Vegetarian Capsules Market - Global Industry Analysis

Market Overview

The global vegetarian capsules market accounted for USD 396.71 Million in 2020 and is expected to reach USD 722.70 Million by 2028, growing at a CAGR of 8.2 % from 2021 to 2028.

Capsules are two piece enclosures commonly made of gelatin. Vegetarian capsules are which contain plant based compounds and free of animal derivatives of any kind. Vegetarian capsules are free of any modified sugar form and contain vegetable cellulose forms if needed. Vegetarian capsules are preferred supplement over animal supplement by those who do not prefer animal products.

The growing concern for healthy body is one of the key market drivers. These capsules are rapidly absorbed by our digestive system. Vegetarian capsules are takes as supplement for vital mineral or vitamins which our day to day lifestyle fails to provide. These capsules are said to be free of any carcinogenic substance as they are plant based. These capsules are used by sports persons, body builders, athletes, etc. Increase in adaption of vegetarian lifestyle is also one of the key market drivers.

COVID-19 Impact Analysis

The global vegetarian capsules market has witnessed an increase in the sales for short term owing to the urgent need of vitamins and minerals to lower the fatality rate due to COVID. Supplement of Vitamins sales were rocketed due spread of news that these help you recover faster if COVID positive. Thaw the manufacturing was hampered during early lockdown phase but was later allowed due to its growing demand. The restrictions imposed by various nations to contain COVID had stopped the production resulting in a disruption across the whole supply chain. However, the world markets are slowly opening to their full potential and theirs a surge in demand of Vegetarian Capsules. The market would remain bullish in upcoming year.

Growth Factors

Vegetarian capsules improve immune system to fight against any foreign object in our body which is why people are attracted towards it. More people are adapting healthy lifestyle and these capsules help them with essential vitamins and minerals. These capsules are recommended by medical professionals, nutritionist experts to their clients to fulfill body requirements. Vegan people are one of the key market drivers.

Vegetarian capsules do not have many side effects compared to animals based supplement. Absence of accessibility to good and essential variety of food which provides basic need for smooth functioning of the human body has lead people to look out for cheaper options to aid themselves for these capsules. Uses of Vegetarian based products are extensive in medicine research. Cosmetics are also prepared using Vegetarian based products.

Report Scope:

Product Type Segment Analysis Preview

HPMC (Hydroxypropyl methylcellulose) segment held a share of around 36.95% in 2020. HPMC is the most common vegetable cellulose and have trace amount is most of Vegetarian capsules. HPMC is extracted mainly from bark of some tree like pine or spruce tree. Vegetarian capsules are pure as they do not contain even trace amount of animal byproducts, it’s solely plant based therefore it is preferred by many. This segments growth is attributable to the significant increase in demand for such products for consumption. This segment is going to see largest increase because of above factor.

Pullulan is another important component of vegetarian capsule. It is chemical compound obtained from water extracted from fungi that grow on starch substances. This is also pure and no other chemicals are added in the process.

End User Industry Segment Analysis Preview

Pharmaceutical Companies in end use segment will grow at a CAGR of over 9.6% from 2021 to 2028. This is attributable to the number of products launched by various companies in order to lure more and more customers. Pharmaceutical Companies is the largest purchaser of Vegetarian cellulose as they use them in other medicine making process.

Nutraceutical are any substances that are part of food that provide medicinal or health benefits. Most of the Pharmaceutical Companies use plant based nutraceutical to either prevent of treat a disease.

Cosmetic making companies use these plant based nutraceutical to make different products because its rich in chemical compounds which are useful in making various type of cosmetic products. Thaw they are mixed with animal byproducts but some products offer solely plant based cosmetic products.

Regional Analysis Preview

The North American region held a share of about 31.21% in 2020. This is attributable to the presence of top companies such as Aenova, Ayanda, Captek, Catalent, EuroCaps among others. Moreover, the increasing usage of vegetarian capsule expected to generate huge demand for the market in this region. North America is the largest market for vegetarian capsule. This is due to their advanced researches and application in this field.

The Asia Pacific region is projected to grow at a CAGR of 8.8% over the forecast period. This surge is due to the increasing awareness among common people regarding the benefits of using vegetarian capsule. APAC region is also one of the major markets of vegetarian capsule as the huge population has to be feed and basic needs of people in country like India, China are not fissile for everybody, so they use these capsules to aid for the vitamins and mineral needs.

