Vegetarian Softgel Capsules Market (Statistics & Outlook) 2030
The global vegetarian softgel capsules market size was valued at $527.28 million in 2020 and is projected to reach $824.39 million by 2030 registering a CAGR of 4.6% from 2021 to 2030. Vegetarian softgel capsules are obtained from plant-based natural sources, free of animal derivatives and GMO, and devoid of gluten and modified sugar. They are made from starch, pullulan, and cellulose (Hydroxypropyl Methylcellulose). Vegetarian capsules are an ideal solution for consumers seeking an animal free alternative to gelatin capsules. Increase in vegan population drives the growth of the vegetarian softgel capsules market.
In addition, availability of natural raw materials for the formulation of vegetarian softgel capsules and rise in demand of vegetarian softgel capsules owing to its advantages and application fuel growth of the market. However, high manufacturing cost of vegetarian softgel capsules owing to their specialized raw material and production processes is expected to hinder growth of the vegetarian softgel capsules market during the forecast period. On the other hand, surge 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 market during the forecast period.
Impact of COVID-19 Pandemic on Vegetarian Softgel Capsules Market (Pre & Post Analysis)
The outbreak of COVID-19 has disrupted workflows in the health care sector around the world. The disease has forced a number of industries to shut their doors temporarily, including several sub-domains of health care. The global vegetarian softgel capsules market experienced a decline in 2020 due to global economic recession led by COVID-19. In addition, the COVID-19 outbreak disrupted the supply chain across various end-user industries like food & beverage, healthcare, and industrial. Furthermore, market specific business segment of key players has witnessed a negative impact from 2020 to 2021.
For instance, DuPont revenue was decreased by 5.2% from 2019 to 2020, this is primarily due to decrease in net sales of nutrition and bioscience segment. In addition, Catalent registered decreased net sale of its softgel and oral technologies segment by 4.7% from 2020 to 2021. Thus, overall impact of COVID-19 on the vegetarian softgel capsule market was observed to be negative owing to low adoption of vegetarian based capsules due to the disruptions in logistical chains and the easy availability of gelatin-based capsules. However, adoption of vegetarian softgel capsules is expected to surge post 2022-2023 owing to the increase in self-care trend coupled with the benefits offered by plant based softgel capsules.
Vegetarian Softgel Capsules Market Segmentation
The vegetarian softgel capsules market is segmented into material, application, distribution channel, and region to provide a detailed assessment of the market. By material, the market is divided into starch, cellulose, and pullulan. By application, it is classified into pharmaceuticals, health supplements, and cosmetics. By distribution channel, it is categorized into hospital pharmacy, retail stores & pharmacy, and online providers. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Segment Review
By material, the market is segmented into starch, cellulose, and pullulan. The starch segment dominated the global vegetarian softgel capsules market in 2020, and is expected to remain dominant throughout the forecast period, owing to increase in adoption of starch softgel capsule for various nutritional as well as pharmaceutical purpose and availability of starch softgel capsule in the market by various key players.
By Material
Starch segment holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
By application, the market is segregated into pharmaceuticals, health supplements, and cosmetics. The health supplements segment dominated the global 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, the market is classified into hospital pharmacy, retail stores & pharmacy, and online providers. The retail stores & pharmacy held the largest vegetarian softgel capsules market share in 2020, and is expected to remain dominant throughout the forecast period, owing to retail stores & pharmacy is the oldest and most conventional medium distributing vegetarian softgel capsules to consumers, and availability of these products at retail stores at discounted price.
By Application
Health Supplements segment is projected as one of the most lucrative segment.
Snapshot of the Asia-Pacific Vegetarian Softgel Capsules Market
Asia-Pacific offers profitable opportunities for key players operating in the vegetarian softgel capsules market, thereby registering the fastest growth rate during the forecast period, owing to the growing infrastructure of industries, rising disposable incomes, and well-established presence of domestic companies in the region. In addition, rise in contract manufacturing organizations within the region provide great opportunity for new entrants in this region. Moreover, rise in personalized medicine expenditure and adoption of high-tech processing to improve the production of softgels, further drive the growth of the market.
The key market players profiled in the report include DuPont de Nemours, Inc., DCC Plc. (EuroCaps), Catalent Inc., Aenova Group, Sirio Pharma Co. (Ayanda), Procaps Group., Captek Softgel International, Inc., Lyfe Group (Caps Canada), Best Formulation Inc., and Robinson Pharma Inc.
By Region
North America is expected to experience growth at the highest rate, registering a CAGR of 3.6 % during the forecast period.
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the global vegetarian softgel capsules market along with the current trends and future estimations to explain the imminent investment pockets.
- A comprehensive analysis of the factors that drive and restrict the vegetarian softgel capsules market growth is provided in the report.
- Comprehensive quantitative analysis of the industry from 2020 to 2030 is provided to enable the stakeholders to capitalize on the prevailing market opportunities.
- Extensive analysis of the key segments of the industry helps to understand the application and products of vegetarian softgel capsules used across the globe.
- Key market players and their strategies have been analyzed to understand the competitive outlook of the market.
Vegetarian Softgel Capsules Market Report Highlights
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Analyst Review
The global vegetarian softgel capsules market is expected to exhibit high growth potential attributed to increase in vegan population, availability of raw material for the manufacturing of vegetarian softgel capsule, and increase in adoption of vegetarian softgel capsule owing to its advantages and application.
North America is expected to witness the highest growth, in terms of revenue, owing to the presence of key players for production of vegetarian softgel capsules, increased expenditure on R&D to widen their product portfolios, higher buying power, and surge in healthcare expenditure.
Europe was the second largest contributor to the market in 2020, and is expected to register the fastest CAGR during the forecast period, owing to increase in investment for the R&D of the softgel capsules as well as growth in awareness among people pertaining to the intake of several health and dietary supplements, and advanced healthcare infrastructure in the region. However, Asia-Pacific is expected to emerge as a lucrative market with maximum growth potential, owing to the rapid development of healthcare infrastructure and adoption of high-tech processing to improve the production of softgels in this region.
The total market value of vegeterian softgel capsules market is $527.28 million in 2020.
The forcast period for vegeterian softgel capsules market is 2021 to 2030
The market value of vegeterian softgel capsules market in 2021 is $547.89 million.
The base year is 2020 in vegeterian softgel capsules market
Top companies such as DuPont de Nemours, Inc., DCC Plc. (EuroCaps), Catalent Inc., Aenova Group, Sirio Pharma Co. (Ayanda), and Procaps Group held a high market position in 2020.
The starch segment is the most influencing segment 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.
Increase in vegan population, availability of raw material for the manufacturing of vegetarian softgel capsule, and increase in adoption of vegetarian softgel capsule owing to its advantages and application are some factors, which is expected to propel growth of the vegeterian softgel capsules market during the forecast period.
Asia-Pacific is expected to experience the highest growth rate during the forecast period, owing to growth in infrastructure of industries, rise in disposable incomes, and well-established presence of domestic companies in the region.
V?g?t?r??n ??ftg?l ????ul?? ?r? ?bt??n?d fr?m ?l?nt-b???d n?tur?l ??ur???, fr?? ?f ?n?m?l d?r?v?t?v??, genetically modified organism (G??), ?nd d?v??d ?f glut?n ?nd m?d?f??d ?ug?r
vegeterian softgel capsules has various application in pharmaceutical and cosmetic industry as well as it also used to provide nutritional supplements.
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