The
Softgel capsule market Size was valued at USD 7.3 billion in 2021 and is
projected to grow from USD 7.87 Billion in 2022 to USD 13.9 billion by 2032,
exhibiting a compound annual growth rate (CAGR) of 7.7% during the forecast
period (2023 - 2032).
Soft
gel capsules are used to encapsulate liquid or semi-liquid active
ingredients for a wide range of pharmaceutical compounds. The market for soft
gel capsules are expected to grow due to its easy manufacturing process, and
the growing demand for nutraceutical products such as nutritional supplements
among the health-conscious population. The growing number of pharmaceutical
market players is also expected to create lucrative opportunities and increase
the demand for soft gel capsules, thus contributing to the exponential growth
over the forecast period.
Rapid expansion of the
pharmaceutical sector, alongside increased healthcare expenditure, has opened
new avenues for market players. Besides, regulatory and technological advances
are leveraging the benefits of large-scale manufacturing with a high degree of
flexibility for personalization, in turn, fostering the market growth.
Additional factors, such as increasing personalization of therapies and
substantial investments made in R&D for innovations to accelerate the
production flow, are supporting the growth of the market. On the other hand,
high manufacturing cost and complexity of production are some of the factors
posing challenges for the growth of the market. Also, unclear regulatory
policies in many countries are significant constraints for the growth of the
global Softgel Capsule Market. Nevertheless, multiplying numbers of pharma
companies that can manufacture a softgel capsule market Insights at a high
production rate are some of the major factors that would support the growth of
the market by bringing the production cost down.
Softgel Capsule Market Segmentation
The
global soft gel capsule market Outlook has been segmented based on
type and application.
Based
on type, the soft gel capsule market is segmented into gelatin type and
non-animal type. The gelatin type segment is expected to grow as the largest
market share, owing to their easy-to-use features for the administration of
drugs orally or with the use of inhalation routes. The non-animal types segment
is projected to witness a comparatively higher CAGR during the forecast period.
On
the basis of application, the softgel market has been segmented into nutrition,
supplement, and vitamins. The vitamins segment is expected to contribute to
more than 30% of the market share during the forecast period, owing to the
increased prevalence of vitamin deficiency, which is expected to fuel the growth
of the segment. The nutrition segment is expected to exhibit the highest CAGR
over the forecast period, owing to the high malnutrition rate underdeveloped
and developing countries, leading governments to initiate awareness programs
and subsidies products.
Softgel Capsule
Market Regional Analysis
Based
on the region, the global soft gel capsule market has been segmented into North
America, Europe, Asia Pacific (APAC), Latin America (LATAM), and the Middle
East and Africa (MEA).
North
America is the largest region in the global soft gel capsule market and is
expected to sustain its market standing over the forecast period, owing to the
growing preference of capsules dosage among consumers, growth in consumer
awareness regarding the benefits of nutraceutical products to prevent
significant health disorders, established pharmaceutical in the region, and the
increasing government initiatives to ensure the superior quality of medical
facilities offered to the consumers.
Europe
is one of the significant regions in the global market for soft gel capsules
and is expected to contribute substantially to the market share over the
forecast period, owing to the established healthcare sector, accessibility of
superior medical facilities,and the increasing health consciousness among
consumers.
The
Asia Pacific is the fastest growing regions in the global soft gel capsule
market, owing to the government initiatives to enhance the healthcare sectors,
especially in emerging economies such as India, Japan, and China.
The
Middle East and Africa (MEA) region is expected to witness gradual growth of
the forecast period and account for the smallest market share, due to the weak
healthcare sector in Africa, and unfavorable factors for market growth such as
weak economic and political conditions. The developing Middle Eastern countries
such as Saudi Arabia and the United Arab Emirates are expected to contribute to
the majority of the market share, owing to the presence of a developing
healthcare and pharmaceutical sectors.
Key
Players
Softgel
Capsule Market Players are Amway, Capsugel (a part of Lonza), Captek
softgel International Inc., Catalent, Inc., EuroCaps Ltd. (part of the DCC plc
Group), International Vitamin Corporation, Patheon (part of Thermo fisher
scientific), Sirio Pharma Co. Ltd., Soft Gel Technologies, Inc., Strides Pharma
Science Limited, Weihai Baihe Biology Technological Co. Ltd.
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