Zion Market Research has published a new report titled “Vegetarian Capsules Market by Product Type (Pullulan, Starch, and HPMC) and End-user: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report, global vegetarian capsules market was valued at approximately USD 278.16 million in 2016 and is expected to generate revenue of around USD 509.13 million by end of 2022, growing at a CAGR of around 10.6% between 2017 and 2022.
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Vegetarian capsules are derived from vegetable cellulose. They are 100% natural and contain no preservatives, gelatin, wheat, gluten, animal by-products and are made from the pure cellulose of either pine or poplar. Vegetarian capsules are rapidly being used as an alternative to hard shell gelatin capsules since these natural capsules meet the dietary and cultural needs of vegetarians by offering excellent alternatives to gelatin capsules. Also, the capsules in-vitro studies have displayed better performance in terms of dissolution/ disintegration and decreased time of development as compared to gelatin capsules Pharmaceutical and nutraceutical companies entering into long-term contracts with capsule manufacturing units for imports and exports across all regions and competitive pricing initiatives for large-scale purchasing are expected to emerge as key trends for achieving sustainable revenue growth in the global vegetarian capsules market.
Global vegetarian capsules market is primarily driven due to factors such as these capsules are regarded as a convenient method of consuming health supplements and medication. Moreover, consumers in developing regions now have higher spending power and thus the ability to allocate more funds towards preventative healthcare. Also besides the pharmaceutical and nutraceutical industries, the demand for encapsulated ingredients is on the rise in cosmeceutical sector. These end-user trends will have a far-reaching influence on the growth of the global vegetarian capsules market. Furthermore, in mass markets such as India, where the majority of vegetarian consumers view animal-derived gelatin in a negative light, companies face the need to find solutions around the problem by focusing more on non-gelatin based capsules. Overall globally, the demand for vegetarian capsules is showing a clear increase in demand, and players are recommended to explore growth avenues in this space.
The vegetarian capsules market is segmented on the basis of different product types such as pullulan, starch, and HPMC. HPMC capsules segment is expected to grow at fastest rate in the global market over the forecast period.
Pharmaceutical companies, nutraceutical companies, CMO’s and cosmetic companies are the key end-users of the global vegetarian capsules market. The nutraceutical segment dominated the market in terms of revenue in 2016.
North America, Europe, Asia-Pacific, Latin America and Middle East & Africa are key regional segments of global vegetarian capsules market. North America is anticipated to remain the leading region over the forecast period. The U.S. market is expected to grow at the highest CAGR mainly due to immense per capita health expenditures, and significant investments in R&D for effective treatment alternatives. Asia Pacific is expected to be the fasted growing region in vegetarian capsules market during the forecast period. Moreover, the Middle East and Africa and Latin America are also expected to show considerable growth for this market owing to increased government funding and a high burden of diseases.
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Some of the key players in vegetarian capsules market include ACG Worldwide, Bright Pharma Caps, Inc., CapsCanada, Capsugel, Healthcaps India Ltd., Qualicaps LLC, Suheung Co., Ltd. and Sunil Healthcare Limited. Investments in R&D and new manufacturing units for vegetarian capsules in economically stable countries and acquisitions and collaborations with manufacturers in different regions are other key differentiating strategies of the leading market players.
This report segments the global Vegetarian Capsules Market as follows:
Global Vegetarian Capsules Market: Product Type Segment Analysis
- Hydroxy Propyl Methyl Cellulose (HPMC)
- With Gelling Aid
- Without Gelling Aid
Global Vegetarian Capsules Market: End-user Segment Analysis
- Pharmaceutical Companies
- Nutraceutical Companies
- Contract Manufacturing Organizations (CMO’s)
- Cosmetic Companies
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Global Vegetarian Capsules Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa