Vitamins from a sugary gummy? yum, say some

For about a century, companies, especially those in the United States and Europe have been selling a sweet treat made from gelatine and sugar that has been contorted into all kinds of colourful shapes and sizes — worms, bears, candy bottles.India has no cultural context of this whatsoever, apart from some Gen-Z kids who consume gummy bears. But a host of businesses here believe that they too can make a big market out of selling vitamins in the form of gummy bears and dissolvable strips. And it would be lucrative: a pack of 50 gummies can sell for around ₹1,100 and others ₹500 for 10 strips.New players like Power Gummies, Nyumi, Vytalize LifeSciences and Wellbeing Nutritio are keen to tap into the nearly 75% of Indians estimated to be vitamin-deficient by a 2015 study by Chennai-based Metropolis Healthcare. Globally, millions of people are hooked on gummy vitamins — part of a class of products called nutricosmetics, the global market for which is estimated at about $5.1 billion in 2020. The report by ReportLinker adds that led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach $1.1 billion by 2027. A more rosy report from the International Trade Administration in 2020 says the Indian nutraceuticals market is expected to grow from an estimated $4 billion to $18 billion by the end of 2025.Divij Bajaj, CEO of Power Gummies, launched in 2018, making it a veteran of the nascent industry, says edible beauty — including nail and hair vitamins — has been the company's forte, and it is working towards launching skin care gummies. He claims one of their products can lend towards a better “beach body” and says he wants to target those who find swallowing pills difficult. Many of his clients, of course, are aged 18-35.Bajaj doesn’t allude to earnings of the company in the last four years. He says the company’s annual run rate in 20-21 is projected at ₹34 crore from ₹8 crore in the first year. Its revenue grew from ₹8.4 crore in FY18-19 to ₹21.46 crore in FY20, it said in a recently filed annual report with the Registrar of Companies (RoC) accessed through business information platform Tofler. However, it reported a net loss of ₹7.7 crore in FY20.Another player that started its business around 2016 — Wellbeing Nutrition — backed by research from Johns Hopkins University, USA, for some of its products — works in the space of plant based wholefoods and multivitamins.84302318The gummy vitamins market size was valued at $5.7 billion in 2018, and is expected to reach $9.3 billion by 2026, registering a CAGR of 6.5% from 2019 to 2025 says a research by MarketsandMarkets Its founder Avnish Chhabria says nearly 30% of the world’s population has difficulty swallowing tablets and those who can end up having just 20% of nutrients absorbed by their bodies. And that’s why he decided to launch melting strips, in which the active ingredient is absorbed straight into the bloodstream through the tongue. He says the business first started retailing only in 2019 and has since received ₹20 crore of funding. He adds that they have scaled the business in the pandThe gummy vitamins market size was valued at $5.7 billion in 2018, and is expected to reach $9.3 billion by 2026, registering a CAGR of 6.5% from 2019 to 2025 says a research by MarketsandMarketsemic to ₹3 crore a month of revenue in just over a year of being in operation and sell in about six countries now.Ananya Kejriwal Agarwal, founder of Nyumi that she founded in 2019 says she wanted to position her gummy brand as a lifestyle brand largely focused on women and that she feels they are an ‘enjoyable alternative’ that helps in habit formation. Nyumi procures raw materials from across the world to produce in Pondicherry.

from Economic Times https://ift.tt/2UAuONO