumers is increasing the demand for consumable supplements and gummies as daily necessities. The growing vegetarian population is projected to increase the demand for plant-based vegetarian nutritional gummies. For example, in January 2022, Vegum announced the debut of a plant-based vitamin gummy for the vegetarian community in the United States to fuel the growing plant-forward crowd with growing awareness of the dairy and meat industries. Sales of these vitamins in the region are likely to increase due to hassle-free consumption and bear-sized gummies.

Asia Pacific is expected to grow at a significant CAGR during the forecast period. The prevalence of malnourished populations in APAC countries, particularly in India, is expected to drive the regional demand for gummy vitamins. To meet these countries' criteria, major competitors and startups are expanding their existing business processes. In July 2021, Power Gummies, a nutraceutical Indian firm, announced plans to expand its presence to around 1,000 outlets in India. The company plans to offer around 40 adhesive variants to meet customer needs.

Europe is expected to exhibit a moderate rate of revenue growth during the forecast period. Increasing population concerns, public awareness, and adequate investment to enhance the process of launching new products are driving revenue growth in the market of this region. Revenue growth is expected due to new product types and changing consumer preferences. For example, in August 2021, Yummygums, a Dutch startup, received a USD 1 26 million investment from Rabobank, a Dutch bank, and a group of business angels. Apart from major internationalization, the firm intends to produce vitamin-based fruity gummies to encourage people to adopt good behavior.