Softgel Capsules Market Growth & Trends
The global softgel capsules market size is estimated to reach USD 13.09 billion by 2030 registering a CAGR of 6.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. Softgel capsules are proven to be the choice of formulation for poorly soluble drugs and enhance the absorption time of most drug molecules. Its advantages over tablets and other oral formulations have led to the increased adoption of softgel capsules across the globe. Ease of swallowing, taste masking, improved bioavailability, non-reactive, aesthetically appealing, and longer shelf life are the factors influencing its wide acceptance.
Leading players like Catalent, Eurocaps, and many others, are developing vegan capsules to broaden their vegan consumer base as the softgel capsule segment registers nearly 40% of their overall revenue. Large Pharma companies like Pfizer, Novartis, Bayer, and Procter and Gamble, collaborate with leading Contract Manufacturing Organizations (CMO) to provide cost-effective products in the highly competitive market. Research to develop an oral vaccine to treat respiratory infection caused by the SaRS-CoV-2 virus has fueled the R&D of softgel manufacturers. Additionally, the shift towards a healthier lifestyle and immunity-boosting vitamins, have also surged the softgel market post the outbreak of the COVID-19 pandemic.
Access the Softgel Capsules Market Size, Share & Trends Analysis Report By Type (Gelatin-based/Animal-based, Non-animal-based), By Application, By End-use, By Region, And Segment Forecasts, 2023 – 2030
Softgel Capsules Market Report Highlights
- The gelatin-based/ animal-based segment dominated the market with the largest revenue share in 2022.
- Nutraceutical companies segment dominated the market with the largest revenue share of 37.7% in 2022 and is also expected to expand at the fastest CAGR of 8.2% over the forecast period.
- North America dominated the market with the largest revenue share of 42.3% in 2022, owing to improved production technology, the presence of major players within the region, and increased expenditure on R&D to widen their product portfolio.
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Key Companies & Market Share Insights
The rise in competition is leading to rapid technological advancements and companies are constantly working towards the improvement of their products, with a major focus on research and development. Factors such as investment in R&D, compliance with regulatory policies, and technological advancements are constantly driving the introduction of novel techniques. Outsourcing of softgel capsules is the leading trend adopted by large manufacturers, reducing their burden of equipment expenditure, and ensuring a competitive sales price to adhere in the competitive market.
Research to develop capsule in capsules, tablets in capsules, and controlled release medication for critical drugs, is undertaken by market leaders to strengthen their product portfolio and maintain market position. Manufacturers are focusing on consolidating their position by strengthening their manufacturing capabilities. For instance, in January 2023, Sirio Pharma announced the acquisition of Best Formulations, a manufacturer of plant-based softgels, gummies, etc. This acquisition is expected to expand the production capacity, product portfolio, and research and development capabilities of Sirio Pharma.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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