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The Softgel Capsule Market is poised for significant growth, reaching a projected valuation of USD 14.06 billion by 2031 from USD 8.18 Billion in 2023. This upsurge will be fueled by a CAGR of 7% throughout the forecast period (2024-2031).
Softgel Capsules Market Driven by Innovation and Health
Softgel capsules offer numerous benefits like easy swallowing, taste masking, and improved drug absorption. Advancements in technology are introducing features like controlled release and tamper-evident properties, making them a versatile choice for pharmaceuticals. Additionally, the rise of plant-based capsules caters to vegetarians and promotes sustainability. The nutraceutical boom, focus on healthy living, and the COVID-19 pandemic have further driven market growth. Research on potent drugs and patient preference for capsules solidify the promising future of this market.
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List of Softgel Capsule Companies Profiled in Report:
- Weihai Baihe Biology Technological Co. Ltd.
- Soft Gel Technologies Inc.
- Captek softgel International Inc.
- Patheon (part of Thermo fisher scientific)
- Catalent Inc.
- Capsugel (a part of lonza)
- Strides Pharma Science Limited
- Amway
- EuroCaps Ltd.
- International Vitamin Corporation
- Sirio Pharma Co. Ltd
Softgel Capsule Innovation Heats Up with Acquisitions and R&D
Fierce competition is driving rapid advancements in softgel capsule technology. Companies are investing heavily in R&D to develop novel formats like “capsule in capsules” and controlled release medications. Outsourcing production is a growing trend, allowing manufacturers to cut costs and stay competitive.
- In January 2023, Sirio Pharma bought Best Formulations, a manufacturer of gummies and softgels made from plant fibre. The acquisition is expected to significantly improve Sirio Pharma’s production capacity, portfolio of products and R&D capabilities.
- Similarly, in April 2022, Catalent announced that it had acquired from the Vaccine Manufacturing and Innovation Centre UK Limited VMIC Ltd. a development and manufacturing facility for Biologics.
These developments solidify the commitment to innovation and position the softgel capsule market for continued growth.
Softgel Capsule Industry Segmentation as Follows:
By Type
- Gelatin/ Animal-Based
- Non-animal Based
By Application
- Antacid & Anti-flatulent Preparations
- Vitamin & Dietary Supplement
- Antibiotic & Antibacterial Drugs
- Cough & Cold Preparations
- Anti-anemic Preparations
- Health Supplement
- Anti-inflammatory Drugs
- Pregnancy
By Manufacturers
- Pharmaceutical Companies
- Contract Manufacturing Organizations
- Nutraceutical Companies
- Cosmeceutical Companies
Gelatin Holds Supreme Position
Gelatin-based capsules continue to dominate the softgel market, holding the largest revenue share in 2023. This dominance is attributed to gelatin’s unmatched advantages. For over eight decades, manufacturers have favored gelatin due to its ease of digestion, tamper-evident properties, superior strength, reliable seals, and patient compliance. Additionally, gelatin’s natural abundance, inert nature, and clean-label appeal further solidify its market position. The trend of combining bovine and porcine gelatin sources is gaining traction. Bovine gelatin contributes to capsule firmness, while porcine gelatin offers desirable plasticity. This strategic blend allows manufacturers to leverage the unique strengths of both sources, ensuring optimal capsule performance. Although this segment faces competition from plant-based alternatives, gelatin’s long-standing reputation and unparalleled functionality maintain its reign as the king of softgel capsules.
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Key Regional Developments
North America dominated the market with a leading revenue share of 45% in 2023, attributed to factors such as advanced production technology, the presence of major market players in the region, and high investments in R&D activities aimed at expanding product portfolios. Additionally, the high concentration of health-conscious consumers and leading pharmaceutical companies in North America further contribute to the strong market growth in the region.
Over the forecast period, Asia Pacific is expected to be the fastest growing region, primarily driven by the significant presence of generic medicine manufacturers in China and India, the rising demand for cost-efficient therapeutic solutions, rapidly improving economic conditions, and the increasing number of contract manufacturing organizations within the region. The growing expenditure on personalized medicine and the adoption of advanced technologies to enhance softgel production are also likely to propel market growth in this region.
War and Slowdown Having Negative Impact On Softgel Capsules Market
The Russia-Ukraine war disrupts the softgel capsule market. Supply chain issues and sanctions limit access to raw materials, especially gelatin, causing price hikes and potential shortages. Additionally, diverted healthcare spending due to the war might decrease demand for non-essential supplements. However, the war presents a silver lining. The focus on self-care boosts sales of essential vitamin and dietary supplement softgels. Moreover, companies seek alternative sourcing locations, potentially fostering new suppliers. An economic slowdown can also pose challenges. Reduced healthcare spending may prioritize essential medications over supplements. Lower R&D investments could hinder innovation. Yet, this scenario presents opportunities. As consumers become price-conscious, demand for cost-effective nutraceuticals and generic drugs packaged in softgels might rise. Furthermore, manufacturers might prioritize cost-reduction strategies, leading to more competitive softgel capsule solutions.
By Purchasing This Report, You Gain A Comprehensive Understanding Of:
- Current market trends and future growth projections
- Technological advancements influencing the industry
- Consumer preferences and evolving needs
- The influence of geopolitical and economic factors on the market
- Lucrative regional opportunities for market expansion
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Table of Content
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Softgel Capsule Market Dynamics
Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)
Chapter 5 Value Chain Analysis
Chapter 6 Porter’s 5 forces model
Chapter 7 PEST Analysis
Chapter 8 Softgel Capsule Market Segmentation, By Type
Chapter 9 Softgel Capsule Market Segmentation, By Application
Chapter 10 Softgel Capsule Market Segmentation, By Manufacturers
Chapter 11 Regional Analysis
Chapter 12 Company profile
Chapter 13 Competitive Landscape
Chapter 14 Use Case and Best Practices
Chapter 15 Conclusion
Continued…
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