Owing to the rise in immense popularity of gummies along with their nutrition filled attributes, the demand for flavored gummies is expected to propel market growth. Leveraging the popularity of healthy snacks is anticipated to facilitate market development. Functional gummies or pectin-based fruits are developed in a way that they are filled with nutrition and flavors. Flavors of such gummies can be natural or artificial and are laced with a range of minerals and vitamins. They have a soft texture and a gel-like consistency.
Rise for such health supplements is due to the popularity for the adoption of healthy lifestyle, which is anticipated to boost market growth by posing as an opportunity for the market. Increasing instances of diseases, such as diabetes, obesity, high blood pressure, and various health complications, due to nutritional gaps are anticipated to drive market growth. Innovative introduction of flavors by the manufacturers is expected to pose an opportunity for market progress.
According to Business Research Insights, the global functional gummies market size was valued at USD 684.9 million in 2020 and is projected to reach a valuation of USD 1,228.6 million by 2026 with a CAGR of 10.2% over the forecast period. The market has leading players such as Nutra Solutions, Hero Nutritionals, Jiangsu Handian, Santa Cruz Nutritionals, Superior Supplement Manufacturing, Bettera Wellness, Better Nutritionals, Makers Nutrition, ABH Natures, SMP Nutra, Vitakem Nutraceutical, Prime Health, NutraLab Corp, Procaps (Funtrition), VitaWest Nutraceuticals, Amapharm, ParkAcre, Allsep’s, Long Island Nutritionals (LIN), Herbaland, Cava Pharma, Sirio Pharma, and Seven Seas Ltd.
Online Sales to Support Market Growth During the Pandemic
The COVID-19 pandemic imposed numerous restrictions on various global markets. The pandemic led to the shutdown of stores, which affected the sale and demand for the product. Shortage of raw materials hampered the production of new health supplements. However, online sales allowed easy access to various types of health supplements. This is due to increasing awareness amongst the population for a healthy lifestyle.
Business Research Insights States the Top 5 Companies of Functional Gummies.
1. Nutra Solutions (U.S.)
Nutra Solutions USA is an U.S.-based manufacturer of dietary and nutritional supplements, headquartered in New York, U.S. Founded in 2015, the company is a global developer and supplier of dietary supplements, sports nutrition, nutraceuticals, and nutritional products. It offers a wide range of nutraceutical product support along with technical services and manufacturing. Products offered by the company are in the form of tablets, gummies, soft gels, powder mixes, and capsules.
2. Better Nutritionals (U.S.)
Started and established in 2015, Better Nutritionals is known for producing chocolate supplements and gummies. The company was started in 2015 by Sharon Hoffman and is located in Gardena in California, U.S. It offers innovative nutritional supplements and various other health and wellness supplements. Its products are offered in 150 countries.
3. Makers Nutrition (U.S.)
Makers Nutrition is an American company, located in Commack, New York, U.S. that specializes in tablets, capsules, soft gels, powders, and gummies. The company follows a manufacturing format of capsule manufacturing, soft gel manufacturing, tablet manufacturing, powder manufacturing, gummy manufacturing, and flavor system manufacturing. It offers various product genres, vitamin manufacturing, pet vitamin manufacturing, protein manufacturing, sports nutrition manufacturing, and bodybuilding supplement manufacturing.
4. VitaWest Nutraceuticals (U.S.)
VitaWest Nutraceuticals is an American company headquartered in Fontana, California, U.S. that offers high quality nutraceutical products. Its core function is to offer top tier nutraceuticals for the health and wellness industry. It offers nutritious, natural, and transparent supplements to achieve science-driven manufacturing. The company specializes in raw health powders, sports nutrition, encapsulation, product distribution, and formulation.
5.Seven Seas Ltd. (U.K.)
Seven Seas Ltd. is a global supplier of supplements, vitamins, and minerals globally. It was established in 1935 and is located in Feltham, U.K. It is a subsidiary of Procter & Gamble and Procter & Gamble Health Limited. It offers specialized foods such as poultry, eggs, herbs, health foods, tea, and coffee.
Introduction of Innovative Flavors by Manufacturers to Pose an Opportunity
A major trend in the functional gummies industry is the introduction of innovative and exotic flavors by manufacturers. Healthy gummies are gaining traction with the introduction of new flavors such as lime, strawberry, cherry, orange, and various other flavors. In February 2022, Amway India launched nutritional supplements in a simple format of jelly stripes and functional gummies.
There has been a lot of investments and research activities for the formulation of new flavors, which are expected to drive the market growth and pose an opportunity for the market. Moreover, the trend of introducing organic and natural flavors is anticipated to surge the demand for functional gummies.