The Global Nutraceutical Contract Manufacturing Services Market Size is valued at 134.66 billion in 2022 and is predicted to reach 362.24 billion by the year 2031 at a 11.8% CAGR during the forecast period for 2023-2031.
Key Industry Insights & Findings from the Report:
- There is a rising consumer preference for preventive healthcare and natural remedies, leading to increased demand for a wide range of nutraceutical products. This trend is driving the need for specialized contract manufacturers.
- Global health challenges, such as pandemics and widespread health crises, have raised the demand for nutraceutical contract manufacturing services.
- Asia Pacific dominated the market and accounted for a global revenue share in 2023.
- The key challenge for the Nutraceutical Contract Manufacturing Services Market is maintaining strict quality control, particularly when dealing with natural ingredients.
Nutraceutical A contract manufacturing agreement is an agreement between a company and a manufacturer to produce a particular number of components or products for the firm within a given time frame. The items made will bear the label or brand of the company. With rising benefits from CMOs in the nutraceutical sector, such as decreased overhead costs, improved shipping alternatives, and extensive lab testing, the market will likely 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 India's Better Third-Party Contract Manufacturing Units, 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.
However, patent expiration and rising demand for generic medications, rising healthcare infrastructure costs, and strategic activities by key market players all present opportunities for market expansion. However, intellectual property risks and the growing number of pharmaceutical companies establishing their own production units may pose difficulties to the global contract manufacturing business.
Competitive Landscape:
Some of the Nutraceutical Contract Manufacturing Services Market players are:
- Ashland Glanbia plc
- Herbalife International of America, Inc
- Biotrex Nutraceuticals
- Martínez Nieto
- Menadiona
- NUTRASCIENCE LABS
- NUTRIVO
- American Health Foundations, INC.
- Gemini Pharmaceutical
- Biovencer Healthcare Pvt Ltd
- Rain Nutrience Ltd.
- Quest Nutra Pharma
- EnzymeWorks, Inc.
- Vestanutra
- Ajinomoto
- Etnovia Oy
- MBi Nutraceuticals
- Superior Supplement Manufacturing
Market Segmentation:
The nutraceutical contract manufacturing services market is segmented based on form and product. The product segment includes tablets, capsules, liquid oral, powder in sachet/jar, gummies, energy bars, and other suitable forms (diskettes, etc.). The form segment includes dietary supplements, proteins & amino acids supplements; weight management and meal replacer supplements; multivitamin, multi-mineral, and antioxidant supplements; others (omega fatty acids, etc.); functional food and beverages (inclusive of energy drinks, re-constitutional one-shot powder, etc.)
Based On Form, The Dosage Segment Is A Significant Contributor To The Nutraceutical Contract Manufacturing Services Market
The dosage category will hold a major share of the global Nutraceutical Contract Manufacturing Services Market in 2022. While Nutraceutical CMOs provide a variety of dosage forms to their customers, the tablet is still a prevalent type in the nutraceutical, pharmaceutical, and food supplement sectors, and it is expected to hold its dominance over the forecast period.
The Functional Food And Beverages Segment Witnessed Growth At A Rapid Rate
The functional food and beverages segment is projected to grow rapidly in the global nutraceutical contract manufacturing services market due to the growing need for functional beverages and foods owing to their health advantages. 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 and an increase in demand for contract manufacturing services for nutraceuticals, in the coming years.
Asia Pacific Nutraceutical Contract Manufacturing Services Market Holds A Significant Revenue Share In The Region
Asia Pacific Nutraceutical Contract Manufacturing Services Market is expected to register the highest market share in terms of revenue in the near future. This can be attributed to its high demand from countries like China, India, Japan, South Korea, and Australia. Because of its enormous population, increased healthcare spending, and growing demand for nutraceuticals, North America accounted for the second-largest regional component of the worldwide market. 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 the market growth further.
Recent Developments:
- In May 2024, Ashland Inc. signed a definitive agreement to sell its nutraceuticals business to Turnspire Capital Partners LLC (“Turnspire”). The transaction is expected to close in the calendar third quarter of 2024, subject to the satisfaction of customary closing conditions.
- In March 2023, Evonik Industries AG announced the establishment of a new GMP facility to produce lipids for innovative pharmaceutical drug delivery applications. The lipid launch facility is located in the company's headquarters in Hanau, Germany, and offers customers lipid amounts required for clinical and small-scale commercial manufacture.
Nutraceutical Contract Manufacturing Services Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 134.6 Bn |
|
Revenue forecast in 2031 |
USD 362.2 Bn |
|
Growth rate CAGR |
CAGR of 11.8 % from 2023 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Product Type, Dosage Form |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Ashland Glanbia plc; Herbalife International of America, Inc; Biotrex Nutraceuticals; Martínez Nieto; Menadiona; NUTRASCIENCE LABS; NUTRIVO; American Health Foundations, INC.; Gemini Pharmaceutical; Biovencer Healthcare Pvt Ltd; Rain Nutrience. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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