Increasing interest in sustainable, eco-friendly plant-based capsules creates profitable prospects for market expansion
New York, Oct. 20, 2023 (GLOBE NEWSWIRE) — In 2023, the global softgel capsules market is valued at $611.8 billion. According to a new report from Persistence Market Research, sales are expected to grow at a 4.3% CAGR, reaching $932.1 billion by 2033.
The global softgel capsules market is poised for growth during the forecast period due to various factors. These include increased R&D efforts supporting softgel capsule usage, a surge in demand for health supplements in softgel form, rising consumer awareness about preventative healthcare, and the expansion of distribution channels.
Lifestyle improvements, a growing aging population, and a rise in self-directed consumers also contribute to market growth. Additionally, governments worldwide are boosting their investments in healthcare, with a focus on medicines. Rising awareness of cardiovascular disease risks is expected to drive softgel capsule sales, and increased per capita healthcare spending will further impact market opportunities.
The COVID-19 pandemic has also positively influenced the market, driven by heightened health awareness and demand for supplements. Government support for health supplement development is likely to continue post-COVID-19, offering growth prospects.
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|Market Revenue 2023||US$ 611.8 million|
|Estimated Revenue 2033||US$ 932.1 billion|
|Growth Rate – CAGR||4.3%|
|No. of Pages||300 Pages|
|Market Segmentation||By Product Type, Raw Material, End User, Application, Region|
|Regions Covered||North America, Latin America, Europe, Asia Pacific, Middle East & Africa|
|Companies Covered||Aenova Group GmbH, Roquette, Capsugel, uangdong Yichao Biological Co., Ltd., Elnova Pharma, Hunan Er-Kang Pharmaceutical Co., Ltd, Celix Pharma, Catalent, Inc, Soft Gel Technologies, Inc, Renown Pharmaceuticals, MEDGEL, HC Clover PS, BIONOMICS LIFESCIENCES PVT. LTD., Medi-Caps Group, Others ( on Additional Request)|
Softgel Capsules Market Drivers
The Softgel Capsules market from 2023 to 2031 is expected to be influenced by several key drivers:
Growing Health Awareness: Increasing awareness about health and wellness, driven by a desire for preventive healthcare, is expected to boost the demand for softgel capsules, especially for dietary supplements.
Aging Population: The global aging demographic presents a significant driver, as older individuals often require pharmaceuticals and supplements in more convenient and easily digestible softgel form.
R&D Advancements: Ongoing research and development efforts are likely to result in innovative formulations, enhancing the appeal and efficacy of softgel capsules in delivering various medications and nutrients.
Proliferation of Distribution Channels: The expansion of various distribution channels, including e-commerce, online pharmacies, and convenience stores, provides greater accessibility to softgel capsule products.
Government Healthcare Initiatives: Government support and healthcare spending on preventive medicine and supplements, especially for at-risk populations, can drive demand for softgel capsules.
Cardiovascular Health Concerns: The increasing awareness of cardiovascular diseases and the role of supplements in maintaining heart health is expected to drive sales of softgel capsules with cardiovascular-related formulations.
Post-COVID-19 Health Focus: The pandemic has heightened health consciousness, leading to increased demand for vitamins and health supplements in softgel form. This trend is likely to continue post-COVID-19.
Per Capita Healthcare Investment: A rise in per capita healthcare spending, particularly in emerging economies, is expected to drive the consumption of softgel capsules.
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Market Saturation: The market may become saturated with a plethora of softgel capsule products, making it difficult for new entrants to gain a foothold and existing companies to differentiate themselves.
Quality Control: Ensuring consistent quality and stability of softgel capsules can be challenging, given variations in raw materials and manufacturing processes.
Supply Chain Disruptions: Disruptions in the supply chain, whether due to natural disasters, pandemics, or geopolitical factors, can impact the availability of raw materials and manufacturing capabilities.
Limited Application Range: Softgel capsules may not be suitable for all types of medications or supplements, limiting their application in certain therapeutic areas.
Global Health Events: Future health crises or pandemics can disrupt supply chains, influence consumer behaviour, and impact market dynamics.
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Market Future Outlook
The softgel capsule market is poised for a promising future, driven by several key factors. These gelatin-based capsules offer numerous advantages, such as enhanced bioavailability, easy swallowing, and effective masking of taste and odor, making them a preferred choice for pharmaceutical and nutraceutical products.
One of the primary drivers of the softgel capsule market is the growing consumer preference for user-friendly dosage forms. Softgels are particularly popular among children and the elderly, who may have difficulty swallowing traditional tablets or capsules. This demographic shift towards aging populations worldwide is expected to boost the demand for softgel capsules.
Additionally, the nutraceutical industry is experiencing robust growth, with consumers increasingly turning to dietary supplements to support their health and well-being. Softgel capsules are well-suited for housing a wide range of nutraceutical ingredients, such as vitamins, minerals, and herbal extracts. This trend is likely to fuel the expansion of the softgel capsule market.
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