Global Vegetarian Softgel Capsules Market - 2022-2029

Global Vegetarian Softgel Capsules Market - 2022-2029

Market Overview

The global vegetarian softgel capsules market size was valued US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

Vegetarian softgel capsules are made from natural plant ingredients and are free of animal derivatives, GMOs, gluten, and modified sugar. Starch, pullulan, and cellulose are used to make them (Hydroxypropyl Methylcellulose). Consumers looking for an animal-free alternative to gelatin capsules will love vegetarian capsules. The market for vegetarian softgel capsules is growing due to an increase in the vegan population.

Market Dynamics

The advancement of the global vegetarian softgel capsules market is being driven by an increase in the vegan population, the availability of natural raw materials, and an increase in the number of health-conscious people.

An increase in the number of health-conscious people globaly will boost the market

Professional athletes and weightlifters are not the only people who practice sports nutrition. Global events, marathons, gym-goers, and games have all pushed sports into the spotlight, and rising interest in fitness and body image has prompted brands to reposition themselves as providers of products for a healthy lifestyle.Consumer interest in health consciousness is likely to outnumber and outweigh professional athletes. As a result, retailers allocate more shelf space to sports nutrition products. This allows sport supplement manufacturers to market sports nutrition products in an oral dosage format – softgel capsules – to a large and diverse consumer base worldwide.

Furthermore, manufacturers are working hard to develop unique empty softgel capsules that are more versatile and convenient for pharmaceutical, nutraceutical, and cosmeceutical applications.The pharmaceutical and nutraceutical industries are more likely to favor various empty softgel capsules due to their suitability for various formulations such as liquid and solid dosage forms and their ease-of-use features when administering drugs orally or through inhalation routes.Various softgel capsule products with advanced novel capsule features, such as chewcaps, hydrophilic sandwich (HS) capsules, duo caps, etc are entering the market and are seeing significant demand from end-users. This contributes to the growth of the global vegetarian softgel capsules market.

High manufacturing cost of vegetarian softgel capsules is likely to hamper the market growth

However, the high manufacturing cost of vegetarian softgel capsules, owing to their specialized raw materials and production procedures, is likely to restrain market expansion over the forecast period.

COVID-19 Impact Analysis

The COVID-19 pandemic has created havoc on healthcare workflows all around the world. Various industries, including several sub-domains of health care, have been forced to close their doors because of the disease temporarily. The global vegetarian softgel capsules market shrank in 2020 due to the global economic slowdown, which was fueled by COVID-19. Furthermore, the COVID-19 epidemic wreaked havoc on the supply chain in various end-user industries, including food and beverage, healthcare, and industrial. Furthermore, from 2020 to 2021, the market-specific business segment of important companies has experienced a negative influence. For example, DuPont's revenue fell by 5.2 percent from 2019 to 2020, owing to a drop in net sales in the nutrition and bioscience division. In addition, Catalent's softgel and oral technologies division saw a 4.7 percent reduction in net sales from 2020 to 2021. Overall, COVID-19 negatively influenced the vegetarian softgel capsule market due to the limited uptake of vegetarian-based capsules due to logistical chain delays and the easy availability of gelatin-based capsules. However, due to the rise in self-care trends and the benefits of plant-based softgel capsules, vegetarian softgel capsule usage is predicted to skyrocket after 2022-2023.

Segment Analysis

The health supplements segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

The market is divided into three applications: pharmaceuticals, health supplements, and cosmetics. The health supplements segment dominated the global market in 2020 and is expected to maintain this dominance throughout the forecast period. This is due to an increase in the use of vegetarian softgel capsules as health supplements, which contain nutrient compounds such as vitamins, minerals, fiber, fatty acids, and amino acids, which help boost people's immune systems and reduce anxiety and improve their overall health.

Anemia is a serious global public health problem affecting young children and pregnant women. According to the World Health Organization, 42 percent of children under five and 40 percent of pregnant women are anemic worldwide.(Source: World Health Organization).

