Vegetarian Softgel Capsules Market Expected to Reach $0.82 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Vegetarian Softgel Capsules Market, by Material, Application, Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030," the global vegetarian softgel capsules market was valued at $0.52 billion in 2020 and is projected to reach $0.82 billion by 2030 registering a CAGR of 4.6% from 2021 to 2030.

Ѕоftgеl іѕ uѕuаllу а ѕіnglе ріесе оf сарѕulе, соmmоnlу mаdе оf gеlаtіn аnd соnѕіѕtѕ оf lіquіd оr оіl-bаѕеd іngrеdіеntѕ.  Оn thе оthеr hаnd, vеgеtаrіаn ѕоftgеl сарѕulеѕ аrе оbtаіnеd frоm рlаnt-bаѕеd nаturаl ѕоurсеѕ, frее оf аnіmаl dеrіvаtіvеѕ, genetically modified organism (GМО), аnd dеvоіd оf glutеn аnd mоdіfіеd ѕugаr. Vegetarian softgels can be divided into plant polysaccharides (pullulan), starches, and hydroxyl propyl methyl celluloses. These possess the benefits of suited for Halal or Kosher certification; pure, clear and elegant appearance with no taste or odor; ideal for improving the bioavailability of oil soluble ingredients; easy to swallow, safe, non-carcinogenic, and tamper evident.

The major factors that impact the growth of the vegetarian softgel capsules market include increase in vegan population which increases the demand for vegetarian softgel capsules. In addition, availability of natural raw materials in abundance for the production of vegetarian softgel capsules, boost the growth of the market. Furthermore, growth in adoption of vegetarian softgel capsules owing to its advantages and application, further supplements the growth of the market.

However, high manufacturing cost of vegetarian softgel capsules owing to their specialized raw material and production processes may hamper the growth of the market. On the other hand, rise in innovations in the pharmaceutical industry for the production of softgel capsule owing to massive pool of health-conscious consumers is expected to offer profitable opportunities for the growth of the vegetarian softgel capsules market during the forecast period.

COVID-19 is a large family of viruses that causes illness ranging from common cold to more severe respiratory diseases. The COVID-19 pandemic has restrained the industry growth significantly, owing to owing to low adoption of vegetarian based capsules due to the disruptions in logistical chains and the easy availability of gelatin-based capsules. Thus, the outbreak of COVID-19 has negatively impacted the vegetarian softgel capsules market.

The vegetarian softgel capsules market is segmented on the basis of material, application, distribution channel, and region. By material, it is bifurcated into starch, cellulose, and pullulan. The starch segment was the major shareholder in 2020, owing to increase in adoption of starch softgel capsule for various nutritional as well as pharmaceutical purpose and availability of starch softgel capsule in market by various key players.

By application, it is segmented into pharmaceuticals, health supplements, and cosmetics. The health supplements segment dominated the global vegetarian softgel capsules market in 2020, and is anticipated to continue this trend during the forecast period. This is attributed to increase in application of vegetarian softgel capsules as heath supplements such as nutrient compounds includes vitamins, minerals, fiber, fatty acids, and amino acids to increase immune system, reduce anxiety, and boost overall health of people.

By distribution channel, it is segmented into hospital pharmacy, retail stores & pharmacy, and online providers. The retail stores & pharmacy acquired the largest vegetarian softgel capsules market share in 2020, and is expected to remain dominant throughout the forecast period. This is attributed to retail stores & pharmacy being the oldest and most conventional medium distributing vegetarian softgel capsules to consumers, and availability of these products at retail stores at discounted prices.

Key Findings Of The Study

• By material, the starch held largest share in the global vegetarian softgel capsules market in 2020.
• By application, the health supplements held largest vegetarian softgel capsules market share in 2020 and is expected to remain dominant throughout the forecast period.
• By distribution channel, the retail stores & pharmacy dominates the global vegetarian softgel capsules market in 2020 and is anticipated to continue this trend during the forecast period.
• By region, North America is expected to experience growth at the highest rate, registering a CAGR of 3.6% during the forecast period.  

North America accounted for the largest share of the global vegetarian softgel capsules market in 2020, and is expected to remain dominant throughout the forecast period. This was attributed to presence of major key players in the U.S. and other countries. In addition, increase in adoption of vegetarian softgel capsule owing to grоwth in соnсеrn аmоng реорlе fоr mаіntаіnіng а hеаlthу lіfеѕtуlе аnd соnѕіѕtеnt grоwth іn thе gеrіаtrіс рорulаtіоn, drive the vegetarian softgel capsules market growth in the region during the forecast period.