What’s The Market Trend for Gummy?
- by Sharry
- April 13, 2023
What’s The Market Trend for Gummy?
Gummy products, especially gummy vitamins, and supplements, have seen significant growth in recent years. Consumers are increasingly looking for convenient and tasty ways to supplement their diets, and gummies offer an appealing alternative to traditional pills and tablets.
In addition to the vitamin and supplement market, gummy candies have also been growing in popularity. Brands are experimenting with new flavors, shapes, and textures to appeal to a wider audience. Vegan and organic gummies (the raw material can be agar, gelatin, pectin, or carrageen) are also becoming more prevalent due to increasing consumer demand for healthier and more sustainable products. The hot sales of gummy machines in the past few years are also good evidence of the gummy products market.
The market for gummy products is expected to continue growing in the coming years, with more innovation and product diversification.
According to a report by Grand View Research, the global gummy vitamins market size was valued at USD 4.17 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 11.7% from 2021 to 2028. The report cites convenience, ease of consumption, and the availability of different flavors and formulations as key driving factors for the growth of the gummy vitamins market.
In the confectionery industry, gummy products have also seen significant growth. According to a report by Technavio, the global gummies market size is expected to grow by USD 9.06 billion during 2020-2024, progressing at a CAGR of over 4% during the forecast period. The report attributes this growth to factors such as the increasing popularity of gummies among younger consumers, the availability of new flavors and packaging options (bottle packing, sachet packing), and the launch of vegan and organic gummies.
These data suggest a positive market outlook for gummy products, with significant growth expected in the coming years.