According to a Rakuten Insight survey on dietary supplements in India conducted in July 2020, approximately 45 percent of respondents aged 35 to 44 stated that they used dietary supplements. Moreover, there are several benefits of health supplements as proper intake of vitamins, minerals, fiber, fatty acids and amino acids helps maintain a healthy body. Due to increasing awareness about healthy lifestyle practices, this segment will boost the forecast period.

Geographical Analysis

North America region holds the largest market share of global vegetarian softgel capsules market

Due to the majority of companies in this region, North America accounted for the biggest market share in 2020. Furthermore, the region's vast network of manufacturing and R&D facilities and a surge in product launch and approvals and demand for softgel capsules all contribute to the growth of the vegetarian softgel capsules market. Furthermore, the United States is widely regarded as the world's top spender on healthcare facilities and research. During the projected period, the reasons mentioned above will contribute to the growth of the vegetarian softgel capsules market. In November 2020, Roquette, a French manufacturer of plant-based components and pharmaceutical excipients, has announced the release of Lycagel, a pea starch technology for vegetarian softgel capsule formulations.

Due to the growing infrastructure of industries, rising disposable incomes, and well-established presence of domestic companies in the region, Asia-Pacific offers profitable opportunities for key players operating in the vegetarian softgel capsules market, registering the fastest growth rate during the forecast period. Furthermore, the increase in contract manufacturing firms in the region provides a significant potential for new entrants. Furthermore, rising spending on personalized medicine and the use of high-tech processing to increase softgel manufacture are propelling the market forward.

Competitive Landscape

The vegetarian softgel capsules market is fiercely competitive, with several main players. Few big firms currently dominate the market in terms of market share. Some of the key players which are contributing to the growth of the market include DU Pont de Nemours Inc, DCC Plc(EuroCaps), Aenova Group, Sirio Pharma Co(Ayanda) ,Procaps Group, Caps Canada, Best Formulation Inc.

The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the vegetarian softgel capsules market globally. For instance on October 19, 2020, Catalent announced the launch of its OptiGel DR technology for the formulation and manufacture of delayed/enteric release soft gels.

Key Developments

In Jan 2022, Procaps Group Acquires First Softgel Production Facility and Pharmaceutical R&D Center in the United States to Expand Global Growth of its iCDMO Business Unit.

Illumina Inc

Overview: EURO CAPS is the largest private label manufacturer of Nespresso compatible coffee capsules globally. The company's compatible coffee capsules are provided through a unique manufacturing technology and a well-invested research and development laboratory, providing customers with packaged coffee capsules that are primarily sold through food retailers and partnerships with coffee roasters and brands.

Product Portfolio:

Vegesoft: Vegesoft employs patented technology to create a vegetarian softgel capsule with the strength and stability of animal gelatin capsules. The capsule shell ingredients in Vegesoft® capsules are starch and carrageenan. Carrageenan is a seaweed extract widely used in foods and serves as the functional ingredient in the capsule shell, resulting in a product of exceptional quality and strength.

Why Purchase the Report?

Visualize the composition of the global vegetarian softgel capsules market segmentation by material, application, end user, and region highlighting the key commercial assets and players.

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Excel data sheet with thousands of data points of global vegetarian softgel capsules market- level 4/5 segmentation.

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Target Audience

Service Providers/ Buyers

Industry Investors/Investment Bankers

Education & Research Institutes

Research Professionals

Emerging Companies

Manufacturers

Market Segmentation

Global Vegetarian Softgel Capsules Market– By Material

Starch

Cellulose

Pullulan

Global Vegetarian Softgel Capsules Market- By Application

Pharmaceuticals

Health Supplements

Cosmetics

Global Vegetarian Softgel Capsules Market– By End User

Hospital Pharmacy

Retail Stores & Pharmacy

Online Providers

Others

Global Vegetarian Softgel Capsules Market- By Region

North America

Europe

Asia-Pacific

Middle East & Africa

South America