We outline the smart manufacturing challenges for formulated products, which are typically multicomponent, structured, and multiphase. These challenges predominate in the food, pharmaceuticals, agricultural and specialty chemicals, energy storage and energetic materials, and consumer goods industries, and are driven by fast-changing customer demand and, in some cases, a tight regulatory framework. This paper discusses progress in smart manufacturing—namely, digitalization and the use of large datasets with predictive models and solution-finding algorithms—in these industries. While some progress has been achieved, there is a strong need for more demonstration of model-based tools on realistic problems in order to demonstrate their benefits and highlight any systemic weaknesses.