Softgel Capsules Industry Overview
The Softgel Capsules Market reached a valuation of $7.67 billion in 2022 and is projected to grow at an annual rate of 6.9% from 2023 to 2030. Softgel capsules provide numerous benefits, including ease of ingestion, effective odor and taste masking, improved absorption and bioavailability, and excellent stability in various atmospheric conditions. Ongoing progress in manufacturing technology and the development of novel materials have enabled traditional capsules to offer enhanced features like controlled drug release, tamper resistance, and broader applicability for potent active pharmaceutical ingredient (API) formulations. These improvements are driven by factors such as reduced degradation in stomach acid, appealing visual characteristics, and longer shelf life, thus expanding the array of options for pharmaceutical formulations.
Presently, softgel manufacturers are increasingly focusing on developing capsules that move beyond traditional gelatin and instead utilize plant-derived polymers like starch and HPMC, as well as gums such as Pullulan. The introduction of these gelatin-free capsules caters to the specific health needs of individuals following vegetarian diets. Furthermore, choosing non-gelatin-based capsules offers technical advantages for manufacturers and suppliers while also minimizing waste from animal stock.
Detailed Segmentation:
- Type Insights
The gelatin-based/ animal-based segment dominated the market with the largest revenue share in 2022. For more than 80 years, gelatin has remained the preferred excipient for manufacturers due to its unparalleled advantages over other excipients. Its exceptional attributes, such as ease of digestion, efficient production of tamper-evident capsules, superior mechanical resistance, high-quality seals, patient compliance, abundant availability as a resource, and its inert and clean-label nature, have played a significant role in its widespread acceptance within the market. These factors have cemented gelatin's position as the excipient of choice for pharmaceutical formulations.
- Application Insights
The health supplements segment held a significant revenue share in 2022 in the softgel capsules market, aided by the increased adoption of a healthy lifestyle among the masses to tackle the COVID-19 pandemic. Wide acceptance of pre-and post-natal capsules, along with an inclination towards tasteless medication, led to a substantial increase in sales of softgel capsules, enhancing market growth.
- End-use Insights
The 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. Nutraceutical companies focus on developing vitamins, minerals, and health supplements. Thus, softgel formulations are largely developed to keep up with the rising need for nutraceutical products.
- Regional Insights
Asia Pacific is expected to expand at the fastest CAGR of 8.6% over the forecast period. The enormous presence of generic medicine manufacturers in China and India, increasing demand for cost-efficient therapeutics, rapidly improving economic conditions, and rise in contract manufacturing organizations within the region, are factors responsible for its high growth. The rise in personalized medicine expenditure and the adoption of high-tech processing to improve the production of softgels are also likely to boost regional market advancement.
Gather more insights about the market drivers, restraints, and growth of the Softgel Capsules Market
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.
Similarly, in April 2022, Catalent announced the acquisition of a biologics development and manufacturing facility from Vaccine Manufacturing and Innovation Centre UK Limited (VMIC Ltd.). The facility, presently under construction near Oxford, UK, will bolster Catalent's capabilities in the field of biologics.
Some of the prominent players operating in the global softgel capsules market include:
- Fuji Capsule
- Sirio Pharma Co., Ltd.
- CAPTEK Softgel International Inc.
- Thermo Fisher Scientific Inc.
- EyePoint Pharmaceuticals, Inc.
- Catalent, Inc.
- EuroCaps
- Aenova Group
- Lonza Capsules & Health Ingredients
- ProCaps Laboratories, LLC
- Soft Gel Technologies, Inc.
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