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 RD 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 globalSoftgel Capsule Market. Nevertheless, multiplying numbers of pharma companies that can manufacture a softgel capsule market Insightsat 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 MarketSegmentation
The global soft gel capsul 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 MarketRegional 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 Playersare 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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