|Market Size in 2022||Market Forecast in 2030||CAGR (in %)||Base Year|
|USD 548 Million||USD 1,162 Million||9.85%||2022|
Vegetable (HPMC) Capsule Market
The global vegetable (HPMC) capsule market size was worth around USD 548 million in 2022 and is predicted to grow to around USD 1,162 million by 2030 with a compound annual growth rate (CAGR) of roughly 9.85% between 2023 and 2030.
The report analyzes the global vegetable (HPMC) capsule market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the vegetable (HPMC) capsule industry.
Vegetable (HPMC) capsules are made up of plant-sourced compounds, namely, hydroxypropyl methylcellulose (HPMC). Hydroxypropyl methylcellulose (HPMC) or Hypromellose is derived from wood pulp and, generally, consists of partly methylated & hydroxypropylated cellulose units. HPMC is a tasteless, vegetarian, clear, and vegan-appropriate material. These capsules are non-animal derived, non-GMO, and provide good oxygen barrier properties. HPMC capsules are resistant & robust against cross-linking during extreme storage conditions. Various molecules make formulation issues with conventional gelatin-based capsules. In order to address concerns with active pharmaceutical ingredients (API) & excipients that are incompatible with gelatin, HPMC capsules are developed and widely used. HPMC capsules also solve concerns associated with moisture sensitivity & hygroscopicity of gelatin-based capsules. All current United States Pharmacopeia (USP) and food chemical codex (FCC) criteria can be fulfilled using HPMC capsules. HPMC Capsules can be used for both fast-release & delayed (target) drugs. Manufacturers & researchers, across the globe, are engaged in the development of HPMC for better formulation performance of capsules in different applications.
Rising demand & development for plant-based capsules to drive market growth during the forecast period.
The global vegetable (HPMC) capsule market is projected to grow owing to the rising demand & development for plant-based capsules for both pharmaceuticals & health supplements applications. HPMC capsules are derived from plant- or wood-based materials. HPMC capsules are a safe drug for human consumption and a good substitute for gelatin capsules. These capsules offer a good substitute for consumers who do not take animal products such as vegetarians & vegans. Considering kosher & halal approvals, these capsules are preferred by a consumer who follows a strict religious diet. HPMC capsules are easy to take as they mask up the unpleasant flavors & odors of the inside active ingredients. These capsules offer good moisture resistance as well as resistance to bacterial growth on capsule surfaces.
Various manufacturing firms are improving their product portfolio with vegetable HPMC capsules. For instance, in July 2022, Evonik Industries AG started to provide enteric-protected ready-to-fill capsules EUDRACAP in IPEC-GMP quality. IPEC-GMP corresponds to a high level of excipient quality in pharmaceutical formulations. These coated hydroxypropyl methylcellulose (HPMC) capsules are suitable to protect sensitive active pharmaceutical ingredients (APIs) from moisture and gastric acid. EUDRACAP, an HPMC-based capsule, can be employed smoothly on fully automated capsule-filling machines at high speed.
In November 2021, ACG planned to set up a vegetable HPMC capsule plant in Maharashtra, India with an investment of around INR 800 crore in collaboration with the Maharashtra state government to replace gelatin capsules.
Increasing demand from global pharmaceutical sectors is fueling the consumption of vegetable HPMC capsules for a wide range of prescribed or over-the-counter (OTC) drugs. For instance, according to the European Federation of Pharmaceutical Industries and Associations (EFPIA), the global pharmaceutical (prescription) industry was valued at EUR 1,222,921 million (around USD 1,287,736 million) at ex-factory prices in 2022. Wherein, the pharmaceutical production in Europe accounted for around EUR 340,000 million in 2022, registering a growth rate of around 4.95% compared to the previous year. Europe accounted for around 22.4% of the global pharmaceutical (prescription) industry share.
