India’s Growing Love for Gummies: What’s Driving the Demand
The India gummy market size was estimated at USD 316.2 million in 2023 and is expected to grow at a CAGR of 17.4% from 2024 to 2030. The growing consumption of gummies by consumers as part of their preventive healthcare practices to fill nutrient gaps is expected to drive market growth during the forecast period. Gummy supplement brands are launching products catering to different demographic groups to enhance their consumer base in the country. Furthermore, increasing awareness regarding wellness since the outbreak of COVID-19 in the country has boosted the demand for gummy-based supplements. In addition, high disposable income and increase in spending capacity is anticipated to boost market growth.
Market Concentration & Characteristics
The India gummy industry is characterized by high degree of innovation, with businesses continuously focusing on differentiating themselves through unique experiences and offerings. Leading market players are channeling their efforts toward effective promotion and marketing activities to expand the consumer base. Similarly, gummy manufacturers are focusing on the development of new technologies and utilizing advanced methods to manufacture cost-effective products. Manufacturers are focusing on understanding consumer patterns to serve the changing demands of the millennial population. Players are making efforts in product development that can allow consumers to cherish the taste and texture of gummies without compromising health conditions.
Market players are entering partnerships, agreements, joint ventures, and mergers & acquisitions with supplement manufacturers, retail brands, and distributors to strengthen their market shares and expand their geographical reach. For instance, in April 2023, TopGum announced the acquisition of R&D specialist PharmItBe to leverage PharmItBe’s comprehensive research laboratories and advance the production of gummies. Moreover, in October 2022, Bloomios, Inc., a leading private label and white label manufacturer and wholesaler of hemp-derived cosmetics, nutraceuticals, and pet products, announced the acquisition of Infusionz, a leading gummy manufacturer.
Recent Developments
In June 2023, Nature's Bounty launched Sleep3 Gummies that incorporate L-theanine, time-release melatonin, and quick-release melatonin, all conveniently packaged in a gummy format. This innovative product is designed to prepare the body for a restful night's sleep and encourages sustained sleep for adults with occasional sleeplessness.