The global Nutraceutical Contract Manufacturing Services Market is poised to attain remarkable growth from 2023 to 2033. According to the research report published by FMI, the global market is projected to cross a valuation of US$ 149.41 billion in 2023. It is likely to reach a valuation of US$ 466.11 billion by 2033. The market is projected to exhibit an astonishing CAGR of 12.05% from 2023 to 2033.
Nutraceutical products are witnessing a demand surge. In recent years, the awareness of the advantages of consuming nutraceuticals is rising. The increased expenditure on health is likely to flourish in market growth. Additionally, the increasing prevalence of obesity, cardiovascular, and other chronic diseases is giving an impetus to the nutraceutical industry. The mounting demand for functional foods and nutraceutical supplements is projected to drive market growth.
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The evolving landscape of the healthcare industry with remarkable technological developments is anticipated to aid nutraceutical contract manufacturing services market development. The snowballing demand for nutraceuticals is enabling manufacturers to develop and launch newer types of products. Manufacturers are launching products in a myriad of sizes, shapes, and flavors. Soft gels, jellies, and gummies are a few kinds of nutraceutical products gaining popularity. They are also liked by kids, which creates opportunities for manufacturers to engage in products for young kids. Additionally, gummies and jellies are also preferred by the geriatric population, which is a huge target population.
The growing awareness for herbal and organic nutraceuticals is expected to increase nutraceutical contract manufacturing services adoption. Furthermore, the increasing emphasis on providing nutraceuticals for women is a key trend influencing market development. The increasing chronic diseases among female population is driving the development of new nutraceuticals. The launch of functional nutraceutical foods and beverages to address women in specific life stages is predicted to bolster market growth. For instance, WellSource Nutraceuticals launched a nutritional supplement in May 2020. The new supplement was developed for women in fertility programs.
Key Takeaways from Nutraceutical Contract Manufacturing Services Market Report:
- In 2018, the global market size stood at nearly US$ 84.59 billion.
- In 2022, the market accounted for a worth of US$ 133.34 billion.
- The functional food and beverages segment is predicted to register a remarkable CAGR of 12.2% from 2023 to 2033.
- Tablets segment is anticipated to hold dominance in dosage form.
- Asia Pacific region accounted for more than 40% global market share in 2022.
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Recent Developments Observed by FMI:
- Impact BioMedical and Nano9 collaborated in January 2021. The alliance aims to extend Impact Biomedical’s direct marketing distribution networks in the United States and Asia Pacific.
- In September 2021, Lonza introduced new Vcap Plus capsules based on HPMC. The probiotics and other delicate ingredients’ effectiveness is intended to be improved by these capsules.
- In December 2021 AKTA Nutraceuticals introduced a new product line. The brand-new product range supports relaxation, sleep, vitality, and immunity.
- In January 2021, a patent was granted in the United States for Gencor’s Testofen fenugreek extract. The patent grant is likely to help the company expand its presence in sports nutrition and men’s health supplements.
Nutraceutical Contract Manufacturing Services Market Country-wise Insights:
The nutraceutical contract manufacturing services market is influenced by various factors in different countries. Here are insights into a few key regions:
United States: The U.S. has one of the largest nutraceutical markets globally. High consumer awareness, a strong demand for dietary supplements, and a favorable regulatory environment have contributed to the growth of the contract manufacturing services market.
Europe: European countries have stringent regulations regarding nutraceutical products, which have led to a focus on quality and safety. Countries like Germany, the UK, and France are major players in this market.
Asia-Pacific: The Asia-Pacific region, particularly countries like China, India, and Japan, has witnessed significant growth due to a rising middle class, increasing disposable income, and a growing interest in health and wellness products.
Latin America: Countries like Brazil and Mexico have seen an uptick in nutraceutical consumption due to changing lifestyles, urbanization, and the adoption of Western dietary habits.
Middle East and Africa: This region is experiencing a gradual increase in demand for nutraceutical products due to improving economic conditions, rising health consciousness, and an expanding retail landscape.
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Key Players in the Global Nutraceutical Contract Manufacturing Services Market:
- Ashland
- Glanbia PLC
- Biotrex Nutraceuticals
- Menadiona
- Martinez Nieto
- Herbalife International of America, Inc.
- NUTRASCIENCE LABS
- Gemini Pharmaceuticals
- American Health Foundations INC.
- NUTRIVO
- Rain Nutrience
- Biovencer Healthcare Pvt. Ltd.
Nutraceutical Contract Manufacturing Services Market Segmentation:
Nutraceutical Contract Manufacturing Services by Product Type:
- Tablets by Nutraceutical Contract Manufacturing Services
- Capsules by Nutraceutical Contract Manufacturing Services
- Liquid Oral by Nutraceutical Contract Manufacturing Services
- Powder In Sachet/Jar by Nutraceutical Contract Manufacturing Services
- Gummies by Nutraceutical Contract Manufacturing Services
- Energy Bars by Nutraceutical Contract Manufacturing Services
Nutraceutical Contract Manufacturing Services by Dosage Form:
- Dietary Supplements by Nutraceutical Contract Manufacturing Services
- Functional Food and Beverages by Nutraceutical Contract Manufacturing Services
Nutraceutical Contract Manufacturing Services by Region:
- Nutraceutical Contract Manufacturing Services in North America Market
- Nutraceutical Contract Manufacturing Services in Latin America Market
- Nutraceutical Contract Manufacturing Services in Europe Market
- Nutraceutical Contract Manufacturing Services in Asia Pacific Market
- Nutraceutical Contract Manufacturing Services in the Middle East and Africa Market
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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