Global Nutraceutical Contract Manufacturing Services Market
As stated in our extensive report; the Global Nutraceutical Contract Manufacturing Services Market accounted for USD 120.6 Million in the year 2022 and is projected to reach a value of USD 275.05 Million by 2030
The need for nutraceutical products is gradually increasing. In recent years, there has been a notable increase in public awareness of the advantages of consuming nutraceuticals. Market growth is anticipated to be aided by expanding urbanisation and spending on health-related products. Additionally, the nutraceutical industry is receiving a boost from the rise in obesity, cardiovascular disease, and other chronic conditions. Market expansion is anticipated to be driven by the rising demand for functional foods and nutraceutical supplements.
Technological improvements in the healthcare profession are increasing. The accessibility of cutting-edge technology is providing market participants with several prospects for expansion. During the projected period, it is predicted that the contract manufacturing services would assist the nutraceutical business more. The sector is anticipated to gain from factors including expanded lab testing, better delivery alternatives, and lower administrative expenses. Additionally, it is projected that increased dependability and economical production would support market expansion. Manufacturers have created and released additional sorts of goods as a result of the rising demand for nutraceuticals. Products are being introduced by manufacturers in a wide variety of forms, sizes, and flavours. A few nutraceutical product types that are becoming more well-liked are soft gels, jellies, and gummies. They are also well-liked by children, which allows producers to produce goods for young children. Furthermore, gummies and jellies are extremely popular among the elderly, who make up a significant portion of the target market.
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Key factors influencing Nutraceutical Contract Manufacturing Services Market Growth
The growth of the Nutraceutical Contract Manufacturing Services global market can be attributable to the following:
- The demand for nutraceutical goods is on the rise, and CMOs improved manufacturing dependability and cost-effectiveness are key market growth drivers for this industry.
- Asia Pacific region headed the market for Nutraceutical Contract Manufacturing Services and had the biggest revenue share. This is a result of the product’s high demand from a number of countries, including China, India, Japan, South Korea, and Australia.
- The market was mainly regulated by tablet dosage forms. The tablet is still a very popular form in the nutraceutical, pharmaceutical, and food supplement sectors, so it is anticipated that it will maintain its dominance over the forecast period. Although Nutraceutical CMOs offer a variety of dosage forms to their customers, aside from the various advantages, such as cost-effectiveness, the tablet is still a very popular form in these industries.
- The market for energy bars is expected to grow rapidly, driven by the expanding demand for them in the fitness sector. Furthermore, the rising number of new product releases and continuous research on innovative components are expected to drive market growth in the future years.
Asia Pacific Region to Lead the Market
Owing to significant demand for Nutraceutical Contract Manufacturing Services market from nations like China, India, Japan, South Korea, and Australia, Asia Pacific led the market and generated the greatest revenue share in 2022. Due to its sizable population, high healthcare spending, and rising demand for nutraceuticals, North America ranked as the second-largest geographical sector. Additionally, the need for nutraceuticals has grown as chronic illnesses become more prevalent in the area. Nutraceuticals are becoming more popular as a result of these countries’ expanding healthcare systems. In these, the number of companies offering contract manufacturing for nutraceuticals is growing, promoting market growth. Market expansion is aided by rising awareness of healthy living and rising income levels. Renowned manufacturers are anticipated to support market expansion in the Asia Pacific region.
In the United States, the healthcare sector is developed and mature. It is predicted to command a sizeable portion of the market. Chronic illness prevalence is likely to rise, and the food and beverage business is predicted to increase rapidly. In addition, market competitors’ increasing mergers and alliances are predicted to support market growth.
Growing demand for high nutritional supplements and demand for maintaining healthy lifestyle augmenting the Nutraceutical Contract Manufacturing Services market sales.
Some of the key players in the Global Nutraceutical Contract Manufacturing Services Market include – Ashland Glanbia PLC (Ireland), Herbalife International of America Inc. (U.S.), Biotrex Nutraceuticals (India), Martínez Nieto (Spain), Menadione (Spain), Nutra-Science Labs (U.S.), NUTRIVO (U.S.) and others.