The nutraceutical contract manufacturing services market size is estimated to be $114.2B in 2022 and is expected to witness a CAGR of 12.01% during the forecast period 2023-2033, according to a report by Research & Markets.
Increasing health consciousness, growing need for personalized nutrition, increasing use of modern technology and expanding healthcare infrastructure are projected to drive the market growth in near future. Furthermore, rising approval and product launch are some other factors supporting the market growth. However, low quality control, and regulatory challenges will limit the market growth.
Increasing product approval and launch is predicted to fuel the market growth during the forecast period. For instance, Gencor's Testofen fenugreek extract, which is utilized in sports nutrition and men's health supplements, was granted a US patent in January 2021.
The expansion of the healthcare infrastructure and increased use of contemporary technology are anticipated to drive market growth throughout the anticipated timeframe.