Availability of close substitutes to restrict market expansion
The vegetable (HPMC) capsule industry is expected to be hindered by the presence of close substitutes such as gelatin-based capsules, pullulan capsules, and others. Gelatin capsules are also widely used for oral medication drug delivery. Moreover, gelatin capsules also provide accurate & convenient unit dosing of vitamins, drugs, and health supplements. Gelatin capsules are made up of gelatin derived from the collagen of animal skin or bone, thereby, these capsules are not preferred by vegan, vegetarian, or kosher consumers. Pullulan capsules are another key alternative for vegetable HPMC capsules, as pullulan is also derived from plant-based material. Specifically, pullulan is a natural, edible polymer with no detectable taste. Pullulan capsules are manufactured from tapioca starch and are suitable for vegetarians and vegans. However, pullulan capsules are more expensive than HPMC capsules. Manufacturers such as Lonza, ACG, SUHEUNG, and others also offer gelatin & pullulan capsules for a wide range of pharmaceutical and health supplement applications. Thereby, considering the presence of close substitutes such as gelatin & pullulan capsules in the industry, the growth of the vegetable HPMC capsule industry is expected to be restrained in the coming years.
Increasing research & development in the pharmaceutical industry to provide growth opportunities
The global pharmaceutical sector is heavily engaged in R&D activities to improve product quality & development of new products, as per the current standards & norms set by regulatory bodies. Vegetable-based HPMC capsules are in line with various standards such as USP, FCC, Vegan Certified, Non-GMO Project Verified, Vegetarian Society Approved, Halal Certified, Kosher Approved, and others. Considering these approvals and growth potential in the industry, various firms are making investments to enter the vegetable HPMC capsule industry. For instance, in February 2023, Vivion, Inc. launched HPMC capsules in its product portfolio. These capsules are available in different sizes and can be consumed by children, adults, and small animals.
Moreover, the increasing research & development in Europe is expected to support the growth of the vegetable (HPMC) capsule industry. According to the European Federation of Pharmaceutical Industries and Associations (EFPIA), Europe spent around EUR 44,500 million on pharmaceutical-related research & development, up by around 4.63% over the previous year. Both pharmaceutical & nutraceutical firms are showing their interest in plant-based alternatives for gelatin capsules, due to rising consumer awareness, changing consumer preferences, and others. Such factors are creating opportunities for the vegetable (HPMC) capsule industry, across the globe.
High cost of manufacturing and difficulties in raw material sourcing to challenge market cap growth
The cost of HPMC capsule manufacturing is higher compared to its close alternative, i.e., gelatin capsules. In addition, sourcing high-quality raw materials is also a challenging task for manufacturers. The cost required for the HPMC capsule raw material is around 4 times that of gelatin and the production cost is around 3 times the cost of gelatin. However, the challenge from the cost factor can be covered up, considering the rising preference of consumers for HPMC capsules over gelatin capsules prospects in the pharmaceutical & nutraceutical industry.
The global vegetable (HPMC) capsule market is segmented based on type, application, and region.
Based on type, the global market segments are HPMC with gelling agents and HPMC without gelling agents. Currently, the global market is dominated by HPMC with gelling agents, considering their acid-resistant characteristics. To manufacture HPMC capsules, the cold pin molds are dipped into a hot HPMC solution, gelled at a low temperature, and then dried. This manufacturing process is suitable for gelatin, as it starts to gel on its own at low temperatures, unlike HPMC. Thereby, manufacturers require gelling agents in this process to produce HPMC capsules. Some of the key gelling agents used are gellan gum, carrageenan, pectin, and others. However, currently, manufacturers such as ACG, Lonza, and others are shifting to the HPMC capsule manufacturing process, which doesn’t require any gelling agent.
Based on application, the vegetable (HPMC) capsule industry is segmented into pharmaceuticals, nutraceuticals, and other applications. The pharmaceuticals segment dominated the market share in 2022. Due to the naturally low moisture content of vegetable HPMC capsules, it is feasible to encapsulate pharmaceutical ingredients that are hygroscopic & moisture-sensitive. Currently, HPMC capsules are being widely used by various major pharmaceutical drug manufacturers, across the globe. These capsules can contain ingredients in different forms such as powders, pellets, semisolids, as well as liquids. HPMC capsules are used for delivering drugs with nasty & unpleasant tastes & smells.
