PUBLISHER: DataM Intelligence | PRODUCT CODE: 1423470
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1423470
Global Vitamin Fudge Market reached US$ 1.73 billion in 2022 and is expected to reach US$ 2.50 billion by 2030, growing with a CAGR of 4.7% during the forecast period 2023-2030.
Vitamin fudges provide readily available nutritional support to consumers with busy lifestyles. The innovative and new product introduction into the market that addresses mono vitamin or multiple vitamins helps consumers meet their daily dietary requirements and drives the market growth. The availability of vitamin fudges in various flavors such as chocolate, vanilla, and strawberry offers consumers multiple flavor choices to depend on.
Most of the vitamin fudges are available for all age groups. The perfect combination of vitamin fudge taste with the vitamin nutritional value helps the wide expansion of the market among health-conscious people who are looking for ready incorporation of nutrients into the body in a tasty and convenient manner. Manufacturers are releasing new and innovative products such as sugar-free and low calories to attract more consumers.
North America dominated the global vitamin fudge market. According to NIH 2023, in the United States, approximately 6% of adults younger than 60 years have vitamin B12 deficiency. Similarly, the Cleveland Clinic Organization reported that approximately 35% of adults in the United States have vitamin D deficiency. With the increasing consumer awareness regarding the prevalence of vitamin deficiency, there is a greater need for vitamin products driving the regional market.
Increasing Prevalence of Vitamin Deficiency
Vitamins are essential nutrients that are required in small quantities for proper metabolic activities. The deficiency of such micronutrients can lead to various health issues. People suffer from mono-vitamin or multivitamin deficiencies. According to the Cleveland Clinic Organization 2023, about 1 billion people worldwide have vitamin D deficiency, while 50% of the population has vitamin D insufficiency. It most commonly affects people over the age of 65 and people who have darker skin.
According to the World Health Organization, it is estimated that 250,000-500,000 children who are vitamin A-deficient become blind every year. With the increasing deficiency of many essential micronutrients, consumers are focusing on incorporating vitamins into their daily diet in multiple ways to get rid of various deficiency disorders, driving the market growth.
Increased Demand for Convenient Nutritional Supplements
With the reduced intake of nutrient-rich food products, there is an increase in demand for nutritional supplements that compensate for the nutrients needed for the body's functionality. Various types of nutritional supplements are available in the market for ready-to-use nutritional use. Vitamin fudges provide both convenient and easy on-to-go vitamin supplements to consumers.
Vitamin fudges offer a fun and tasty alternative to traditional tablets and capsules. Consumers who are experiencing hardship due to difficulty in swallowing pills, especially children can enjoy their supplementation in way fun and tasty way. The better texture and multiple flavors availability of these vitamin fudges increased the market scope. Vitamin fudges are also popular due to their convenience and portability. They are individually wrapped, making them easy to carry and consume.
Higher Cost of Vitamin Fudges Compared to Traditional Fudges
The high cost of vitamin fudges can be one of the major hindering factors for global growth. The high price of the product may be due to the additional nutritional ingredients that are being added to the fudges to improve its vitamin content. The nutritional-rich ingredients increased the production costs for the manufacturers. In addition, the processing and formulations applied for the production of vitamin fudges also add more manufacturing costs increasing the final product costs.
The global vitamin fudge market is segmented based on type, flavor, distribution channel, end-user and region.
High Acceptability of Chocolate Flavor by All Age Group People
The global vitamin fudge market is segmented based on flavor into chocolate, vanilla, strawberry and others. Chocolate-flavoured vitamin fudge accounted for the largest share of the global market due to the high demand for the flavour from children, adults and seniors. Chocolate has always been consumers' favorite flavor in various products ranging from beverages to food products. The taste, texture and health benefits associated with chocolate help in the high acceptability of the flavor.
The fudges in the market that are incorporated with vitamins are highly appreciated by the consumers in chocolate flavor. For instance, the four X Better Chocolate products available in the market are produced with ingredients such as cocoa liquor, cocoa butter, erythritol, soluble corn fibre, milk, whole milk powder and others. The products have nutritional ingredients such as magnesium, calcium, vitamin C, vitamin A and vitamin D3.
Increased Vitamin Deficiency Cases in North America
North America dominated the global vitamin fudge market. The region has a greater demand for confectionery products in all countries such as U.S. and Canada. The consumption of confectionery products is high in the region. At the same time, with increasing consumer health consciousness, there is a greater need for confectionery products that incorporate nutritional benefits into the body.
Various organizations and private companies are declaring the increasing prevalence of vitamin deficiency in U.S. with the various surveys and stats. For instance, according to The Biostation, a medical spa in Florida, 50 percent of Americans are deficient in vitamin A, vitamin C, and magnesium. More than 50 percent of the general population is vitamin D deficient and 90 percent of Americans of colour are vitamin D deficient.
To maintain a healthy lifestyle, consumers are adopting vitamin supplements. The vitamin fudge is one of the major vitamin products that is attracting consumer focus in North America, due to its taste and nutritional value. The vitamin fudge is flavorful and provides convenient and on-the-go nutritional value.
The major global players in the market include Ely Fudge Company, FourX Better Chocolate, Naturell India Pvt. Ltd., GlobalBees Brands Pvt. Ltd., Pincy Bars, No Whey Chocolate, Life Extension, Smith's Pharmacy, Starcap Wellness Private Limited and Church & Dwight Co., Inc.
The COVID-19 pandemic has had a moderate impact on the vitamin fudge market. The sudden lockdown retractions resulted in witnessing a lot of drawbacks with interrupted processing and industrial activities from raw material procurement to final product distribution to the global vitamin fudge market.
The pandemic increased consumer focus on overall health resulting in the high demand for a product that helps to support the overall health of a person. The increasing prevalence of vitamin deficiencies motivated consumers to take up vitamin fudges that are tasty and healthy at the same time. With the change in the consumers' preference towards health-promoting products, the market has increased sales during COVID-19, with the high demand for convenient confection.
The global vitamin fudge market report would provide approximately 70 tables, 64 figures and 184 Pages.
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