Key Market Players & Competitive Landscape

Some of key players in vegetarian capsule market are Aenova, Ayanda, Bahrain Pharma, Best Formulations, Captek, Catalent, EuroCaps, Procaps Laboratories, Robinson Pharma, SIRIO, Medgel, neclife, etc. among others. 

In April 2021, smartypants announced new Multi Capsule products to provide most innovative and nutritionally comprehensive supplements.

The global vegetarian capsule market is segmented as follows:

By Product Type

• Pullulan
• Starch
• HPMC

By End User Industry

• Pharmaceutical Companies
•  Nutraceutical Companies
• CMO’s And Cosmetic Companies

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

• Chapter No. 1 Introduction
  • 1.1. Report Description
    • 1.1.1. Purpose of the Report
    • 1.1.2. USP & Key Offerings
  • 1.2. Key Benefits for Stakehulders
  • 1.3. Target Audience
  • 1.4. Report Scope
• Chapter No. 2 Executive Summary
  • 2.1. Key Findings
    • 2.1.1. Top Investment Pockets
      • 2.1.1.1. Market Attractiveness Analysis, By Product Type
      • 2.1.1.2. Market Attractiveness Analysis, By End User Industry
      • 2.1.1.3. Market Attractiveness Analysis, By Region
  • 2.2. Market Snapshot
  • 2.3. Global Vegetarian capsules Market, 2016 – 2028 (USD Million)
  • 2.4. Insights from Primary Respondents
• Chapter No. 3 COVID 19 Impact Analysis
  • 3.1. Impact Assessment of COVID-19 Pandemic, By Region
    • 3.1.1. North America
    • 3.1.2. Europe
    • 3.1.3. Asia Pacific
    • 3.1.4. Latin America
    • 3.1.5. The Middle-East and Africa
  • 3.2. Quarterly Market Revenue and Forecast by Region 2020 & 2021
  • 3.3. Pre COVID-19 Market Revenue, By Region, 2016-2019 (USD Million)
  • 3.4. Post COVID-19 Market Revenue, By Region, 2020-2028 (USD Million)
  • 3.5. Key Strategies Undertaken by Companies to Tackle COVID-19
    • 3.5.1. Company Quarterly Revenue Analysis, 2019 & 2020
  • 3.6. Short Term Dynamics
  • 3.7. Long Term Dynamics
• Chapter No. 4 Vegetarian capsules Market – Product Type Segment Analysis
  • 4.1. Overview
    • 4.1.1. Market Revenue Share, By Product Type, 2020 & 2028
  • 4.2. Pullulan
    • 4.2.1. Market Size and Forecast, By Region (USD Million)
    • 4.2.2. Comparative Revenue Analysis, By Country, 2020 & 2028
    • 4.2.3. Key Market Trends, Growth Factors, & Opportunities
  • 4.3. Starch
    • 4.3.1. Market Size and Forecast, By Region (USD Million)
    • 4.3.2. Comparative Revenue Analysis, By Country, 2020 & 2028
    • 4.3.3. Key Market Trends, Growth Factors, & Opportunities
  • 4.4. HPMC
    • 4.4.1. Market Size and Forecast, By Region (USD Million)
    • 4.4.2. Comparative Revenue Analysis, By Country, 2020 & 2028
    • 4.4.3. Key Market Trends, Growth Factors, & Opportunities
• Chapter No. 5 Vegetarian capsules Market – End User Industry Segment Analysis
  • 5.1. Overview
    • 5.1.1. Market Revenue Share, By End Use Industry, 2020 & 2028
  • 5.2. Pharmaceutical Companies
    • 5.2.1. Market Size and Forecast, By Region (USD Million)
    • 5.2.2. Comparative Revenue Analysis, By Country, 2020 & 2028
    • 5.2.3. Key Market Trends, Growth Factors, & Opportunities
  • 5.3. Nutraceutical Companies
    • 5.3.1. Market Size and Forecast, By Region (USD Million)
    • 5.3.2. Comparative Revenue Analysis, By Country, 2020 & 2028
    • 5.3.3. Key Market Trends, Growth Factors, & Opportunities
  • 5.4. CMO’s And Cosmetic Companies
    • 5.4.1. Market Size and Forecast, By Region (USD Million)
    • 5.4.2. Comparative Revenue Analysis, By Country, 2020 & 2028
    • 5.4.3. Key Market Trends, Growth Factors, & Opportunities
• Chapter No. 6 Vegetarian capsules Market – Regional Analysis
  • 6.1. Overview
    • 6.1.1. Global Market Revenue Share, By Region, 2020 & 2028
    • 6.1.2. Global Market Revenue, By Region, 2016 – 2028 (USD Million)
  • 6.2. North America
    • 6.2.1. North America Market Revenue, By Country, 2016 – 2028 (USD Million)
    • 6.2.2. North America Market Revenue, By Product Type, 2016 – 2028
    • 6.2.3. North America Market Revenue, By End Use Industry, 2016 – 2028
    • 6.2.4. U.S.
      • 6.2.4.1. U.S. Market Revenue, By Product Type, 2016 – 2028
      • 6.2.4.2. U.S. Market Revenue, By End Use Industry, 2016 – 2028
    • 6.2.5. Canada
      • 6.2.5.1. Canada Market Revenue, By Product Type, 2016 – 2028
      • 6.2.5.2. Canada Market Revenue, By End Use Industry, 2016 – 2028