|Report Attributes||Report Details|
|Report Name||Vegetable (HPMC) Capsule Market Report|
|Market Size in 2022||USD 548 Million|
|Market Forecast in 2030||USD 1162 Million|
|Growth Rate||CAGR of 9.85%|
|Number of Pages||221|
|Key Companies Covered||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, and Vivion.|
|Segments Covered||By Type, By Application, and By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Historical Year||2017 to 2021|
|Forecast Year||2023 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
North America to lead the market during the forecast period
The global vegetable (HPMC) capsule market growth is expected to be driven by North America, during the forecast period. North America has a significant share of the global pharmaceutical and nutraceutical industry, thereby, creating a huge demand for vegetable (HPMC) capsules each year from these sectors. According to the European Federation of Pharmaceutical Industries and Associations (EFPIA), North America (including the United States and Canada) accounted for around 52.3% share of the global pharmaceutical (prescription) market. Further, as per the American Society of Health-System Pharmacists, overall drug expenditures reached USD 633.5 billion in 2022, witnessing a growth rate of around 9.4% year-on-year. In the United States, specialty drug expenditures accounted for 51.1% of total prescription expenditures. Moreover, the United States accounts for one of the largest markets for nutraceutical products. Some of the key players in the United States Nutraceutical industry are Ambay, ADM, Herbalife Nutrition Ltd, GNC Holdings, LLC, and others. In addition, North America, including the United States and Canada, is home to some of the largest pharmaceutical firms in the world, which include Johnson & Johnson, Eli Lilly and Co, Pfizer Inc, Novartis, Roche, GlaxoSmithKline, Sanofi, and others. These manufacturers can get the supply of HPMC capsules from HPMC capsules players operating in the country. Some of the key manufacturers of vegetable HPMC capsules in North America are Lonza, CapsCanada (Lyfe Group), Qualicaps, and ACG, among others. All such factors are expected to support the growth of the vegetable (HPMC) capsule industry in the coming years.
Asia Pacific, especially China & India, also has a significant position in the pharmaceutical industry. China is home to a large pool of HPMC capsule manufacturers such as Shanxi Guangsheng Capsule Co., Ltd., Qingdao Yiqing Biotechnology Co., Ltd., Shaanxi Genex Bio-Tech Co., Ltd, and Shaoxing Zhongya Capsule Co., Ltd., among others. According to the National Bureau of Statistics of China, the pharmaceutical industry of the country generated revenue of around CNY 3.3 trillion in 2021 and increased at a significant rate in 2022. India is the largest supplier of generic drugs, across the globe, at affordable prices. According to the India Brand Equity Foundation (IBEF), the Indian pharmaceutical industry revenue is likely to reach USD 65 billion by 2024 and around USD 130 billion by 2030. The domestic pharmaceutical industry in India comprises around 3,000 medicine companies and more than 10,500 production units. The government of India is promoting foreign direct investment (FDI) for the pharmaceutical industry in the country. In FY2022, the Indian drugs & pharmaceuticals sector reached around USD 1,414 million in FDI inflows. All the aforementioned factors are creating huge potential for the vegetable (HPMC) capsule industry in the region.
The global vegetable (HPMC) capsule market is dominated by players like:
Vegetable (HPMC) capsules are made up of plant-sourced compounds, namely, hydroxypropyl methylcellulose (HPMC). Hydroxypropyl methylcellulose (HPMC) or Hypromellose is derived from wood pulp and, generally, consists of partly methylated & hydroxypropylated cellulose units.
The global vegetable (HPMC) capsule market cap may grow owing to the rising demand & development for plant-based capsules, across the globe. Significant growth opportunities can be expected due to the increasing research & development in the pharmaceutical industry.
According to study, the global vegetable (HPMC) capsule market size was worth around USD 548 million in 2022 and is predicted to grow to around USD 1,162 million by 2030.
The CAGR value of the vegetable (HPMC) capsule market is expected to be around 9.85% during 2023-2030.
The global vegetable (HPMC) capsule market growth is expected to be driven by North America. It is currently the world’s highest revenue-generating market owing to the presence of a large pool of pharmaceutical & nutraceutical manufacturing companies.
The global vegetable (HPMC) capsule market is led by players like 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, and Vivion.