Softgel Capsules Market - By Type (Gelatin Based, Vegetarian Capsules), By Application (Prescription Medicines, Health & Dietary Supplements), By Manufacturer (Pharmaceutical, Nutraceutical), Global Forecast 2023 - 2032

Softgel Capsules Market - By Type (Gelatin Based, Vegetarian Capsules), By Application (Prescription Medicines, Health & Dietary Supplements), By Manufacturer (Pharmaceutical, Nutraceutical), Global Forecast 2023 - 2032

Global Softgel Capsules Market size will expand exponentially through 2032. Rapidly increasing geriatric population and its susceptibility to chronic disorders has increased the demand for softgel capsules. As per WHO, in China, the population of people above 60 years will reach 402 million by 2040. Moreover, the flourishing healthcare infrastructure in developed and developing economies will further create ample opportunities for industry growth. In the same direction, in October 2022, the USDA unveiled an investment of around USD 110 million to improve healthcare for rural people.

The overall softgel capsules market is divided based on type, application, manufacturer, and region.

Regarding the type, the vegetarian capsules market value will depict appreciable growth over 2022-2032. Growing innovations in the manufacturing technology of vegetarian capsules will contribute to segment growth. Manufacturers are exploring the customization and combination capabilities of vegetarian capsules. This involves the development of multi-chamber or multi-layer capsules that allow for the incorporation of different ingredients or formulations within a single capsule. This customization enables precise dosing, combination therapies, and improved patient convenience.

With respect to application, the industry size from the health & dietary supplements segment reached over USD 5.85 billion in 2022. Surging health consciousness among people has increased the consumption of dietary supplements. As per the International Trade Administration, Japan's dietary supplements industry, valued at USD 9.4 billion, is the third-largest dietary supplement industry in the world. Moreover, growing efforts by governments across the globe towards making these supplements affordable are further contributing to segment growth.

Based on the manufacturer, industry value from the pharmaceutical companies will amass significant gains through 2032. Rising investment by governments across the globe towards expanding the pharmaceutical sector is positively affecting segment outlook. In March 2023, the UK government announced a government and private investment of around £277 million (~USD 301 million) to four life science companies. Moreover, the high availability of a wide range of softgel capsules in pharmaceutical companies will further contribute to segment growth.

From a regional perspective, Europe softgel capsules market share was more than 33% in 2022. Rising consumer spending on plant-sourced products has increased the demand for vegan softgel capsules in the region. Moreover, surging disposable income has propelled consumer spending on nutraceuticals and dietary supplements, increasing product uptake. Regional growth can also be ascribed to the flourishing healthcare infrastructure and the strong presence of leading industry giants.