    • 6.2.6. Mexico
      • 6.2.6.1. Mexico Market Revenue, By Product Type, 2016 – 2028
      • 6.2.6.2. Mexico Market Revenue, By End Use Industry, 2016 – 2028
  • 6.3. Europe
    • 6.3.1. Europe Market Revenue, By Country, 2016 – 2028 (USD Million)
    • 6.3.2. Europe Market Revenue, By Product Type, 2016 – 2028
    • 6.3.3. Europe Market Revenue, By End Use Industry, 2016 – 2028
    • 6.3.4. Germany
      • 6.3.4.1. Germany Market Revenue, By Product Type, 2016 – 2028
      • 6.3.4.2. Germany Market Revenue, By End Use Industry, 2016 – 2028
    • 6.3.5. France
      • 6.3.5.1. France Market Revenue, By Product Type, 2016 – 2028
      • 6.3.5.2. France Market Revenue, By End Use Industry, 2016 – 2028
    • 6.3.6. U.K.
      • 6.3.6.1. U.K. Market Revenue, By Product Type, 2016 – 2028
      • 6.3.6.2. U.K. Market Revenue, By End Use Industry, 2016 – 2028
    • 6.3.7. Italy
      • 6.3.7.1. Italy Market Revenue, By Product Type, 2016 – 2028
      • 6.3.7.2. Italy Market Revenue, By End Use Industry, 2016 – 2028
    • 6.3.8. Spain
      • 6.3.8.1. Spain Market Revenue, By Product Type, 2016 – 2028
      • 6.3.8.2. Spain Market Revenue, By End Use Industry, 2016 – 2028
    • 6.3.9. Rest of Europe
      • 6.3.9.1. Rest of Europe Market Revenue, By Product Type, 2016 – 2028
      • 6.3.9.2. Rest of Europe Market Revenue, By End Use Industry, 2016 – 2028
  • 6.4. Asia Pacific
    • 6.4.1. Asia Pacific Market Revenue, By Country, 2016 – 2028 (USD Million)
    • 6.4.2. Asia Pacific Market Revenue, By Product Type, 2016 – 2028
    • 6.4.3. Asia Pacific Market Revenue, By End Use Industry, 2016 – 2028
    • 6.4.4. China
      • 6.4.4.1. China Market Revenue, By Product Type, 2016 – 2028
      • 6.4.4.2. China Market Revenue, By End Use Industry, 2016 – 2028
    • 6.4.5. Japan
      • 6.4.5.1. Japan Market Revenue, By Product Type, 2016 – 2028
      • 6.4.5.2. Japan Market Revenue, By End Use Industry, 2016 – 2028
    • 6.4.6. India
      • 6.4.6.1. India Market Revenue, By Product Type, 2016 – 2028
      • 6.4.6.2. India Market Revenue, By End Use Industry, 2016 – 2028
    • 6.4.7. South Korea
      • 6.4.7.1. South Korea Market Revenue, By Product Type, 2016 – 2028
      • 6.4.7.2. South Korea Market Revenue, By End Use Industry, 2016 – 2028
    • 6.4.8. South-East Asia
      • 6.4.8.1. South-East Asia Market Revenue, By Product Type, 2016 – 2028
      • 6.4.8.2. South-East Asia Market Revenue, By End Use Industry, 2016 – 2028
    • 6.4.9. Rest of Asia Pacific
      • 6.4.9.1. Rest of Asia Pacific Market Revenue, By Product Type, 2016 – 2028
      • 6.4.9.2. Rest of Asia Pacific Market Revenue, By End Use Industry, 2016 – 2028
  • 6.5. Latin America
    • 6.5.1. Latin America Market Revenue, By Country, 2016 – 2028 (USD Million)
    • 6.5.2. Latin America Market Revenue, By Product Type, 2016 – 2028
    • 6.5.3. Latin America Market Revenue, By End Use Industry, 2016 – 2028
    • 6.5.4. Brazil
      • 6.5.4.1. Brazil Market Revenue, By Product Type, 2016 – 2028
      • 6.5.4.2. Brazil Market Revenue, By End Use Industry, 2016 – 2028
    • 6.5.5. Argentina
      • 6.5.5.1. Argentina Market Revenue, By Product Type, 2016 – 2028
      • 6.5.5.2. Argentina Market Revenue, By End Use Industry, 2016 – 2028
    • 6.5.6. Rest of Latin America
      • 6.5.6.1. Rest of Latin America Market Revenue, By Product Type, 2016 – 2028
      • 6.5.6.2. Rest of Latin America Market Revenue, By End Use Industry, 2016 – 2028
  • 6.6. The Middle-East and Africa
    • 6.6.1. The Middle-East and Africa Market Revenue, By Country, 2016 – 2028 (USD Million)
    • 6.6.2. The Middle-East and Africa Market Revenue, By Product Type, 2016 – 2028
    • 6.6.3. The Middle-East and Africa Market Revenue, By End Use Industry, 2016 – 2028
    • 6.6.4. GCC Countries
      • 6.6.4.1. GCC Countries Market Revenue, By Product Type, 2016 – 2028
      • 6.6.4.2. GCC Countries Market Revenue, By End Use Industry, 2016 – 2028
    • 6.6.5. South Africa
      • 6.6.5.1. South Africa Market Revenue, By Product Type, 2016 – 2028
      • 6.6.5.2. South Africa Market Revenue, By End Use Industry, 2016 – 2028
    • 6.6.6. Rest of Middle-East Africa
      • 6.6.6.1. Rest of Middle-East Africa Market Revenue, By Product Type, 2016 – 2028
      • 6.6.6.2. Rest of Middle-East Africa Market Revenue, By End Use Industry, 2016 – 2028

