In 2020, the market for softgel capsules was worth USD 6.52 billion. The COVID-19 pandemic has had an unprecedented and staggering impact on the world, with soft gelatin capsule demand experiencing a positive shock in every region. According to our analysis, the global market will grow significantly (19.2%) in 2020 compared to the average annual growth during 2017–2019. The market is anticipated to increase at a CAGR of 5.5% between 2021 and 2027, rising from USD 6.94 billion in 2021 to USD 9.59 billion in 2027. When the pandemic is over, the market's demand and growth will resume to pre-pandemic levels, which explains the abrupt drop in CAGR.
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Trends in the Softgel Capsules Market
The demand for nutraceuticals, including vitamins, minerals, and herbal supplements, is growing, which is driving the growth of the softgel capsules market. Softgel capsules are an ideal delivery system for nutraceuticals as they protect the active ingredients from degradation and improve their bioavailability.
With the increasing focus on sustainability and the environment, there is a growing demand for plant-based softgel capsules. These capsules are made from natural materials and are biodegradable, making them an eco-friendly alternative to traditional softgel capsules.
The legalization of cannabis in several countries has led to the growing popularity of CBD softgel capsules. These capsules are used for various therapeutic purposes, including pain relief, anxiety reduction, and sleep improvement.
Growth Drivers of the Softgel Capsules Market
The demand for prescription drugs is growing due to the rising prevalence of chronic diseases, such as diabetes, cardiovascular disease, and cancer. Softgel capsules are an ideal delivery system for many prescription drugs as they offer improved bioavailability and ease of administration.
The demand for OTC medications is also increasing due to the growing preference for self-medication and the availability of OTC drugs in supermarkets and pharmacies. Softgel capsules are a popular choice for OTC medications as they are easy to swallow and offer improved bioavailability.
The softgel capsule technology is continuously evolving, with advancements in materials, manufacturing processes, and filling technologies. These advancements are leading to improved quality, safety, and efficacy of softgel capsules, which is driving the growth of the market.
Future Prospects of the Softgel Capsules Market
The softgel capsules market is expected to grow significantly in emerging markets, including Asia Pacific, Latin America, and the Middle East, due to the growing demand for dietary supplements and prescription drugs.
With the increasing competition in the softgel capsules market, companies are focusing on research and development to develop innovative products and technologies that offer better performance, safety, and patient outcomes.
The softgel capsules market is likely to witness increased adoption of sustainable practices, including the use of plant-based materials, biodegradable materials, and recycling programs, to reduce the environmental impact of softgel capsules.
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