Number of pages: 100 | Report Format: PDF | Published date: July 26, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
According to the deep-dive market assessment study conducted by Growth Plus Reports, the global softgel capsules market was pegged at US$ 7.4 billion in 2021 and is expected to register a revenue CAGR of 7.6% to reach US$ 14.3 billion by 2030.
Softgel capsules are oral medication that is either made of gelatin or non-animal based. These have liquid or semi-solid fillings that are used to deliver medicinal substances or nutritional substances and are preferred by consumers due to their easy-to-swallow features.
The increasing prevalence of chronic diseases, such as cardiovascular diseases, and diabetes as well as the growing number of clinical trials for the softgel capsules, are driving the market revenue growth. Additionally, as gelatin is the main ingredient needed to create softgel capsules, an increase in gelatin manufacturing directly affects the sector's revenue expansion. The market revenue growth in the ensuing years will also be fueled by increased expenditures by R&D activities by the top firms and a population that is moving toward natural products. Its ease of consumption, flavor masking, improved absorption, non-reactivity, aesthetically pleasant character, and longer shelf life, all contribute to its popularity. Traditional capsules now have more features due to the improvements in manufacturing technology and the introduction of new materials, such as controlled drug release, tamper-evident packaging, and formulation choice of potent APIS due to reduced stomach pH degradation, appealing aesthetics, and longer shelf life.
However, patent expiration and generic competition are pharmaceutical companies' biggest challenges. The entry of generics into the market is tough competition and thus this affects the market revenue growth.
The global softgel capsules market is analyzed from four perspectives: type, application, manufacturer, and region.
Softgel Capsules Market by Type
Based on type, softgel capsules are segmented into gelatin and non-animal capsules.
Due to its unparalleled advantages over other substances, manufacturers prefer gelatin as their preferred active substance. The widespread market acceptability is due to its simple digestion, tamper-evident capsule production, high mechanical resistance and seal quality, patient compliance, plentiful resource availability, and use of inert and clean-label raw material. Due to their distinct qualities, producers are now creating capsules that combine bovine and porcine gelatin. Bovine gelatin improved the stiffness of the capsules, whereas porcine gelatin gives the formulation qualities of fluidity and clarity.
Despite the benefits of capsules made of gelatin, the non-animal-based capsules segment is expected to register a strong revenue growth rate during the forecast period. The high revenue growth of this segment is because of the rising consumer adoption among vegetarians and expanding research by top industry competitors.
Softgel Capsules Market by Application
Based on application, softgel capsules are segmented into health & dietary supplements and prescribed medicines. These are further sub-segmented into anti-inflammatory drugs, antibiotic drugs, antacid & anti-flatulent preparations, and anti-anemic preparations.
The vitamins and dietary supplements segment accounts for the largest revenue share. When vitamins are made into tablets or candies, they are more susceptible to air oxidation and deterioration. As a result, softgel capsules are the optimum formulation choice since they protect from oxidation and UV radiation, extending the shelf life of the product.
According to studies, vitamins taken as softgel capsules enter the bloodstream more quickly than those taken as tablets. Due to these benefits, vitamins are typically sold in the form of softgel capsules, indicating a sizable market revenue in the application segment. Due to the general public's growing embrace of a healthy lifestyle, the health supplements segment accounts for the second largest revenue share in terms of market.
Softgel Capsules Market by Manufacturer
Based on the manufacturer, the softgel capsules market is segmented as nutraceuticals, pharmaceuticals, and cosmeceuticals.
The nutraceutical segment dominates the market in terms of revenue share. Nutraceutical businesses in particular awareness of growing vitamins, minerals, and fitness supplements. Thus, the softgel formula is evolved to maintain up with the growing want for nutraceutical merchandise.
The pharmaceutical segment accounts for the second highest revenue share in the market because of an extended collaboration with SMEs and outsourcing of softgel capsules, which without delay inspired the boom of the Contract Manufacturing Organization (CMO) phase. The demand for high aesthetics has surged the softgel tablet manufacturing in the cosmeceuticals market.
Softgel Capsules Market by Region
Based on region, the global softgel capsules market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW).
North America accounts for the largest revenue of the global softgel capsules market. Improved manufacturing technology, presence of important players in the region, and multiplied expenditure on R&D activities to widen their product portfolio. Additionally, the presence of health-conscious consumers and the presence of pharma leaders in the region, are the main factors responsible for the high market revenue growth in this region.
Asia Pacific is expected to register considerable revenue growth during the forecast years. The significant presence of accepted medicinal drug producers in China and India, the growing call for cost-efficient therapeutics, and the upward thrust in production agreements between corporations in the region, are responsible for the high revenue growth in this region.
The prominent players operating in the global softgel capsules market are:
Currently, the global softgel capsules market is valued at US$ 7.4 billion and is expected to reach US$ 14.3 billion by 2030 at a revenue CAGR of 7.6%.
The increasing prevalence of chronic conditions, ease of absorption of drugs, and opting for veganism are the key factors governing the global softgel capsules market revenue growth.
Fuji Capsules Ltd., Catalent Inc., Soft Gel Technologies Inc., Captek Softgel International Inc., Cloverty, and Delpharm SAS are among the key players operating in the global softgel capsules market.
The gelatin capsules market accounts for the largest revenue share of the global softgel capsules market.
Asia Pacific is expected to register high revenue growth in the coming years.
*Insights on financial permanence is subject to availability of information in public domain