REPORT ATTRIBUTE | DETAILS |
---|---|
MARKET SIZE (2032) | USD 1,014 Million |
MARKET SIZE (2023) | USD 487.8 Million |
CAGR (2023-2029) | 7% |
HISTORIC YEAR | 2019 |
BASE YEAR | 2023 |
FORECAST YEAR | 2032 |
BY TYPE | Plant Polysaccharides Starch HPMC |
BY APPLICATION | Pharmaceutical Health Supplements Others |
GEOGRAPHIC ANALYSIS | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
KEY PLAYERS | ACG, Bright Caps GmbH, CapsCanada (Lyfe Group), Dah Feng Capsule (DFC), Erawat Pharma Limited, Evonik Industries AG, Lefancaps, LTD., Lonza, NATURAL CAPSULES LIMITED, Qingdao Yiqing Biotechnology Co., Ltd., Qualicaps, Shaanxi Genex Bio-Tech Co., Ltd, Shanxi Guangsheng Capsule Co., Ltd., Shaoxing Zhongya Capsule Co., Ltd., SILVACO A/S, SUHEUNG, Sunil Healthcare Limited, Vivion. |
Vegetable Capsules Market Overview
The Global Vegetable Capsules Market Size accounted for USD 487.8 Million in 2024 and is projected to achieve a market size of USD 1,014 Million by 2032 growing at a CAGR of 7% from 2024 to 2032.
Vegetable Capsules Market Trends
The market is currently witnessing an increase in growth due to a growing emphasis on sustainable packaging. With the escalating concerns regarding plastic pollution and environmental sustainability, both consumers and regulatory bodies are actively pursuing eco-friendly packaging solutions. Vegetable capsules, which are plant-based and biodegradable, fulfill these sustainability criteria, thereby encouraging their acceptance and driving market demand. A significant factor propelling the expansion of the global market for sustainable packaging is the evolving consumer mindset, with individuals becoming more environmentally aware and seeking products that resonate with their sustainability principles.
Moreover, consumers are increasingly inclined towards companies that exhibit a dedication to sustainability, resulting in heightened customer loyalty and market share. As a result, shifting consumer preferences, stricter regulations, and the acknowledgment of the business advantages are anticipated to stimulate the adoption of sustainable packaging and contribute to global growth in the foreseeable future.
Vegetable Capsules Market Dynamics
Driver
Rising Demand For Plant-Based Capsules To Drive Market Growth
Previously, there existed a significant disparity in the market for capsules in order to meet the preferences of vegetarian and vegan consumers. However, due to the increasing demand and health concerns, this gap has significantly narrowed. The usage of vegetable capsules has proliferated across the health industry, yielding similar results to conventionally available capsules. As the vegan culture continues to expand, the prospects of vegetable capsules, particularly in the vitamins and micronutrients market, are also on the rise. One of the advantages of vegetable capsules is their ability to effectively mask the unpleasant flavors and odors of the active ingredients contained within. In response to this trend, various manufacturing firms are adjusting their product portfolios by introducing vegetable-based capsules as an alternative to animal-based ones.
Diversification Of Application To Boost The Market Size
Manufacturing companies are diversifying their product offerings by incorporating vegetable-based capsules instead of animal-based capsules. This shift allows for a broader range of applications, including pharmaceuticals, dietary supplements, herbal extracts, and probiotics. These capsules maintain the taste and nutritional advantages of traditional options, catering to health-conscious consumers who prefer cleaner and more versatile alternatives.
