Market Overview
Global Softgel Capsule Market is slated to acquire the valuation of USD 3,276.00 Million while rising at a CAGR of 5.46% during the forecast term from 2018 to 2023, evaluates Market Research Future (MRFR).
Market Dynamics
The growing health-conscious population is a significant factor that is expected to boost the industry during the review period. Another important factor that is expected to drive the market forward is the growing popularity of sports. The number of gyms, marathons, and sporting activities is expected to increase, increasing demand for such capsules. A the desire to be physically fit is also expected to fuel the industry in the future. The ongoing development in the healthcare sector, combined with increased competition in the pharmaceutical industry, is expected to be a significant factor driving market growth in the forecast period.
The nutraceutical industry's massive demand is expected to drive the softgel capsule market's growth trajectory over the forecast period. The nutraceutical industry offers appealing prospects that are expected to help the market develop. Furthermore, the expansion of the pharmaceutical industry coincides with the rise of the softgel capsule market. The sector is expected to be catapulted upward by innovations in the healthcare industry, as well as increasing competition in the pharmaceutical industry.
Furthermore, the increasing adoption of technologies by softgel capsule manufacturers is likely to lead to the development of innovative products such as chewcaps, duocaps, and hydrophilic sandwich (HS), all of which have the potential to significantly grow the market in the assessment period. The COVID-19 outbreak is thought to have had a positive effect on the softgel capsule market volume. The rising demand for supplements to boost immunity is a major factor that is expected to propel the market forward.
The constant fluctuation in the price of soft gelatin capsules, on the other hand, is likely to stymie trade expansion during the forecast era. During the evaluation period, the high cost of vegetarian capsules is expected to pose a major challenge to market expansion.
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Analytical Segmentation
The nutrition segment of the global softegel capsules market is expected to develop at a CAGR of 5.98 percent over the forecast period among the applications. The rapid adoption of a sedentary lifestyle is likely to result in a variety of health problems, which will contribute significantly to the segment's development.
The gelatin segment of the global softegel capsules market is expected to gain a larger market share than the non-animal type segment in the type segment. By 2023, the segment is estimated to have a market capitalization of USD 2,242.08 million. The non-animal type segment, on the other hand, is expected to grow at a CAGR of 5.79 percent over the study period.
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Analyses by Region
According to MRFR's analysis, North America is expected to dominate the global market, with a market size of USD 1,072.74 million and a CAGR of 6.2 percent over the projected period. Another important factor that is expected to drive market growth is the increasing participation of key players in the region. Furthermore, rising fitness awareness is expected to fuel demand for nutraceuticals, which is expected to drive the market in the area. The United States, in particular, is expected to make a major contribution to the development of the industry in the area.
During the forecast period, APAC is projected to be a profitable market. By 2023, the area is expected to expand at a CAGR of 6.04 percent, with a market value of USD 740.94 million. Other important factors that are likely to boost the demand in the area include an increasing desire to be physically fit and a growing interest in sports. Furthermore, ongoing product technological growth and increasing pharmaceutical investment are expected to strengthen trade in APAC in the near future. The involvement of developing countries such as India and China is expected to be critical in expanding the regional market.
Competitive Analysis
Weihai Baihe Biology Technological Co. Ltd., Patheon (part of thermo fisher scientific), Catalent, Inc., Captek softgel International Inc., Capsugel (a part of lonza), Amway, EuroCaps Ltd. (part of the DCC plc Group), Strides Pharma Science Limited, Sirio Pharma Co. Ltd., Soft Gel Technologies, Inc., International Vitamin Corporation are among the major players active in the market. Various players are adopting strategies such as; acquisition, merger, and collaboration to gain a superior position in the market. Key players are also concentrating on expanding their product portfolio, which will grow the competition in the market. The growing health consciousness among the expanding populace and the increasing inclination towards sports will result in the growing number of players entering the market along with rising innovation in the product
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