The nutraceutical industry is set to witness a profound transformation over the next decade, with the global nutraceutical contract manufacturing services market poised to achieve remarkable growth from 2023 to 2033. According to the latest research report published by Future Market Insights (FMI), the global market is projected to surpass a valuation of USD 149.41 billion in 2023, soaring to an impressive USD 466.11 billion by 2033. This trajectory indicates a staggering Compound Annual Growth Rate (CAGR) of 12.05% during the forecast period.
The surge in demand for nutraceutical products can be attributed to a multitude of factors. In recent years, there has been a significant increase in awareness regarding the benefits of consuming nutraceuticals, driven by a growing emphasis on health and wellness. Moreover, the rise in healthcare expenditure, coupled with the escalating prevalence of obesity, cardiovascular diseases, and other chronic ailments, is fueling the expansion of the nutraceutical industry.
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One of the primary drivers of market growth is the escalating demand for functional foods and nutraceutical supplements. Consumers are increasingly gravitating towards products that offer not only nutritional benefits but also address specific health concerns, leading to a surge in the production of innovative nutraceutical formulations.
“The projected growth of the global nutraceutical contract manufacturing services market underscores the evolving landscape of the healthcare industry, where preventive healthcare and holistic wellness are gaining prominence,” said a spokesperson for Future Market Insights. “As consumers become more proactive about managing their health, there is a growing demand for personalized nutraceutical solutions, driving the need for contract manufacturing services.”
The report also highlights the role of contract manufacturing organizations (CMOs) in meeting the burgeoning demand for nutraceutical products. CMOs play a pivotal role in streamlining the production process, ensuring compliance with regulatory standards, and delivering high-quality products to meet the evolving needs of consumers and brand owners alike.
As the global nutraceutical contract manufacturing services market continues to expand, industry stakeholders are urged to stay abreast of emerging trends, technological advancements, and regulatory developments to capitalize on lucrative opportunities and drive sustainable growth.
Key Takeaways from Nutraceutical Contract Manufacturing Services Market Report:
- In 2018, the global market size stood at nearly USD 84.59 billion.
- In 2022, the market accounted for a worth of USD 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.
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.
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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.
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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About Future Market Insights (FMI)
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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