Restraints
Availability of close substitutes to restrict market expansion
The vegetable (HPMC) capsule sector is anticipated to face obstacles due to the availability of alternative options like gelatin-based capsules, pullulan capsules, and others. Gelatin capsules are commonly used for delivering oral medications. Additionally, gelatin capsules offer precise and convenient dosing of vitamins, drugs, and health supplements. However, these capsules are derived from animal collagen found in skin or bone, making them unsuitable for vegan, vegetarian, or kosher consumers. On the other hand, pullulan capsules, derived from plant-based materials, serve as a viable alternative to vegetable HPMC capsules. Pullulan is a natural, edible polymer with no discernible taste. These capsules are made from tapioca starch and are suitable for vegetarians and vegans. Nevertheless, pullulan capsules are more expensive compared to HPMC capsules. Leading manufacturers such as Lonza, ACG, SUHEUNG, and others offer both gelatin and pullulan capsules for various pharmaceutical and health supplement applications. Consequently, considering the availability of substitutes like gelatin and pullulan capsules in the market, the growth of the vegetable HPMC capsule industry is expected to be limited in the forthcoming years.
Opportunities
Increasing research & development in the pharmaceutical industry to provide growth opportunities
The pharmaceutical industry worldwide is actively involved in research and development efforts to enhance product quality and introduce new products in accordance with the current standards and regulations established by regulatory authorities. Vegetable-based HPMC capsules comply with various standards including USP, FCC, Vegan Certified, Non-GMO Project Verified, Vegetarian Society Approved, Halal Certified, Kosher Approved, and more. With these certifications and the industry's growth potential in mind, numerous companies are investing in the vegetable HPMC capsule sector. For example, in February 2023, Vivion, Inc. introduced HPMC capsules to its product lineup. These capsules come in various sizes and are suitable for consumption by children, adults, and small animals.
Furthermore, the increasing focus on research and development in Europe is anticipated to bolster the expansion of the vegetable (HPMC) capsule industry. According to the European Federation of Pharmaceutical Industries and Associations (EFPIA), Europe allocated approximately EUR 44,500 million for pharmaceutical-related research and development, marking a 4.63% increase from the previous year. Both pharmaceutical and nutraceutical companies are expressing interest in plant-based alternatives to gelatin capsules due to growing consumer awareness, evolving consumer preferences, and other factors. These trends are creating opportunities for the vegetable (HPMC) capsule industry on a global scale.
Challenges
High cost of manufacturing and difficulties in raw material sourcing to challenge market cap growth
The manufacturing cost of HPMC capsules is significantly higher than that of gelatin capsules. Moreover, procuring top-notch raw materials poses a difficulty for manufacturers. The raw material cost for HPMC capsules is approximately four times higher than that of gelatin, while the production cost is about three times higher. Nevertheless, the cost challenge can be mitigated by the increasing consumer preference for HPMC capsules over gelatin capsules in the pharmaceutical and nutraceutical sectors.
Vegetable Capsules Market Key Players
Vegetable Capsules Market Segments
Vegetable Capsules Market Recent Development
January 2024: Softgel capsules have been crafted using gelatin as the primary raw material. However, substantial investments in research and development, coupled with technological advancements, have ushered in the utilization of alternative sources for vegetarian softgel capsule production, streamlining manufacturing processes. The Global softgel capsules market exhibited significant growth in the historical period, achieving a commendable CAGR of approximately 4.0%. By 2023, the market reached a valuation of US$ 611.8 Million.
Conclusion
The global vegetable capsules market is set for significant growth, driven by rising consumer demand for sustainable and plant-based products. The increasing emphasis on eco-friendly packaging solutions and the proliferation of vegetarian and vegan lifestyles are key factors contributing to the market's expansion. Furthermore, the diversification of applications in pharmaceuticals, dietary supplements, and other sectors enhances the market's potential.
However, the market faces challenges, including competition from alternative capsules like gelatin and pullulan, as well as higher production costs and raw material sourcing difficulties. Despite these obstacles, ongoing research and development efforts and the introduction of new, certified vegetable-based capsules are creating new growth opportunities.
Key players such as ACG, Lonza, and SUHEUNG are leading the market with innovative product offerings and strategic developments. Recent advancements, including the launch of specialized capsules for preclinical trials and the growth of the softgel capsules market, underscore the dynamic nature of this industry.
Overall, the vegetable capsules market is poised for robust growth, driven by sustainability trends, evolving consumer preferences, and continuous innovation in product development.
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