• Chapter No. 7 Vegetarian capsules Market – Industry Analysis
  • 7.1. Introduction
  • 7.2. Market Drivers
    • 7.2.1. Driving Factor 1 Analysis
    • 7.2.2. Driving Factor 2 Analysis
  • 7.3. Market Restraints
    • 7.3.1. Restraining Factor Analysis
  • 7.4. Market Opportunities
    • 7.4.1. Market Opportunity Analysis
  • 7.5. Porter’s Five Forces Analysis
  • 7.6. PEST Analysis
  • 7.7. Regulatory Landscape
  • 7.8. Technology Landscape
  • 7.9. Regional Market Trends
    • 7.9.1. North America
    • 7.9.2. Europe
    • 7.9.3. Asia Pacific
    • 7.9.4. Latin America
    • 7.9.5. The Middle-East and Africa
  • 7.10. Pricing Analysis
  • 7.11. Value Chain Analysis
  • 7.12. Downstream Buyers
  • 7.13. Distributors/Traders List
• Chapter No. 8 Competitive Landscape
  • 8.1. Company Market Share Analysis – 2019
    • 8.1.1. Global Vegetarian capsules Market: Company Market Share, 2019
    • 8.1.2. Global Vegetarian capsules Market, Company Market Revenue, 2016 – 2019 (USD Million)
    • 8.1.3. Global Vegetarian capsules Market, Company Y-o-Y Growth, 2017 – 2019 (%)
    • 8.1.4. Global Vegetarian capsules Market: Radar Determinant Chart, 2019
  • 8.2. Strategic Developments
    • 8.2.1. Acquisitions & Mergers
    • 8.2.2. New Product Launch
    • 8.2.3. Regional Expansion
  • 8.3. Company Strategic Developments – Heat Map Analysis
• Chapter No. 9 Company Profiles
  • 9.1. Aenova
    • 9.1.1. Company Overview
    • 9.1.2. Key Executives
    • 9.1.3. Product Portfolio
    • 9.1.4. Financial Overview
    • 9.1.5. Operating Business Segments
    • 9.1.6. Business Performance
    • 9.1.7. Recent Developments
  • 9.2. Ayanda
  • 9.3. Bahrain Pharma
  • 9.4. Best Formulations
  • 9.5. Captek
  • 9.6. Catalent
  • 9.7. EuroCaps
  • 9.8. Procaps Laboratories
  • 9.9. Robinson Pharma
  • 9.10. SIRIO
  • 9.11. Medgel
  • 9.12. neclife
• Chapter No. 10 Marketing Strategy Analysis
  • 10.1. Marketing Channel
  • 10.2. Direct Marketing
  • 10.3. Indirect Marketing
  • 10.4. Marketing Channel Development Trends
  • 10.5. Economic/Pulitical Environmental Change
• Chapter No. 11 Research Methodology
  • 11.1. Research Methodology
  • 11.2. Phase I - Secondary Research
  • 11.3. Phase II - Data Modeling
    • 11.3.1. Company Share Analysis Model
    • 11.3.2. Revenue Based Modeling
  • 11.4. Phase III - Primary Research
  • 11.5. Research Limitations
    • 11.5.1. Assumptions

