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Softgel Capsule Market Expected to Reach $7.5 Billion by 2031—Allied Market Research

 
2022
Softgel Capsule Market

Report Code : A16306

quote Increase in R&D activities to support usage of softgel capsules, surge in demand for softgel health supplements, rise in consumer awareness related to preventative healthcare, and proliferation of distribution channels. Furthermore, improvement in lifestyle pattern, rise in geriatric population, and increase in number of self-directed consumers have fueled the market growth. quote

Onkar Sumant - Manager
Life Sciences at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Softgel Capsule Market," The softgel capsules market size was valued at $4.4 billion in 2021, and is estimated to reach $7.5 billion by 2031, growing at a CAGR of 5.4% from 2022 to 2031.

Softgel capsules are solid, single-dose dosage forms consisting of a shell, usually made from gelatin, that generally contain liquids. Gelatin is the most widely used film-forming agent, and it is extracted from collagen through hydrolysis. However, it is also possible to use starch and cellulose derivatives, such as hydroxypropyl methylcellulose, to form the thin ribbons required for the production of softgel capsules.

Softgel capsules market trends that drive the growth of the market include, increase in demand for softgel capsules in developed countries such as U.S, rapid development of the e-commerce industry due to easy access to e-commerce, and wide availability of smart device. In addition, increase in government expenditure on healthcare further fuels the growth of the market.

Conversely, high manufacturing cost of vegetarian softgel capsules, owing to their specialized raw material and production processes are expected to limit the growth of the market during the forecast period. On the other hand, surge in innovations in the pharmaceutical industry for the production of softgel capsule owing to massive pool of health-conscious consumers is expected to offer profitable opportunities for the softgel capsules market growth during the forecast period.

COVID-19 is a large family of viruses that causes illness ranging from common cold to more severe respiratory diseases. The COVID-19 pandemic has helped the softgel capsules industry grow significantly, as demand for softgel health supplements to improve immune system during COVID-19. Popular supplement ingredients that are thought to support immune health include, vitamin C, vitamin D, zinc, elderberry, echinacea, and probiotics, which are also available in softgels.

Depending on type, the market is bifurcated into gelatin softgel capsules and non-gelatin softgel capsules. The gelatin softgel capsules exhibited highest growth in 2021, owing to increase in usage of gelatin to produce capsules, due to its physicochemical, biological, and mechanical properties. Moreover, gelatin-based capsules are cost effective, thereby resulting in more adoption, which further drives the growth of the segment.

On the other hand, the non-gelatin softgel capsules segment is expected to register highest CAGR during the forecast period. This is attributed to increase in vegan population, which increases the demand for vegetarian softgel capsules.

On the basis of application, the market is segmented into pharmaceuticals, health supplements, and cosmetics. The health supplements segment exhibited the highest growth in 2021, and is anticipated to continue this trend during the forecast period. This is attributed to high adoption of health supplements, surge in awareness toward preventative healthcare, and increase in usage of omega-3 supplements in emerging economies.

On the other hand, the pharmaceutical segment expected to register highest CAGR during forecast period. This is attributed to the advantages of softgel capsules in pharmaceutical applications as they aid in the improvement of active medicinal component bioavailability (APIs).

On the basis of distribution channel, the market is classified into supermarket & hypermarket, pharmacies & drug stores, and online providers. At present, the pharmacies & drug stores segment is the major revenue contributor, and is projected to remain dominant during the forecast period. This is attributed to the higher presence of pharmacies & drug stores and ease of availability of softgel capsules in pharmacies & drug stores. Moreover, they are certified to keep several types of drug stock, which promote the growth of the segment.

However, the online provider segment is expected to exhibit rapid growth in the near future, due to rise in number of netizens and increase in awareness about online pharmacy. In addition, lockdowns at the regional and national levels have disrupted the offline supply chain. As a result, competitors are concentrating on e-commerce networks, collaborating with governments to supply, and raising awareness of e-commerce pharmacies, which further fuel growth of the segment.

Region-wise, North America had the highest softgel capsules market share in 2021, and is expected to maintain its lead during the forecast period. This is attributed to higher demand for softgel capsules, rise in number of self-directed consumers, and supportive reimbursement policies in the healthcare system.

However, Asia-Pacific is expected to witness the highest growth rate during the forecast period, majorly due to rise in adoption of health softgel, surge in healthcare awareness, and increase in number of R&D activities to develop novel therapeutics.  

Key findings of the study

• By type, the gelatin softgel capsules segment was highest contributor to the market in 2021.
• By application, the health supplements segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
• By distribution channel, the pharmacies & drug stores dominated the market in 2021, and is expected to grow at a CAGR of 5.0%
• Region-wise, North America generated the largest revenue share in 2021, however, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.

 

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quote Softgel Capsules Market by Type (Gelatin Softgel Capsules, Non-Gelatin softgel Capsules), by Application (Pharmaceuticals, Health Supplements, Cosmetics), by Distribution Channel (Supermarkets and Hypermarkets, Pharmacies and Drug Stores, Online Providers): Global Opportunity Analysis and Industry Forecast, 2021-2031 quote

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