NEWARK, Del, Jan. 10, 2024 (GLOBE NEWSWIRE) -- Exhibiting a y-o-y growth of 6.8%, the global nutraceutical CDMO market value is set to increase from US$ 35,730.8 million in 2024 to US$ 61,655.3 million by 2034. Demand in the market will likely rise at a 5.6% CAGR throughout the forecast period.
Several factors are expected to drive growth of the global nutraceutical CDMO industry over the assessment period. These include rising demand for nutraceuticals, increasing trend of outsourcing, and growing popularity of personalized nutrition.
Demand for nutraceutical contract development and manufacturing services is expected to rise significantly during the forecast period. This is because these services allow nutraceutical companies to reduce overall costs, save time, and streamline several processes.
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Leading nutraceutical companies are outsourcing their research and development to CDMOs to leverage specialized expertise, lower overall costs, and reduce time-to-market. This is expected to boost the target market.
Nutraceutical CDMOs specialize in providing contract services specifically tailored to the nutraceutical industry. These organizations work with companies in the nutraceutical sector to assist in various aspects of product development and manufacturing, helping bring innovative and high-quality nutraceutical products to market efficiently and effectively.
Nutraceutical CDMOs play a crucial role in supporting the growth of the nutraceutical industry. This is because they offer specialized expertise, infrastructure, and services on a contractual basis.
An aging population, coupled with increased awareness of cognitive health, is driving demand for brain health supplements. Nutraceutical CDMOs can focus on developing formulations enriched with ingredients known for their cognitive benefits, such as omega-3 fatty acids, antioxidants, and other neuroprotective compounds. This proactive approach aligns with the growing interest in maintaining brain health across different age groups.
Nutraceutical CDMOs can leverage their expertise in formulation development to create customized products that align with individual health needs. The demand for personalized supplements and functional foods opens avenues for CDMOs to collaborate with brands in developing unique formulations tailored to specific health goals.
Artificial intelligence (AI) technologies can be integrated into the nutraceutical CDMO process to analyze vast datasets related to consumer preferences, health conditions, and ingredient interactions. This can facilitate the creation of personalized product recommendations and formulations, allowing CDMOs to contribute to the development of AI-driven solutions for their clients.
The emphasis on self-care and personalized services creates a dynamic landscape for nutraceutical CDMOs. These organizations have the opportunity to be key partners in developing and manufacturing personalized nutraceutical solutions that meet the evolving demands of consumers seeking tailored health and wellness products.
Key Takeaways from the Nutraceutical CDMO Market Study
- The global market for nutraceutical CDMOs is set to reach a valuation of US$ 61,655.3 million in 2034.
- By dosage form, the tablets & capsules segment held a share value of 42.1% in 2023.
- By services, the manufacturing and packaging segment accounted for a market value share of 33.1% in 2023.
- By company size, the mid-sized companies segment is poised to grow at 4.7% CAGR.
- North America accounted for a substantial value share of 37.5% in 2023.
- Demand in China is projected to increase at 7.4% CAGR through 2034.
“Increasing demand for nutraceutical products globally and rising interest in personalized nutrition are expected to play key roles in boosting the nutraceutical CDMO market growth through 2034,” says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc
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Who is Winning?
Nutraceutical CDMOs are collaborating with brands to share expertise in personalized product development. By working closely with clients, CDMOs can contribute insights into ingredient selection, dosages, and formulation strategies that align with the emerging trends in self-care and personalization. Several companies are also employing strategies like acquisitions and partnerships to stay ahead of the competition.
Recent Developments in the Nutraceutical CDMO Market:
- In June 2022, Best Formulations, a leading company specializing in the production of nutraceuticals and dietary supplements, completed the acquisition of Sirio, a global nutraceuticals contract manufacturer renowned for its expertise in the supplement industry. The acquisition positions Best Formulations as a more comprehensive and diversified player in the nutraceutical contract manufacturing landscape, poised to deliver a wider range of innovative and high-quality products to clients on a global scale.
- In August 2021, Catalent, Inc. announced the acquisition of Bettera Holdings, LLC, to expand its expertise and offerings in the nutraceuticals sector.
Key Companies Profiled in the Nutraceutical CDMO Market
- Catalent
- Lonza
- Aenova Group
- Akums Drugs and Pharmaceutical Ltd.
- BASF SE
- Sirio Pharma
- Pharmavite LLC
- Nature's Products, Inc.
- PLT Health Solutions
- Glanbia Nutritionals
- Recipharm AB
- B&D Nutritional Ingredients
- NutraScience Labs
- Vitakem Nutraceutical Inc.
- Softigel (A division of Procaps Group)
- Iprona AG
- Nutrilo GmbH
- Atlantic Essential Products, Inc.
- ProTec Nutra Ltd.
- Nutraceuticals International Group
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Key Market Segments Covered in Nutraceutical CDMO Industry Research
By Dosage Form:
- Tablets & Capsules
- Powder
- Softgel
- Liquid Formulations
- Others (Gummies, Sprays, Sachets, Topical Forms)
By Services:
- Product Formulation and Development
- Manufacturing and Packaging
- Research and Development
- Analytical and Testing Services
- Regulatory Support
By Company Size:
- Small Companies
- Mid-sized Companies
- Large Companies
By Region:
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Western Europe
- Eastern Europe
- Middle East & Africa
About Healthcare Division at Future Market Insights (FMI)
Future Market Insights (FMI) facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you to devise innovation-driven trajectories for your business
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Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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