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Gummy Vitamins Market is Generating Revenue of $9.3 Billion by 2026: At 6.5% CAGR

Gummy Vitamins

Recent years have seen consumers transition toward supplements that are made of natural colorants, vitamins rich, low calories, & free from synthetic additives.

PORTLAND, OR, UNITED STATES, September 14, 2020 /EINPresswire.com/ -- Gummy Vitamins Market by Type (Single Vitamin, Multivitamin, and Prebiotics), Demographics (Children and Adult), and Sales Channel (Hypermarket and Supermarket, Specialty Stores, Retail Pharmacies, and Online Sales Channel): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global gummy vitamins industry garnered $5.7 billion in 2018, and is estimated to reach $9.3 billion by 2026, growing at a CAGR of 6.5% from 2019–2026.

Rise in incidence of dysphagia, increase in consumer consciousness toward preventive healthcare creating demand for gummy vitamins, and surge in prevalence of vitamin deficiency fuel the growth of the global vitamins market. On the other hand, high amount of sugar in gummy vitamins and difficulty in vitamin stability in gummy format curb the growth to some extent. However, pectin as an alternative for gelatin is expected to create multiple opportunities in the near future.

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On the basis of type, the multivitamin segment accounted for nearly two-thirds of the total market share in 2018, and is projected to maintain its dominance during the forecast period. This is attributed to inclination of consumers towardfortified gummies for being convenient and healthy supplement. However, the prebiotics segment is estimated to portray the highest CAGR of 8.0% from 2019 to 2026.

Based on demographics, the children segment is expected to grow at the highest CAGR of 6.6% by 2026. However, the adult segment held nearly two-thirds of the global gummy vitamins market in terms of revenue in 2018, and is expected to maintain its dominant positionthroughout the forecast period, 2019–2026.

Based on region, North America contributed to the largest share in 2018, accounting for nearly half of the total market share, and is estimated to maintain its lead position during the forecast period. This is due to adoption of innovative strategies by leading players to sustain in the highly competitive market. However, Asia-Pacific is estimated to witness the highest CAGR of 8.5% from 2019 to 2026. This is due to rise in health consciousness among people and adoption of healthy lifestyle that enabled increase in day-to-day consumption of gummy vitamins.

Top Key Players: Bayer AG., Church & Dwight, Inc., Pfizer Inc., Pharmavite LLC, The Honest Company, Inc., Olly Public Benefit Corporation, SmartyPants Vitamins, Hero Nutritionals LLC, Bettera Wellness, and Ion Labs, Inc.

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Key Findings of the Study:
• North America leads in terms of gummy vitamins market share and is expected to remain dominant during the forecast period.
• U.S. was the highest contributor to the North America gummy vitamins industry, with $2,344.0 million in 2018. The country is expected to generate revenue of $3,450.3 million toward the end of the forecast period.
• In 2018, based on type, the multivitamin segment leads in terms of market share, however, prebiotic segment is expected to gain market share in the upcoming years.
• The online sales channel segment is expected to gain significant market share in the upcoming years, and is estimated to grow at a CAGR of 8.4% during the forecast period.
• Based on region, Asia-Pacific is anticipated to grow with robust CAGR of 8.5% during the forecast period.

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