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Softgel Capsules Global Market Types and Applications, Drivers, Ongoing Trends, Future Demand, Challenges, Top Companies And Forecast 2024-2033
Softgel Capsules Global Market
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According to The Business Research Company's, The softgel capsules market size has grown strongly in recent years. It will grow from $7.77 billion in 2023 to $8.38 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to pharmaceutical and nutraceutical demand, consumer preference for oral dosage forms, customization and formulation flexibility, enhanced bioavailability, product differentiation and branding.
The softgel capsules market size is expected to see strong growth in the next few years. It will grow to $11.62 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to expanding healthcare industry, personalized and customized healthcare, functional food and beverage market, natural and organic trends, focus on elderly population, green and sustainable initiatives. Major trends in the forecast period include nutraceutical innovation, sustainability initiatives, natural and organic preferences, regulatory compliance.
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Market Drivers and Trends:
The increasing global aging population is expected to propel the growth of the softgel capsules market going forward. The aging population is used to describe shifts in a population's age distribution that result in a higher percentage of elderly people. The ability to swallow conventional pills or tablets decreases with age due to various reasons, such as reduced swallowing ability or dry mouth. Thus, the older population prefers softgel capsules because of their smooth, gelatinous coating, which makes them easier to swallow. . For instance, in October 2022, according to the data released by the World Trade Organization, a US-based international organization, from 2020 to 2021, the proportion of the population aged 60 and up increased from 1 billion to 1.4 billion. By 2050, the world's population of adults aged 60 and up will have doubled (to 2.1 billion). The number of people aged 80 or more is predicted to treble between 2020 and 2050, reaching 426 million. Therefore, the increasing global aging population is driving the growth of the softgel capsules market.
Technological advancements are a key trend gaining popularity in the soft gel capsules market. Major companies operating in the soft gel capsules market are focused on developing new products with the latest technologies to sustain their position in the market. For instance, in April 2023, International Flavors & Fragrances (IFF), Inc., a US-based flavors, fragrances, and cosmetic actives manufacturing company, announced the introduction of VERDIGEL SC, a new pectin-based technology that will further broaden its line of vegan softgels. VERDIGEL SC is an innovative carrageenan-free, vegan softgel technology. This pectin-based premix offers superior softgel quality, performance, and process efficiency, and is designed for easy implementation into existing operations. It requires only the addition of water and a plasticizer to produce high-performance softgels, making it suitable for a wide range of formulations
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Major Key Players of the Market:
Catalent Inc., Eurocaps Ltd., Capsugel Healthcare Ltd., Aenova Group GmbH, Sirio Pharma Co. Ltd., Procaps Laboratories Inc., Captek Softgel International Inc., Fuji Capsule Co. Ltd., Hunan ER-KANG Pharmaceutical Co. Ltd., Patheon NV, Curtis Health Caps SA, Delpharm Holding SAS, Estrellas Life Sciences Pvt. Ltd., Elnova Pharma LLP, Soft Gel Technologies Inc., Weihai Baihe Biology Technological Co. Ltd., United Laboratories, Robinson Pharma Inc., Thermo Fisher Scientific Inc., Best Formulations Inc., DCC plc, Biophar Lifesciences Pvt. Ltd., Swisschem Healthcare, Krishlar Pharmaceuticals, Amzor Healthcare Pvt. Ltd., Medgel Pvt. Ltd., Amway Corp., Welex Laboratories Pvt. Ltd., NutraScience Labs Inc., Nutrifynn Caps Inc., NutraPak USA, Nutrafill LLC, Nutricap Labs LLC, Nutra Manufacturing Inc., Ion Labs Inc., Vitakem Nutraceutical Inc., Private Label Nutraceuticals LLC, NutraLab Canada Ltd., Makers Nutrition LLC
Softgel Capsules Market 2024 Key Insights:
• The softgel capsules market size is expected to see strong growth in the next few years. It will grow to $11.62 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.
• Soft Gel Capsules Market Surges As Chronic Diseases Escalate
• Iff's Verdigel Sc Sets New Standards In Vegan Softgel Manufacturing
• North America was the largest region in the soft gel capsules market in 2023
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