Vegetarian Capsules Market
Vegetarian capsules are derived from vegetable cellulose. They are natural and contain no preservatives, gelatin, wheat, gluten, animal by-products, and they are made from the pure cellulose of either pine or poplar. Vegetarian capsules are rapidly being used as an alternative to hard shell gelatin capsules since these natural capsules meet the dietary and cultural needs of vegetarians by offering excellent alternatives to gelatin capsules. Cellulose is the preferred capsule base for substances that have more of a semi solid or gel composition. These capsules are often considered suitable to be classified as both Kosher and Halal certified products which open the option for a larger customer base. Additionally, vegetarian capsules have no known potential health risks, even when consumed in a long term scenario as they are 100% natural and non-toxic.
Consumers in developing regions have higher spending power and thus the ability to allocate more funds towards preventative healthcare. Also besides the pharmaceutical and nutraceutical industries, the demand for encapsulated ingredients is on the rise in cosmeceutical sector. These end-user trends have a far-reaching influence on the growth of the global vegetarian capsules market. The market is also primarily driven by factors like vegetarian capsules are regarded as a convenient method of consuming health medication. Furthermore, in developing markets of Asia Pacific, where the majority of vegetarian consumers view animal-derived gelatin in a negative light, companies face the need to find solutions around the problem by focusing more on non-gelatin based capsules.
Based on product type, vegetarian capsules market has been segmented into pullulan, starch, and HPMC. HPMC capsule market is further sub-segmented into HPMC capsules with gelling aid and HPMC capsules without gelling aid. The HPMC capsules segment is expected to grow at the fastest rate during the forecast period. Based on end-user the vegetarian capsules market is segmented into pharmaceutical companies, nutraceutical companies, CMO’s and cosmetic companies. In terms of revenue, nutraceutical segment dominated the market in 2016.
North America is expected to remain the dominant region over the forecast period. Increasing healthcare expenditure is expected to boost the market in this region. Europe was the second largest market followed by Asia Pacific. North America is expected to show fastest growth rate during the forecast period while Asia Pacific market is projected to grow at the highest rate. The Middle East and Africa, and Latin America are also expected to experience a moderate growth rate in the coming years.
Some of the key players in vegetarian capsules market include ACG Worldwide, Bright Pharma Caps, Inc., CapsCanada, Capsugel, Healthcaps India Ltd., Qualicaps LLC, Suheung Co., Ltd. and Sunil Healthcare Limited. Investments in R&D and new manufacturing units for vegetarian capsules in economically stable countries and acquisitions and collaborations with manufacturers in different regions are other key differentiating strategies of the leading market players.