Softgel Capsule Market Application 2022
Market Research Future (MRFR)’s study suggests that the global Softgel Capsule Market is expected to strike a CAGR of 5.46% during the forecast period 2018 to 2023. The report further highlights that the market’s value is likely to grow from USD 2,381.90 Mn in 2017 to USD 3,276 Mn by the end of 2023. The softgel capsules have replaced other capsules that are difficult to formulate. This, in turn, has expedited the expansion of the market in the last few years and is anticipated to exhibit a similar trend in the foreseeable future.
The towering demand from the nutraceutical industry is presumed to dominate the growth trajectory of the Softgel Capsule Market across the projection period. The nutraceutical industry reflects attractive opportunities that are expected to favor the expansion of the market. In addition, the growth of the pharmaceutical industry goes hand in hand with the proliferation of the Softgel Capsule Market. The developments in the healthcare industry coupled with the rising competitiveness in the pharmaceutical industry are anticipated to catapult the market on an upward trajectory.
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Major Key Players:
Some of the key players profiled in this MRFR report are Catalent, Inc., Capsugel (A part of lonza), Captek softgel International Inc., EuroCaps Ltd. (Part of the DCC plc Group), Amway, Patheon (Part of Thermo fisher scientific), Sirio Pharma Co. Ltd., Strides Pharma Science Limited, Soft Gel Technologies, Inc., and Weihai Baihe Biology Technological Co. Ltd., and International Vitamin Corporation.
Regional Analysis
The regional analysis of the global Softgel Capsules Market spans across Americas, Europe, Asia Pacific, and the Rest of the World. North America, at present, holds the maximum share of the global market. It is projected to grow from USD 747.95 Mn in 2017 to USD 1,072.74 Mn by the end of 2023, striking a CAGR of 6.2% over the review period. The efficiency of these capsules in holding the semi-solid or liquid compound without losing its nutrient value has motivated its adoption by the pharmaceutical industry leaders. This, in turn, has been further backed by the consolidation of major industry leaders in the region, thus, augmenting the Softgel Capsule Market In addition, the rising inclination towards the intake of nutraceutical products is further poised to influence the growth of the market positively in the forthcoming years.
Asia Pacific is a highly lucrative market and is poised to expand at a CAGR of 6.04% over the projection period. The regional market has been estimated to value at USD 740.94 Mn towards the end of 2023. The strong value maintained by the pharmaceutical industry in the region is likely to drive the growth of the regional Softgel Capsule Market in the foreseeable future.
Segmentation
This MRFR report offers a detailed segmental analysis of the global softgel market based on type and application. The global market, by type, has been segmented into gelatin type and non-animal type. The gelatin type segment is projected to garner a comparatively larger market share in the upcoming years and value at USD 2,242.08 Mn by 2023-end. Meanwhile, the non-animal type segment has been projected to acquire new consumers and thrive at a CAGR of 5.79% over the assessment period.
By application, the global softgel market has been segmented into vitamins, supplement, nutrition, and others. Among these, the nutrition segment has been expected to strike a relatively higher CAGR of 5.98% during the review period. The prevalence of sedentary lifestyle has created awareness about health issues prevailing among the population. This, in turn, is likely to emerge as the driving force of the growth of the segment.
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