PUBLISHER: Grand View Research | PRODUCT CODE: 1362995
PUBLISHER: Grand View Research | PRODUCT CODE: 1362995
The global nutraceutical contract manufacturing services market size is expected to reach USD 329.84 billion by 2030, advancing at a CAGR of 12.04% during the forecast period, according to a new report by Grand View Research, Inc.. The contract manufacturing industry is expected to experience rapid growth due to the increasing demand for nutraceutical products across the world.
Contract manufacturing involves outsourcing manufacturing processes to an external partner that specializes in the production of a specific product. This partner will oversee the entire process, from sourcing raw materials to the final packaging and delivery of the finished product. Adopting this approach can help companies reduce costs and increase efficiency while allowing them to focus on their core competencies. Additionally, contract manufacturing provides smaller companies with access to the latest technologies and production methods, which is an important factor driving the growth of the market for nutraceutical contract manufacturing services.
The growing awareness of the health benefits of natural ingredients and the increasing focus on preventive healthcare, coupled with the increasing prevalence of chronic diseases such as diabetes and heart disease, is fueling the demand for nutraceuticals. This, in turn, is driving the growth of the market for nutraceutical contract manufacturing services. Contract manufacturers are well-equipped with the latest technologies and processes, enabling them to produce nutraceuticals with higher quality, consistency, and cost-effectiveness. Moreover, contract manufacturing allows the flexibility to produce nutraceuticals in small batches or in large quantities, depending on the demand.
In addition to investment and acquisitions, companies are introducing nutraceutical contract manufacturing services to meet the growing demand for tailored and personalized dietary supplements. For instance, in February 2023, Activ'Inside, a French provider of botanical ingredients for dietary supplements, invested USD 13 million to construct a contract manufacturing facility in France, in order to provide customers with a comprehensive service ranging from scientifically-validated ingredients to personalized dietary supplements.