Vegetarian Softgel Capsules Market to Reach $824.39 Mn, Globally, by 2030 at 4.6% CAGR: Allied Market Research
Increase in the vegan population, availability of natural raw materials, and rise in the number of health-conscious people drive the growth of the global vegetarian softgel capsules market
PORTLAND, Ore., Feb. 14, 2022 /PRNewswire/ -- /PRNewswire/ -- Allied Market Research published a report, titled, "Vegetarian Softgel Capsules Market by Material (Starch, Cellulose, and Pullulan), Application (Pharmaceuticals, Health Supplements, and Cosmetics), and Distribution Channel (Hospital Pharmacy, Retail Stores & Pharmacy, and Online Providers): Global Opportunity Analysis and Industry Forecast, 2021-2030." According to the report, the global vegetarian softgel capsules industry generated $527.28 million in 2020, and is expected to reach $824.39 million by 2030, witnessing a CAGR of 4.6% from 2021 to 2030.
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Drivers, restraints, and opportunities
Increase in the vegan population, availability of natural raw materials, and rise in the number of health-conscious people drive the growth of the global vegetarian softgel capsules market. However, high cost of vegetarian softgel capsules restrains the market growth. On the other hand, innovations in the pharmaceutical industry present new opportunities in the coming years.
Covid-19 Scenario
- Manufacturing activities of vegetarian softgel capsules hindered due to nationwide lockdown, disruptions supply chain, and shortage of raw materials. However, these activities will get back on track post-lockdown.
- The consumption of vegetarian-based capsules was reduced and ease in availability of gelatin-based capsules increased with ease in their availability.
- As the awareness regarding plant-based products increases among consumers, the demand for vegetarian softgel capsules is expected to increase steadily post-pandemic.
The starch segment to continue its dominant share during the forecast period
Based on material, the starch segment contributed to the highest share in 2020, accounting for more than two-fifths of the global vegetarian softgel capsules market, and is expected to continue its dominant share during the forecast period. Moreover, this segment is projected to portray the highest CAGR of 5.2% from 2021 to 2030. This is due to rise in adoption of starch softgel capsule for various nutritional as well as pharmaceutical purposes and presence of huge number of key players. The report also analyzes the segments including cellulose and pullulan.
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The retail stores & pharmacy segment to maintain its leadership status during the forecast period
Based on distribution channel, the retail stores & pharmacy segment accounted for the highest share in 2020, contributing to nearly half of the global vegetarian softgel capsules market, and is projected to maintain its leadership status during the forecast period. This is due to the oldest and most conventional medium that distributes vegetarian softgel capsules and availability of products at discounted prices. However, the online providers segment is expected to manifest the highest CAGR of 5.1% from 2021 to 2030, owing to disruptions in the offline supply chain, increase in awareness of e-commerce pharmacy, and rise in the number of internet users.
North America to continue its lead in terms of revenue by 2030
Based on region, North America accounted for the highest market share in 2020, holding around two-fifths of the global vegetarian softgel capsules market, and is projected to continue its lead in terms of revenue by 2030. This is attributed to increase in the hеаlth-conscious population and presence of key market players. However, Asia-Pacific is expected to manifest the fastest CAGR of 6.1% during the forecast period. This is due to improved infrastructure, increase in disposable incomes, and well-established presence of domestic companies in the region
Leading Market Players
- 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.
- Robinson Pharma Inc.
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SOURCE Allied Market Research
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