Increased importance being given to preventive healthcare is a prominent influencer aiding the growth of gummy vitamin consumption. However, disruptions in the food and beverage industry coupled with the temporary closure of production facilities during regional and nationwide lockdowns will impact producer and retailer inventories, which will have a negative impact on the gummy vitamins market throughout the pandemic.
The popularity of nutraceuticals as immune system strengtheners during the ongoing coronavirus pandemic will help to reduce losses arising from these disruptions. Global gummy vitamins market is forecasted to account for an absolute dollar opportunity of over US$ 2.5 Bn between 2020 and 2030.
“Gummy vitamins are consumed widely across age demographics, owing to easier swallowability in comparison to pharmaceutical pills. In addition, the rise in chronic diseases across North America and Europe has helped to build up the demand for gummy vitamins in recent years. Consequently, issues of dysphagia will contribute to growth of the gummy vitamins market after the coronavirus crisis comes under control,” says the FACT.MR analyst.
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Gummy Vitamins Market- Critical Takeaways
Gummy Vitamins Market- Drivers
Gummy Vitamins Market- Restraints
Coronavirus Impact on Gummy Vitamins Market
Manufacturers in the gummy vitamins market are facing a number of challenges in terms of maintaining operations in production facilities. Widespread shortages of workers and cash flow resources are key problems during this crisis.
It is essential for manufacturers to strategize handling of existing inventory. This will enable a sufficient supply of stocks among retailers. In addition, market players are also investing in online distribution channels, which have gained traction following movement restrictions on the public.
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Players in the gummy vitamins market are investing in the expansion of product portfolios with new flavors and ingredients, in addition to the expansion of production facilities. For instance, Vitafusion has released 6 new gummy vitamin products in the United States in March 2020. Similarly, Unilever has started retailing OLLY brand gummy vitamins in Singapore, following the acquisition of the US based manufacturer.
Ion Labs Inc., Bayer AG, Hero Nutritionals LLC, Pfizer Inc., Bettera Wellness, Church & Dwight Inc., Olly Public Benefit Corporation, The Honest Company Inc., SmartyPants Vitamins, and Pharmavite LLC are some of the leading gummy vitamins manufacturers.
About the Study
The report provides a detailed forecast of the gummy vitamins market. Global, regional and national-level analysis of recent trends affecting the gummy vitamins market is covered in this FACT.MR report. The study provides insights according to product type (single vitamin gummy, multivitamin gummy, and probiotic vitamin gummy), source type (animal based and plant based), customer orientation (children, men, and women), packaging type (bottles & jars, standup pouches, and others) and sales channel (direct sales, modern trade, convenience stores, departmental stores, specialty stores, drug stores, online retailers, and others) in seven regions (North America, Latin America, Europe, CIS & Russia, Asia Pacific Excluding Japan, Japan, and MEA).
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