South Korea Nutraceutical Contract Manufacturing Services Market Size & Outlook
- HC Outsourcing
- Clinical & Non-Clinical Outsourcing Services
- Nutraceutical Contract Manufacturing Services Market Outlook
- Clinical & Non-Clinical Outsourcing Services
South Korea Nutraceutical Contract Manufacturing Services Market, 2018-2030 (US$M)
Global Market
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South Korea nutraceutical contract manufacturing services market highlights
- The South Korea nutraceutical contract manufacturing services market generated a revenue of USD 9,031.4 million in 2023 and is expected to reach USD 22,323.5 million by 2030.
- The South Korea market is expected to grow at a CAGR of 13.8% from 2024 to 2030.
- In terms of segment, tablets was the largest revenue generating service type in 2023.
- Liquid Oral is the most lucrative service type segment registering the fastest growth during the forecast period.
Nutraceutical contract manufacturing services market data book summary
| Market revenue in 2023 | USD 9,031.4 million |
| Market revenue in 2030 | USD 22,323.5 million |
| Growth rate | 13.8% (CAGR from 2023 to 2030) |
| Largest segment | Tablets |
| Fastest growing segment | Liquid Oral |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Tablets, Capsules, Liquid Oral, Powder In Sachet / Jar, Gummies, Energy Bars, Other suitable forms (Diskettes, etc.) |
| Key market players worldwide | Ashland Inc, Glanbia PLC, Herbalife Ltd, Menadiona, Twinlab Consolidated Holdings Inc, Nutrivo, Gemini Pharmaceuticals, Rain Nutrience |
Other key industry trends
- In terms of revenue, South Korea accounted for 6.1% of the global nutraceutical contract manufacturing services market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China nutraceutical contract manufacturing services market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 33,247.7 million by 2030.
Food and health foods in South Korea have their own language and classification system. The Korean Health/Functional Food Act, a new regulatory framework for ensuring the effectiveness, safety, and labeling of Health Functional Foods (HFFs), was enacted in January 2004.
The act mandates that HFFs be sold in dose-restricted forms, such as tablets, capsules, pills, and liquids. The government body overseeing the safety of food, medications, medical devices, and cosmetics in South Korea is the Ministry of Food and Drug Safety (MFDS), known as the Korea Food and Drug Administration (KFDA).
Every product introduced on the market needs to be reported to the MFDS. The MFDS must first approve non-listed ingredients after reviewing the product’s functionality and safety. The exclusive power to grant premarket approval lies with MFDS.
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Nutraceutical Contract Manufacturing Services Market Scope
Nutraceutical Contract Manufacturing Services Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Glanbia PLC | View profile | 5,534 | Ring Road, Glanbia House, Kilkenny, Ireland, R95 E866 | www.glanbia.com |
| Herbalife Ltd | View profile | 9,200 | Ugland House, South Church Street, P.O. Box 309GT, Grand Cayman, Cayman Islands, KY1-1104 | www.herbalife.com |
| Ashland Inc | View profile | 3,800 | 8145 Blazer Drive, Wilmington, DE, United States, 19808 | www.ashland.com |
| Twinlab Consolidated Holdings Inc | View profile | 18 | 4800 T-Rex Avenue, Suite 225, Boca Raton, FL, United States, 33431 | www.tchhome.com |
| Menadiona | View profile | 51-100 | Barcelona, Catalonia, Spain, Europe | www.menadiona.com/ |
| Nutrivo | View profile | 101-250 | Aurora, Illinois, United States, North America | www.nutrivo.com/ |
| Gemini Pharmaceuticals | View profile | 101-250 | Commack, New York, United States, North America | geminipharm.com |
| Rain Nutrience | View profile | 51-100 | Dunkeswell, Devon, United Kingdom, Europe | rainuk.com |
South Korea Nutraceutical Contract Manufacturing Services Market Outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to Nutraceutical Contract Manufacturing Services Market Outlook will help companies and investors design strategic landscapes.
Tablets was the largest segment with a revenue share of 25.27% in 2023.
Horizon Databook has segmented the South Korea nutraceutical contract manufacturing services market based on tablets, capsules, liquid oral, powder in sachet / jar, gummies, energy bars, other suitable forms (diskettes, etc.) covering the revenue growth of each sub-segment from 2018 to 2030.
Food and health foods in South Korea have their own language and classification system. The Korean Health/Functional Food Act, a new regulatory framework for ensuring the effectiveness, safety, and labeling of Health Functional Foods (HFFs), was enacted in January 2004.
The act mandates that HFFs be sold in dose-restricted forms, such as tablets, capsules, pills, and liquids. The government body overseeing the safety of food, medications, medical devices, and cosmetics in South Korea is the Ministry of Food and Drug Safety (MFDS), known as the Korea Food and Drug Administration (KFDA).
Every product introduced on the market needs to be reported to the MFDS. The MFDS must first approve non-listed ingredients after reviewing the product’s functionality and safety. The exclusive power to grant premarket approval lies with MFDS.
- South Korea Nutraceutical Contract Manufacturing Services Market Service Type Outlook (Revenue, USD Million , 2018-2030)
- Tablets
- Capsules
- Liquid Oral
- Powder In Sachet / Jar
- Gummies
- Energy Bars
- Other suitable forms (Diskettes, etc.)
- South Korea Nutraceutical Contract Manufacturing Services Market Product Outlook (Revenue, USD Million , 2018-2030)
- Dietary Supplements
- Functional Food and Beverages
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea Nutraceutical Contract Manufacturing Services Market Outlook, including forecasts for subscribers. This country databook contains high-level insights into South Korea Nutraceutical Contract Manufacturing Services Market Outlook from 2018 to 2030, including revenue numbers, major trends, and company profiles.
South Korea Nutraceutical Contract Manufacturing Services Market, 2018-2030 (US$M)
South Korea nutraceutical contract manufacturing services market statistics, by service type, 2018-2030 (US$M)
