Softgel Capsules Market Size to Reach USD 15.11 Bn, at a 7.0% CAGR By 2033
The global softgel capsules market size was exhibited at USD 7.68 billion in 2023 and is projected to hit around USD 15.11 billion by 2033, growing at a CAGR of 7.0% during the forecast period of 2024 to 2033.
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Key Takeaways:
Softgel capsules boast myriad benefits, such as ease of ingestion, proficient masking of unpleasant odors and flavors, heightened absorption rates, improved bioavailability, and superb atmospheric resilience. The relentless progression in manufacturing technologies and the advent of novel materials have augmented traditional capsules, endowing them with features like controlled drug release, tamper-evident properties, and an expanded repertoire for potent API formulations. These enhancements are propelled by minimized degradation in stomach acidity, appealing aesthetics, and prolonged shelf life, thus offering an extensive array of options for pharmaceutical preparations.
Presently, there is an amplified focus among softgel manufacturers on the creation of capsules that eschew gelatin in favor of plant-derived polymers such as starch, hydroxypropyl methylcellulose (HPMC), and polysaccharides like Pullulan. The advent of gelatin-free capsules caters to the specific medicinal needs of vegetarian individuals. Additionally, choosing non-gelatin capsules presents technical advantages for producers and suppliers while also contributing to the reduction of animal-derived waste.
This shift marks a significant stride towards ethical and sustainable pharmaceutical practices. Furthermore, vegetable-based capsule products launched by entities like the Aenova Group have achieved a double-digit surge in sales revenue. EuroCaps is pioneering a chewable softgel capsule with enhanced taste masking capabilities. Market frontrunners like Catalent and Roquette are developing vegan capsules to broaden their market appeal among the global vegan populace.
Following the COVID-19 pandemic outbreak, numerous companies embarked on researching oral vaccine development. Softgel capsule titan Catalent joined forces with a leading clinical-stage immunotherapy firm to address the urgent demand for oral vaccines. Additionally, research was conducted to assess whether vitamin D capsule administration mitigates the severity of mild to severe respiratory distress associated with COVID-19 infection. The pandemic distinctly impacted both the nutraceutical and pharmaceutical industries.
The nutraceutical sector experienced growth during this period due to increased consumption of vitamins, nutrients, and other health supplements. Product launches by burgeoning nutraceutical firms using specialized capsule designs and the increased adoption of vegan and vegetarian capsule options have driven the rising demand for nutraceuticals. A shift towards healthier lifestyles boosted the vitamin capsule market, especially among the aging population.
The market witnessed a substantial uptick in sales attributable to the pandemic. Additionally, advancements in research concerning the development of capsules for potent and critical drug molecules to overcome bioavailability challenges, as well as the creation of capsules for drugs requiring multiple excipients like oncology medications, and patient preference for capsules over other oral dosage forms, are factors propelling market growth.
Type Insights
The gelatin-based/animal-derived segment commanded the market with the largest revenue share in 2023. For over eight decades, gelatin has been the excipient of choice for manufacturers due to its unmatched advantages over other excipients. Its outstanding characteristics, such as ease of digestion, efficient production of tamper-evident capsules, superior mechanical strength, high-quality seals, patient compliance, ample availability as a resource, and its inert, clean-label nature, have cemented its status as the preferred excipient for pharmaceutical formulations.
Currently, manufacturers are crafting capsules using a blend of bovine and porcine gelatin due to their unique properties. Gelatin derived from bovine sources enhances capsule firmness, while porcine-derived gelatin imparts desirable qualities such as plasticity and clarity to the formulation.
Despite the myriad advantages of gelatin-based capsules, the non-animal-based segment is anticipated to expand at a lucrative compound annual growth rate (CAGR) during the forecast period. The inclination towards vegan medication options, particularly post-COVID-19 pandemic, has increased the adoption of such capsules by vegetarian consumers. Moreover, intensified research activities by leading companies are expected to drive market growth.
Application Insights
The vitamins and dietary supplements segment dominated the market with the largest revenue share in 2023. Vitamins are susceptible to atmospheric oxidation and degradation when formulated as tablets or gummies. Thus, softgel capsules are the optimal formulation choice, offering protection from UV radiation and oxidation, thereby enhancing shelf life.
Research indicates that vitamins, when administered in softgel capsule form, are absorbed more swiftly into the bloodstream compared to tablet formulations. These benefits have led to vitamins being predominantly sold in softgel capsule form, solidifying its substantial market presence in the application segment. The onset of the COVID-19 pandemic saw a surge in sales of vitamin C and vitamin D supplements in countries like the U.S. and India, with increases of approximately 89% over 2019 figures.
The health supplements segment held a significant revenue share in 2023, driven by the increased adoption of healthier lifestyles among the masses in response to the COVID-19 pandemic. The widespread acceptance of pre- and post-natal capsules, along with a preference for tasteless medication, led to a marked rise in softgel capsule sales, bolstering market growth.
End-use Insights
The nutraceutical companies segment dominated the market with the largest revenue share of 38.0% in 2023 and is projected to expand at the fastest CAGR of 8.2% over the forecast period. Nutraceutical companies focus on developing vitamins, minerals, and health supplements, leading to the significant development of softgel formulations to meet the rising demand for nutraceutical products.
These formulations account for nearly 31% of the total revenue of most nutraceutical manufacturers. Increasing awareness about health supplements in developing nations, a growing number of production facilities, and a surge in sales due to the COVID-19 pandemic have contributed to the high growth and substantial market share of this segment.
The pharmaceutical companies segment held a significant revenue share in 2023 due to increased collaboration with small and medium-sized enterprises (SMEs) and the outsourcing of softgel capsules, which has directly influenced the growth of the Contract Manufacturing Organization (CMO) segment. Concurrently, the growing demand for skin and hair care products has driven the production of softgel capsules in the cosmeceutical segment.
Regional Insights
North America dominated the market with the largest revenue share of 43.0% in 2023, owing to advanced production technology, the presence of major industry players, and increased expenditure on research and development to expand their product portfolios. Additionally, the presence of health-conscious consumers and pharmaceutical leaders in the region are key factors driving the region’s robust market growth.
The Asia-Pacific region is expected to grow at the fastest CAGR of 8.6% over the forecast period. The significant presence of generic medicine manufacturers in China and India, rising demand for cost-effective therapeutics, rapidly improving economic conditions, and an increase in contract manufacturing organizations within the region are factors driving its high growth. Increased spending on personalized medicine and the adoption of high-tech processing to enhance softgel production are also anticipated to fuel regional market growth.
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Some of the prominent players in the softgel capsule market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global softgel capsule market.
Type
Application
End-use
By Region
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