Report : South & Central America Gummy Supplements Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Digestive Health, Immune Health, Brain Health, Skin Health, Multivitamins, Single Vitamins, and Others), End User (Adults and Kids), and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others)
At 8.1% CAGR, the South & Central America gummy supplements market is speculated to be worth US$ 1,175.54 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South & Central America gummy supplements market was valued at US$ 682.57 million in 2021 and is expected to reach US$ 1,175.54 million by 2028, registering an annual growth rate of 8.1% from 2021 to 2028.
Huge impact of social media and continuous changes in retail landscape are the major factors responsible for growth of gummy supplements market in South & Central America region. The gummy supplements market across SAM is segmented into Brazil, Argentina, and the Rest of SAM. Rapid urbanization, rising health-consciousness among consumers, increasing purchasing power, and the transforming retail sector are a few important factors driving the market growth. The growing consumer inclination toward health and wellbeing, right nutrition, and quality of life is expected to propel the growth of the gummy supplements market across SAM in the coming years.
Consumers in SAM are focusing on weight loss owing to rising obesity rates. They are actively following strict workout regime and consuming healthy food and supplements to meet the daily nutrient requirements. This factor boosts the demand for weight-loss gummies in the region. Further, due to the COVID-19 outbreak, people were mandated to stay in their homes due to the lockdowns and government restrictions. Owing to the rising number of COVID-19 affected cases and deaths, the pandemic created distress and fatigue. Therefore, the demand for immune health and stress management supplements increased in the region.
The retail landscape in SAM is changing drastically, and people have access to a wider range of products. Thus, the availability of products of different brands across multiple retail channels in the region is further driving the SAM gummy supplements market growth.
On the contrary, various side effects associated with over consumption hurdles the growth of South & Central America gummy supplements market.
Based on type, the South & Central America gummy supplements market is segmented into digestive health, immune health, brain health, skin health, multivitamins, single vitamin, and others. The others segment held 43.0% market share in 2021, amassing US$ 293.76 million. It is projected to garner US$ 342.11 million by 2028 to expand at 7.8% CAGR during 2021–2028.
Based on end user, the South & Central America gummy supplements market is bifurcated into adults and kids. Adults segment held 71.4% market share in 2021. It accrued US$ 487.54 million in 2021 and is estimated to generate US$ 847.68 million by 2028 to grow at a CAGR of 8.2% over the forecast period.
Based on distribution channels, the South & Central America gummy supplements market is segmented into supermarkets & hypermarkets, specialty stores, online retail, and others. With 77.2% share of the domain, the specialty stores segment dominated the market in 2021. It accrued US$ 497.37 million in 2021 and is estimated to generate US$ 889.06 million by 2028 to grow at a CAGR of 7.8% over the forecast period.
Our regional analysis states that the Rest of South & Central America captured 54.2% market share in 2021. It was assessed at US$ 370.16 million in 2021 and is likely to hit US$ 617.49 million by 2028, exhibiting a CAGR of 7.6% during the forecast period.
Key players dominating the South & Central America gummy supplements market are Bayer AG; Church & Dwight, Inc.; Herbaland Naturals Inc.; Jarrow Formula, Inc.; Nature’s Way Products LLC; and The Clorox Company among others.
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