Increasing urbanization and the impact of modern lifestyles will benefit the industry

Global Nutritional Supplement Testing Services Market

DUBLIN, March 6, 2024 (Globe Newswire) — The “Nutraceutical Testing Services Global Market Report 2024” report has been added. ResearchAndMarkets.com Recruitment.

The market size of nutritional supplement testing services has grown significantly in recent years. It is expected to grow from $2.65 billion in 2023 to $2.91 billion in 2024 at a compound annual growth rate (CAGR) of 10%. The rise of this historical period was due to increased awareness of healthy foods and nutrition, increased emphasis on active lifestyles, increased demand for nutritional supplements, increased need to verify nutritional information, and This is likely due to the rapid increase in popularity. use.

The market size of nutritional supplement testing services is expected to grow rapidly in the coming years. He is expected to grow to $4.33 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The expected growth during the forecast period is driven by rising consumer awareness, increasing impact of urbanization and modern lifestyle, increasing demand for preventive healthcare solutions, increasing focus on quality and safety, nutritional supplements This is likely due to an increase in the variety of products. Notable trends expected over the forecast period include continued technological advances, stricter regulations governing dietary supplements, increased emphasis on quality control, increased focus on safety and efficacy, and innovations. This includes the adoption of test methods.

The anticipated growth of the nutraceutical testing services market is expected to be driven by rising healthcare spending. For example, a report published by the UK-based Office for National Statistics revealed that UK healthcare spending increased by 9.4% in both nominal and real terms from 2020 to 2021. In particular, spending on preventive health care reached $45.72 billion in 2021, more than doubling from the previous year. Hence, rising healthcare spending is a key driver for the growth of the nutraceutical testing services market.

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Furthermore, the anticipated growth of the nutraceutical testing services market is expected to be driven by rising health consciousness. For example, a survey of 5,000 adults conducted by Public Health England in January 2021 found that approximately 80% of adults aged 18 and over choose a healthy lifestyle, and 40% of them It became clear that he was choosing a diet that Hence, rising health awareness is the key driver for the growth of the nutritional supplement testing services market.

The growth of the nutritional supplement testing services market is expected to be driven by the increasing geriatric population. According to a report by the Administration for Community Living (ACL), a US-based organization under the US Department of Health and Human Services, the number of people aged 65 and older increased by 36%, from 39.6 million people in 2009 to 54.1 people. According to projections, this population will reach 94.7 million by 2060 and exceed 80.8 million in 2040, accounting for 21.6% of the total population (16% in 2019). Therefore, the expansion of the elderly population has become a driving force for society. Growth of the Nutritional Supplement Testing Services Market.

Key players in the nutritional supplement testing services market are adopting a strategic partnership approach to introduce dietary supplements to new markets. Strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefit and success. One example is the partnership announced in May 2022 between HealthLoq, a US-based blockchain-powered nutritional supplement information platform, and UL Solutions, a US-based safety science company. . The partnership combines HealthLoq's blockchain-based transparency platform with UL's independent expertise. Testing, inspection and audit activities. Its purpose is to facilitate the introduction of nutritional supplements into new markets and ensure that manufacturers deliver quality and safety. The HealthLoq platform provides consumers with reliable and detailed information about specific dietary supplements, contributing to the expansion of the dietary supplement testing services market.

In December 2021, France-based food safety company Merieux Nutrisciences acquired Dyad Labs for an undisclosed amount. This acquisition expands Mérieux's presence in the United States and strengthens its position as a leading player in the nutraceutical sector. Dyad Labs, a U.S.-based nutraceutical company, provides nutraceutical testing services to the food and beverage and nutraceutical sectors.

North America was the largest region for the nutritional supplement testing services market in 2023. Europe is expected to be the fastest growing region over the forecast period. The regions covered in the Nutritional Supplement Testing Services market report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the Nutritional Supplement Testing Services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, and Canada.

Report scope

Target market:
1) By service: Stability testing. Analytical testing; Microbiological testing; Regulatory testing and compliance.Other services
2) By ingredient: herbs; vitamins; minerals; amino acids; enzymes; other ingredients
3) By service provider: Laboratory. Contract Research Organization (CRO). Regulatory consultant.Other service providers
4) By End User: Manufacturer.Contract manufacturers; distributors; regulatory bodies

Main companies mentioned: Eurofins Scientific Pvt. Ltd.; SGS SA; Bureau Veritas SA; Intertek Group PLC.; UL LLC

Time series: 5 year history and 10 year forecast

data: Market size and related market growth rate, GDP ratio, per capita expenditure

Segment your data: Historical and forecast data for countries and regions, competitor market shares, market segments

key attributes

Some of the companies mentioned in this report include:

• Eurofins Scientific Pvt. Ltd.

• SGS SA

• Bureau Veritas SA

• Intertek Group PLC

• UL LLC

• TÜV SÜD

• elemental material technology

• ALS Limited

• LGC Limited

• Now Foods

• NSF International

• Certified Laboratories Co., Ltd.

• United States Pharmacopeia (USP)

• Modern testing services

• Applied Technical Services Co., Ltd.

• Menu Nutriscience

• Microvac Laboratories Co., Ltd.

• Chromadex Co., Ltd.

• EAG Laboratories

• Spectroscopic analysis laboratory

• Nutrasource Diagnostics Inc.

• Auriga Research Limited

• Q Laboratories Co., Ltd.

• Pacific Bio Lab Co., Ltd.

• Columbia Laboratories Co., Ltd.

• Advanced Laboratories Co., Ltd.

• ConsumerLab.com LLC

• Purity iQ Co., Ltd.

• Alchemist Institute

• Flora Institute

• Foodscan Analytics Limited

For more information on this report, please visit https://www.researchandmarkets.com/r/6oyykl.

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