Market Research Report
Softgel Capsules Market Size By Type, By Application, By Manufacturers, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030
|Softgel Capsules Market Size By Type, By Application, By Manufacturers, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030|
Published: May 18, 2022
Global Market Insights Inc.
Content info: 205 Pages
Delivery time: 2-3 business days
The softgel capsules market is anticipated to showcase significant growth by 2030 owing to the growing prevalence of chronic diseases around the globe. In addition, increasing demand for plant-based capsules, along with surging investments in research and development activities, is likely to further bolster market growth through the forecast period.
Softgel capsules are semi-solid soft gel-like drug capsules that carry medicine and dissolve faster than hard capsules. They are made of pectin, HPMC, gelatin, potato starch, pullulan, and other materials. Notably, during the COVID-19 pandemic, the industry witnessed steady growth amid changing lifestyle preferences. Higher demand for vitamin and health supplements to improve the immune system, which promotes a healthy lifestyle, has contributed to rising technological advancements, thereby boosting market growth.
Moreover, key participants in the industry have been engaging in R&D activities and lucrative strategies like collaborations, partnerships, and acquisitions, thereby enhancing overall market dynamics. For instance, in October 2020, Catalent Inc., a leading pharmaceutical company, launched OptiGel DR technology that combines pectin and gelatin to make softgel capsules without a coating system.
In another instance, in September 2021, Aenova Group, a major pharmaceutical manufacturer, along with partner companies Wiley Companies-subsidiary AlaskOmega AG and Algarithm, an algae DHA oils provider, introduced a new vegetable-based softgel capsule named VegaGels. The vegan capsule contains omega-3 DHA fatty acids derived from microalgae. The new softgels are chewable and are available in several flavors.
The softgel capsules market has been bifurcated based on manufacturers, type, application, and region. By type, the market has been split into gelatin based and vegetarian capsules.
The vegetarian capsules segment is expected to grow at a CAGR of over 9.3% through the analysis period. High consumer preference for vegetarian softgel capsules, notable technological advancements in plant-based softgel capsules, and the availability of natural raw materials are likely to further fuel segmental growth.
With regards to application, the softgel capsules market has been divided into prescription medicine, health & dietary supplements, and others. The prescription medicine segment accounted for more than $2 billion in revenue in 2021 and is projected to grow prominently in the forthcoming years due to high adoption rate of treatments for chronic diseases, better therapeutic outcomes, and growing number of product approvals and launches.
With respect to manufacturers, the softgel capsules market has been segregated into nutraceutical companies, pharmaceutical companies, and others. In 2021, the nutraceutical companies segment held a market share of nearly 43% and is anticipated to amass significant gains by 2030. The emerging trend of healthy lifestyles, soaring interest in dietary supplements to improve physical appearance, and mounting incidences of obesity and sedentary lifestyles are set to augment segmental growth.
In the regional landscapes, the Latin America softgel capsules market is estimated to grow at a CAGR of approximately 4.5% from 2022 to 2030 as a result of rising product availability in remote areas at affordable prices. High prevalence rate of cardiovascular and infectious diseases, surging geriatric population, and wide-ranging product portfolios offered by companies to broaden their reach in the developing market in the LATAM region are poised to support business growth.