WASHINGTON, June 06, 2023 (GLOBE NEWSWIRE) -- Global Nutraceutical Contract Manufacturing Services Market is valued at USD 120.6 Million in 2022 and is projected to reach a value of USD 275.05 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 12.5% over the forecast period 2023-2030.
Market Overview
With rising benefits from CMOs in the nutraceutical industry, such as decreased overhead costs, improved shipping alternatives, and extensive lab testing, the market is likely to grow throughout the forecast period. Furthermore, the industry is buoyed by CMOs' increased dependability and low production costs. According to the website of Akums Drugs & Pharmaceuticals Ltd, one of the Better Third-Party Contract Manufacturing Units in India, the benefits of working with third-party contract manufacturers include advancement with minimal investment, effectiveness in expense and managerial staff, and operational and efficiency enhancement.
We forecast that the tablet dosage category in nutraceutical contract manufacturing services market sales will account for more than 33% by 2030. Tablets include advantages such as portability, storage simplicity, ease of ingesting, and exact dose.
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Market Dynamics
Expanding Consumer Health Consciousness will Support Market Expansion
The increasing awareness of consumer health concerns, the availability of modern technology, and the growing number of contract manufacturing companies in the region are likely to fuel the expansion of the total nutraceutical contract manufacturing market. Furthermore, the expansion of region-specific pharmaceutical and food sectors is likely to boost the growth of the nutraceutical contract manufacturing market.
Increase in Technological Improvements to to Drive Market Growth
Due to the increased demand in the pharmaceutical sector, introducing a new drug into the market quickly necessitates significant manufacturing investments. Because some pharmaceuticals have complex formulations and require specific equipment and processes when mass-produced, advanced technology and talent are required, and innovative technologies such as machine learning, big data, and artificial intelligence are being examined for speedy and efficient manufacturing of pharmaceutical medications and medical equipment. These technological developments also aid in rapid mass production and scalability.
Top Players in the Global Nutraceutical Contract Manufacturing Services Market
- Ashland Glanbia plc
- Herbalife International of America, Inc
- Biotrex Nutraceuticals
- Martínez Nieto
- Menadione
- NUTRASCIENCE LABS
- NUTRIVO
- American Health Foundations, INC.
- Gemini Pharmaceutical
- Biovencer Healthcare Pvt Ltd
- Rain Nutrience
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Top Trends in Global Nutraceutical Contract Manufacturing Services Market
- One trend that Vantage Market Research (VMR) expects to see in the nutraceutical contract manufacturing services industry is cost-effectiveness. Manufacturing takes time and is inefficient, and administration is a big burden for both public and private sector enterprises. They are also necessary for addressing complex difficulties because a single organization is less effective at driving change and, in some cases, achieving the desired goals. Contract manufacturing enterprises will provide new prospects for both the public and private sectors.
- Another trend that VMR predicts will continue in the nutraceutical contract manufacturing services industry is its growing adoption of contract manufacturing. The increased need for contract manufacturing with more precision and fewer time constraints drives key firms to embark on strategic initiatives. Owning contract manufacturing frees up the overhead costs associated with investing in machinery, materials, and additional labor, simplifying the production process and streamlining the supply chain while lowering total costs.
Top Report Findings
- The tablets category controls most of the nutraceutical contract manufacturing services market's revenue based on application. While Nutraceutical CMOs provide a variety of dosage forms to their customers, the tablet remains the most popular form in the nutraceutical, pharmaceutical, and food supplement industries, and it is expected to maintain its dominance over the projected period.
- Based on product, most of the nutraceutical contract manufacturing services market's revenue is controlled by functional food and beverages market categories. The increased demand for functional beverages and foods due to their health benefits is likely to drive market expansion. Furthermore, the market is being supported by rising consumer demand, which will eventually lead to an increase in demand for the production of functional foods and drinks, as well as an increase in demand for contract manufacturing services for nutraceuticals, in the coming years.
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Recent Developments in the Global Nutraceutical Contract Manufacturing Services Market
- 2022: Biofarma Group acquired Nutraskills. Biofarma Group will be able to extend its market presence and increase its revenue share in the coming years as a result of the acquisition.
Beverage Category in Nutraceutical Contract Manufacturing Services Market to Generate Over 29% Revenue.
For better understanding, based on the dosage form, the nutraceutical contract manufacturing services market is divided into tablets, capsules, liquid oral, powder in sachet/jar, gummies, energy bars, and other suitable forms (diskettes, etc.).
It is expected that the tablets segment will be the fastest-growing market for nutraceutical contract manufacturing services. This is due to the ease of manufacture, shelf stability, and the possibility to tailor tablets with various coatings, forms, and sizes to fit the individual demands and tastes of users. Nature's Sunshine Products, for example, launched a new line of immune-boosting supplements in November 2021 in conjunction with the Nutraceutical Sciences Institute, including elderberry sweets and pills.
On the other hand, it is anticipated that the energy bar industry will be the largest growing category in the nutraceutical contract manufacturing services market. The increasing number of new product launches and continuous research on novel chemicals will most certainly drive market growth. Bodybuilding.com, for example, developed its own private branded line of protein crunch snacks in two varieties in 2018: chocolate peanut butter and cookies and cream.
Asia Pacific Region in Nutraceutical Contract Manufacturing Services Market to Generate More than 42% Revenue.
Asia Pacific dominates the market throughout the projection period because of its high demand from countries like China, Japan, India, South Korea, and Australia. The increasing awareness of health consciousness among consumers, the accessibility of modern technology, and the growing number of contract manufacturing companies in the region are projected to fuel the expansion of the nutraceutical contract manufacturing services market.
North America is expected to be the fastest-growing region in the Nutraceutical Contract Manufacturing Services Market due to several factors. The market is expected to increase due to its huge population, high healthcare spending, and rising demand for nutraceuticals. Furthermore, the region's rising frequency of chronic diseases has increased the demand for nutraceuticals. Regional companies such as Ashland, NUTRIVO, and Gemini Pharmaceutical are projected to boost market growth even further.
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on Nutraceutical Contract Manufacturing Services Market Forecast Report (2023-2030).
Global Nutraceutical Contract Manufacturing Services Market Segmentation
By Dosage Form
- Tablets
- Capsules
- Liquid Oral
- Powder In Sachet / Jar
- Gummies
- Energy Bars
- Other suitable forms (Diskettes, etc.)
By Product
- Dietary Supplements
- Proteins & Amino Acids Supplement
- Weight Management and Meal Replacer Supplement
- Multivitamin, Multi-Mineral, and Antioxidant Supplement
- Others (Omega Fatty Acids, etc.)
- Functional Food and Beverages (Inclusive of Energy Drinks, Re-Constitutional One-Shot Powder, etc.)
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 120.6 Billion |
| Revenue Forecast by 2030 | USD 275.05 Billion |
| CAGR | 12.5% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Ashland Glanbia PLC, Herbalife International of America Inc., Biotrex Nutraceuticals, Martínez Nieto, Menadione, Nutra-Science Labs, NUTRIVO, American Health Foundations Inc., Gemini Pharmaceutical, Biovencer Healthcare Pvt. Ltd., Rain Nutrience |
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