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 anticipated to surpass a valuation of USD 149.41 billion in 2023. It is likely to reach a valuation of USD 466.11 billion by 2033. The market is projected to exhibit an astonishing CAGR of 12.05% from 2023 to 2033.
The increasing demand for personalized nutrition is expected to foster market development. Additionally, the growing heath consciousness is predicted to aid market expansion.
The demand for nutraceutical products is consistently rising. The awareness concerning the benefits of nutraceuticals consumption has significantly grown in recent years. The increasing urbanization and the rising expenditure on health-related products is expected to aid market development. Furthermore, the increasing prevalence of obesity, cardiovascular, and other chronic diseases is giving a push nutraceutical industry. The growing demand for functional foods and nutraceutical supplements is expected to drive market growth.
Technological advancements in the healthcare industry are rising. The availability of advanced technologies is creating ample growth opportunities for market players. The nutraceutical industry is anticipated to gain more benefits from contract manufacturing services during the forecast period. Factors such as improved shipping options, extensive lab testing, and decreased overhead costs are expected to benefit the industry. Additionally, the economic production and better reliability factors are anticipated to aid market development.
The increasing demand nutraceuticals has led 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 increasing chronic diseases among female population is driving the development of new nutraceuticals. Manufacturers are developing functional nutraceutical foods and beverages to address women in specific life stages. The evolving landscape of nutraceuticals for women is predicted to create new growth avenues. For instance, WellSource Nutraceuticals launched a nutritional supplement in May 2020. The new supplement was developed for women in fertility programs.
| Attributes | Details |
|---|---|
| Nutraceutical Contract Manufacturing Services Market Share (2022) | USD 133.34 billion |
| Nutraceutical Contract Manufacturing Services Market (2023) | USD 149.41 billion |
| Nutraceutical Contract Manufacturing Services Market (2033) | USD 466.11 billion |
| Nutraceutical Contract Manufacturing Services Market (2023 to 2033) | 12.05% |
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According to the report published on nutraceutical contract manufacturing services market, the deployment of these services is rising every year. In 2018, the global market size stood at nearly USD 84.59 billion. In the following years from 2018 to 2022, the market showcased remarkable growth, accounting for a worth of USD 133.34 billion.
The increasing chronic diseases and expanding geriatric population are expected to the key factors driving market growth. The growing demand for nutraceuticals by the geriatric population is accelerating market expansion. Furthermore, the demand for customized medicine is rising. Due to the increasing prevalence of chronic diseases, experts are formulating medicine that give the best results on consumption. The growing awareness for herbal and organic nutraceuticals is expected to increase nutraceutical contract manufacturing services adoption.
The adoption of innovative production strategies is anticipated to create growth avenues for market players. Additionally, the expansion of production capabilities is predicted to uptick market expansion. For instance, Star Combo Pharma announced its facility expansion in June 2022. The renowned distributer and manufacturer of nutritional, beauty, and health products inaugurated their new manufacturing facility in New South Wales, Australia.
Functional Foods and Beverages Segment to Register a Noteworthy CAGR
According to the segmentation based on product type, the market is bifurcated into functional foods & beverages, and dietary supplements. The functional food and beverages segment is predicted to register a remarkable CAGR of 12.2% from 2023 to 2033. Functional foods and beverages serve several health advantages. The growing awareness for these advantages is anticipated to fuel their consumption in coming years. The rising demand is anticipated to increase contract manufacturing services in nutraceutical industry.
The coronavirus pandemic gave a significant push to the consumption of functional beverages and foods. Nations such as India, Japan, China, and South Korea have witnessed an increased consumption of functional foods post-pandemic.
Tablets Segment to Retain Dominance in Global Market
According to the segmentation based on dosage type, the market is classified into powder in sachet/jar, energy bars, gummies, liquid oral, capsules, and tablets. Among these, the tablets segment is anticipated to garner prominent revenues in the global market. The dominance of this segment can be attributed to several factors. Tablets are easy to manufacture and have a long shelf life. They can be customized using different sizes, shapes, and coatings according to requirement. Hence, launches of nutraceutical tablets is anticipated to aid market development. In November 2021, Nature’s Sunshine Products collaborated with Nutraceutical Sciences Institute to launch a new line of immunity-supporting supplements. The new range comprises elderberry pills and candies.
Asia Pacific generated revenues greater than any region in 2022. The region accounted for more than 40% global market share in 2022. The robust demand from nations such as Australia, South Korea, India, and Japan is attributable to this growth. The improving healthcare infrastructure in these nations is resulting in increased demand for nutraceuticals. The numbers of nutraceutical contract manufacturing service providers are rising in these, fostering market development. The growing consciousness for healthy lifestyles and improving income levels support market development.
The presence of renowned manufacturers in Asia Pacific is likely to contribute to market growth. Players such as Gemini Pharmaceuticals, NUTRIVO, and Ashland comprise in Asia Pacific. The innovative strategies adopted by these players is predicted to boost market development in the region.
The healthcare industry in the United States is mature and advance. It is anticipated to hold a significant share in the market. The increasing prevalence of chronic diseases and expanding food and beverage industry are expected to flourish in market growth. Additionally, the rising acquisitions and collaborations among market players are anticipated to bolster market development. For instance, in August 2021, First Choice ingredients was acquired by Royal DSM. The acquisition is aimed to fulfil the region’s unmet medical requirements. The acquisition is likely to boost economic development and increase scientific research.
The nutraceutical contract manufacturing services market is fairly fragmented. The market comprises players that operate at regional and international levels. The market players are trying to penetrate new territories by forming new partnerships and acquiring businesses. They are emphasizing on expanding their distribution channels with agreements through nutraceutical contract manufacturing services.
The rising use of contemporary technologies and the expanding healthcare infrastructure are expected to create new investment pockets for market players. The launch of nutraceutical using advanced production methods is anticipated to boost positions of market players. Strategic alliances are expected to bode well for market players. Furthermore, more product approvals are expected to bode well for market players.
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China is expected to drive the regional market with a 4.4% CAGR.
The market is valued at USD 149.41 billion in 2023.
The global adoption of such services was progressed at 12.05% in 2022.
Ashland, Glanbia, and Biotrex are the top service providers in current years.
The region accounted for more than 40% of the global market share in 2022.
| Estimated Size (2024E) | USD 2,663.4 Million |
|---|---|
| Projected Value (2034F) | USD 4,952.8 Million |
| Value-based CAGR (2024 to 2034) | 6.4% |
| Market Size (2023) | USD 418,080 million |
|---|---|
| Market Projected Size (2033) | USD 703,122.075 million |
| Forecasted Value CAGR (2023 to 2033) | 5.3% |
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