Table Of Figures

List of Figures 

FIG NO. 1. Market Attractiveness Analysis, By Product Type
FIG NO. 2. Market Attractiveness Analysis, By End Use Industry
FIG NO. 3. Market Attractiveness Analysis, By Region
FIG NO. 4. Global Vegetarian capsules Market Revenue, 2016 – 2028 (USD Million)
FIG NO. 5. Impact of COVID-19 Pandemic in North America Countries
FIG NO. 6. Market Revenue Share, By Product Type, 2020 & 2028
FIG NO. 7. Global Vegetarian capsules Market for Pullulan, Revenue (USD Million) 2016 – 2028
FIG NO. 8. Comparative Revenue Analysis of Vegetarian capsules Market for Pullulan, By Country, 2020 & 2028
FIG NO. 9. Global Vegetarian capsules Market for Starch, Revenue (USD Million) 2016 – 2028
FIG NO. 10. Comparative Revenue Analysis of Vegetarian capsules Market for Starch, By Country, 2020 & 2028
FIG NO. 11. Global Vegetarian capsules Market for HPMC, Revenue (USD Million) 2016 – 2028
FIG NO. 12. Comparative Revenue Analysis of Vegetarian capsules Market for HPMC, By Country, 2020 & 2028
FIG NO. 13. Market Revenue Share, By End Use Industry, 2020 & 2028
FIG NO. 14. Global Vegetarian capsules Market for Pharmaceutical Companies, Revenue (USD Million) 2016 – 2028
FIG NO. 15. Comparative Revenue Analysis of Vegetarian capsules Market for Pharmaceutical Companies, By Country, 2020 & 2028
FIG NO. 16. Global Vegetarian capsules Market for Nutraceutical Companies, Revenue (USD Million) 2016 – 2028
FIG NO. 17. Comparative Revenue Analysis of Vegetarian capsules Market for Nutraceutical Companies, By Country, 2020 & 2028
FIG NO. 18. Global Vegetarian capsules Market for CMO’s And Cosmetic Companies, Revenue (USD Million) 2016 – 2028
FIG NO. 19. Comparative Revenue Analysis of Vegetarian capsules Market for CMO’s And Cosmetic Companies, By Country, 2020 & 2028
FIG NO. 20. Global Vegetarian capsules Market Revenue Share, By Region, 2020 & 2028
FIG NO. 21. North America Vegetarian capsules Market Revenue, 2016 - 2028 (USD Million)
FIG NO. 22. Porter’s Five Forces Analysis for Global Vegetarian capsules Market
FIG NO. 23. PEST Analysis for Global Vegetarian capsules Market
FIG NO. 24. Pricing Analysis for Global Vegetarian capsules Market
FIG NO. 25. Value Chain Analysis for Global Vegetarian capsules Market
FIG NO. 26. Company Share Analysis, 2019
FIG NO. 27. Radar Determinant Chart, 2019
FIG NO. 28. Company Strategic Developments – Heat Map Analysis
FIG NO. 29. Aenova Business Segment Revenue Share, 2020 (%)
FIG NO. 30. Aenova Geographical Segment Revenue Share, 2020 (%)
FIG NO. 31. Market Channels
FIG NO. 32. Marketing Channel Development Trend
FIG NO. 33. Growth in World Gross Product, 2008-2018
FIG NO. 34. Research Methodology – Detailed View
FIG NO. 35. Research Methodology

