Rising Vegan Population Drives Market Growth: A Key Driver Transforming the Gummy Vitamins Market 2024

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Has the growth of the gummy vitamins market captured your attention?

The gummy vitamins market size has grown rapidly in recent years. It has expanded from $7.19 billion in 2023 to $7.92 billion in 2024, at a compound annual growth rate CAGR of 10.3%. This growth in the historic period can be attributed to increased undernourished population, increased health consciousness, growth in dietary supplements, and strong economic growth in emerging markets.

What does the future hold for the gummy vitamins market?

We expect to see strong growth in the next few years. The gummy vitamins market size is projected to reach $11.21 billion in 2028 at a CAGR of 9.1%. The growth in the forecast period can be attributed to an increase in the geriatric population, a growing vegan population, increasing prevalence of dysphagia, and the rise of digital media marketing and social media.

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What’s driving this market's growth?

A key growth driver of the gummy vitamins market is the increasing vegan population. Veganism involves abstaining from the consumption of animal products and, in many cases, avoiding the use of other animal-derived goods or by-products. The growing number of vegans presents a market opportunity for gummy vitamin manufacturers to align their products with the values and preferences of this expanding consumer segment. For example, in December 2021, Redefinemeat, an Israel-based company, claimed there are an estimated 79 million vegans globally, which is over 1% of the worldwide population. In the USA, 2 % of people identify as vegan, and three-quarters of them are female. By 2040, it’s projected that only 40% of the world’s population will eat meat. Therefore, the rising vegan population is expected to support the demand for the growth of the gummy vitamins market.

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Who are the major players shaping this market?

Major companies operating in the gummy vitamins market include Church & Dwight Co Inc, Unilever PLC, Otsuka Pharmaceutical, Reckitt Benckiser Group plc and others. These key industry players significantly influence the market trends and dynamics.

A major trend captivating the gummy vitamin sector is product innovation. Companies are focused on launching novel products to meet consumer demand and bank on the growing need for alternative dietary supplements. For instance, in June 2021, a UK-based start-up, Vitamin Angels, launched 3D-printed, personalized gummy vitamins for children. Every-package features 28 vegan, gluten-free, sugar-free gummies devoid of artificial flavors and colors, all available on monthly subscriptions.

How is the market segmented?

The gummy vitamins market is categorized as follows -

1 By Product Type: Single Vitamin, Multi Vitamin, Probiotics
2 By Source: Plant, Animal
3 By End User: Adult, Children
4 By Sales Channel: Hypermarket, Supermarket, Specialty Stores, Retail Pharmacies, Online Sales Channel, Other Sales Channel

What's the global spread of the market?

In 2023, North America was the largest region in the gummy vitamins market. However, Asia-Pacific is expected to be the fastest-growing region in the forecast period. The report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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