The Softgel Capsules Market is on track to achieve a value of $1.17 billion in 2023. According to a newly released study by Fact.MR, the global sales of softgel capsules are anticipated to experience a robust compound annual growth rate (CAGR) of 6.3%, reaching an impressive US$ 2.16 billion by the close of 2033.
Softgel capsules have gained increasing prominence in the pharmaceutical and nutraceutical sectors in recent years. These capsules, encased in a gelatinous outer shell, encapsulate liquid, semi-solid, or powder formulations. The rapid expansion of the softgel capsules market over the forthcoming years is driven by multiple factors. This comprehensive blog post delves into the depth of the softgel capsules market, exploring its growth trajectory, pivotal drivers, recent trends, and diverse applications.
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Key Drivers:
1. Growing Demand for Nutraceuticals and Dietary Supplements: The upsurge in demand for nutraceuticals and dietary supplements fuels market growth.
2. Prevalence of Chronic Diseases: The escalating prevalence of chronic diseases contributes to the market’s expansion.
3. Rising Geriatric Population: An aging demographic spurs the demand for softgel capsules.
4. Versatility in Delivering Lipid-Based Drugs: Softgel capsules are popular for delivering lipid-based drugs, including omega-3 fatty acids and CBD oil.
Competitive Landscape of the Softgel Capsules Market:
Amid intensifying competition, manufacturers of softgel capsules are diversifying their product range to harness the industry’s full potential.
For instance,
- Catalent, Inc. introduced products like Joint Comfort Softgel containing LONGVIDA® and Cognitive Support Softgel featuring Neumentix™ in the past five years.
- KD Pharma Group launched its extensive KD Nutra® Softgel Solutions a couple of years back.
Recent Trends:
The adoption of plant-based ingredients for the capsule’s outer shell is a recent trend in the softgel capsules market. This shift is propelled by the growing demand for natural and organic products, alongside heightened awareness of the environmental impact associated with traditional gelatin capsules. Plant-based capsules, made from substances like pullulan, carrageenan, and cellulose, offer benefits akin to conventional gelatin capsules.
Another trend involves the customization and personalization of softgel capsules. These capsules can be tailored to match specific patient requirements, encompassing factors like dosage strength, flavor, and texture. This trend is driven by the rise of patient-centric healthcare and the expanding embrace of personalized medicine.
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Applications:
Softgel capsules find diverse applications across the pharmaceutical, nutraceutical, and cosmetic sectors for delivering a wide range of products. In pharmaceuticals, they efficiently deliver lipid-based drugs, such as antibiotics, pain relievers, and hormones. The nutraceutical domain utilizes softgel capsules to administer dietary supplements, vitamins, and minerals. The cosmetic industry employs softgel capsules to dispense skincare and haircare products.
Key Insights & Findings Covered in the Softgel Capsules Market:
The gelatin segment led in revenue share in 2021, owing to its benefits over other excipients.
The vitamins and dietary supplements segment dominated the application outlook in 2021.
Nutraceuticals accounted for the largest revenue-generating segment in the manufacturer market, attributed to the rising awareness of health supplements, an increased number of production houses, and the surge in sales due to the Covid-19 pandemic.
North America held the most substantial market share due to improved production technology, the presence of major players within the region, and heightened R&D expenditure to broaden product portfolios.
In conclusion, the softgel capsules market is poised for robust growth driven by escalating demand for nutraceuticals, dietary supplements, the rise of chronic diseases, and the expanding geriatric population. Recent trends include the adoption of plant-based materials and the personalization of softgel capsules. These versatile capsules find application across pharmaceuticals, nutraceuticals, and cosmetics, cementing their significance in a variety of industries.