Table Of Tables

List of Tables 

TABLE NO. 1. Global Vegetarian capsules Market: Snapshot
TABLE NO. 2. Quarterly Vegetarian capsules Market Revenue by Region, 2020
TABLE NO. 3. Quarterly Vegetarian capsules Market Revenue Forecast by Region, 2021
TABLE NO. 4. Pre COVID-19 Market Revenue, By Region, 2016-2019 (USD Million)
TABLE NO. 5. Post COVID-19 Market Revenue, By Region, 2020-2028 (USD Million)
TABLE NO. 6. Global Vegetarian capsules Market for Pullulan, by Region, 2016 – 2028 (USD Million)
TABLE NO. 7. Global Vegetarian capsules Market for Starch, by Region, 2016 – 2028 (USD Million)
TABLE NO. 8. Global Vegetarian capsules Market for HPMC, by Region, 2016 – 2028 (USD Million)
TABLE NO. 9. Global Vegetarian capsules Market for Pharmaceutical Companies, by Region, 2016 – 2028 (USD Million)
TABLE NO. 10. Global Vegetarian capsules Market for Nutraceutical Companies, by Region, 2016 – 2028 (USD Million)
TABLE NO. 11. Global Vegetarian capsules Market for CMO’s And Cosmetic Companies, by Region, 2016 – 2028 (USD Million)
TABLE NO. 12. Global Vegetarian capsules Market Revenue, By Region, 2016 – 2028 (USD Million)
TABLE NO. 13. North America Vegetarian capsules Market Revenue, By Country, 2016 – 2028 (USD Million)
TABLE NO. 14. North America Vegetarian capsules Market Revenue, By Product Type, 2016 – 2028 (USD Million)
TABLE NO. 15. North America Vegetarian capsules Market Revenue, By End Use Industry, 2016 – 2028 (USD Million)
TABLE NO. 16. U.S. Vegetarian capsules Market Revenue, By Product Type, 2016 – 2028 (USD Million)
TABLE NO. 17. U.S. Vegetarian capsules Market Revenue, By End Use Industry, 2016 – 2028 (USD Million)
TABLE NO. 18. Canada Vegetarian capsules Market Revenue, By Product Type, 2016 – 2028 (USD Million)
TABLE NO. 19. Canada Vegetarian capsules Market Revenue, By End Use Industry, 2016 – 2028 (USD Million)
TABLE NO. 20. Mexico Vegetarian capsules Market Revenue, By Product Type, 2016 – 2028 (USD Million)
TABLE NO. 21. Mexico Vegetarian capsules Market Revenue, By End Use Industry, 2016 – 2028 (USD Million)
TABLE NO. 22. Drivers for the Vegetarian capsules Market: Impact Analysis
TABLE NO. 23. Restraints for the Vegetarian capsules Market: Impact Analysis
TABLE NO. 24. Major Buyers of Vegetarian capsules
TABLE NO. 25. Distributors/Traders List of Vegetarian capsules
TABLE NO. 26. Global Vegetarian capsules Market, Company Market Revenue, 2016 – 2019 (USD Million)
TABLE NO. 27. Global Vegetarian capsules Market, Company Y-o-Y Growth, 2017 – 2019 (USD Million)