Chew on this: Wellness gummies gain popularity among millennials

economictimes.indiatimes.com:

gummy. Cute, colourful and easy on the palate, the rise of nutraceutical players is because of a number of factors, especially a surge in interest for wellness products. An Accenture survey across 16 countries found that consumers are considering health and fitness an “essential”. About 80% said they intend to maintain or increase their spend on areas related to health. There have also been investments by MNCs in a bid to enter the space: Marico’s recent acquisitions of sizable stake in True Elements and Unilever’s investment in Oziva are cases in point. “It is growing at a CAGR of 21%,” says Ananya Agarwal, founder of Nyumi. “The pandemic has led to a demand for immune-boosting products, which has fuelled growth in this market,” says Saurabh Kapoor, co-founder, Wellbeing Nutrition.

These over-the-counter supplements promise to aid everything, from your sleep cycle to your hair. It’s no surprise then that your pharmacy (and supermarket) shelves boast of these brightly-packaged gummies. “Millennials don’t want to consume tablets and pills in the name of supplements,” says Abhishek Goenka, managing partner of RPSG Capital Ventures, who invested in plant-based nutrition company Plix. Since these formats are synonymous with medicines and usually consumed when someone is ill, it doesn’t appeal to the target audience: The millennial. “We have seen a high level of receptivity among millennials and Gen Z, who are always looking for cutting-edge solutions,” says Samir Modi, managing director of Modi Enterprises, who launched their pop-coloured vegan Miracle Gummies. Women are a significant demographic for the brands as well. Agarwal points out, “The majority of our users are aged between 25 to 44. We