The global Vegan (Vegetarian) Softgel Capsules market generated revenue of around USD 218.7 million in 2020 and is anticipated to grow at a CAGR of over 3.8 % during the forecast period from 2021 to 2027 to reach around USD 423.4 million in 2027.
Vegan (Vegetarian) Softgel Capsules are made from plant-based derivatives as an alternative to gelatin-based softgel capsules for vegans who shun animal-based products. These capsules are not containing modified sugars and gluten. Vegan softgel capsules help in masking the taste and material inside it. Nutraceutical vegan softgel capsules deliver nutritional supplements such as minerals, herbs, and fatty acids among others. Softgel capsules are used for delivering pharmaceutical drugs and nutracosmetics also.
Key Trends in Global Vegan (Vegetarian) Softgel Capsules Market
Increasing adoption of natural nutrition and veganism drives the demand
There are nearly 79 million vegans around the world. Allergies to meat products, cruelty against animals, and health issues related to meat products have driven more people to become vegan. The vegan population is increasing significantly as there is the availability of vegan alternatives for all dairy and meat products. Veganuary, an initiative in the United Kingdom to encourage people to become vegan during January led to sign-ups of nearly 540,000 people in 2021. Vegans avoid meat and dairy-based nutrition and hence they prefer vegan softgel capsules. There are more than 375 million vegetarians in the world. The increasing awareness about health, nutrition, and fitness have led a lot of people to undergo fitness programs and adopt plant-based diets or plant-based nutritional supplements to meet the nutrition requirements.
Impact of COVID 19 on Global Vegan (Vegetarian) Softgel Capsules Market
COVID 19 has a significant impact on the revenue generation of the vegan softgel capsules market. The COVID 19
lockdown and restrictions affected the production of vegan softgel capsules initially. With the ease of restrictions, the production improved significantly. More people adopted vegetarianism and veganism during the lockdown period as there was a shortage of meat and increased awareness about plant-based diets. Availability of the products on e-commerce portals allowed the sales of vegan softgel capsules to improve.
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Global Vegan (Vegetarian) Softgel Capsules Market by Product Insights
Carrageenan, hydroxypropyl methylcellulose, pullulan, and starch are types of Vegan (Vegetarian) Softgel Capsules products. Starch accounted for 22.3% share in overall revenue generated in the global vegan softgel capsules market in 2020. The increasing number of vegans and vegetarians preferring an alternative to gelatine-based softgel capsules is driving the demand for starch-based softgel capsules. Starches used for this purpose are mostly deriving from pea, cassava, maize, and potato.
Global Vegan (Vegetarian) Softgel Capsules Market by Application Insights
Health supplements, pharmaceuticals, and nutracosmetics are the major applications of vegan softgel capsules. Health supplements accounted for the vast majority of revenue generation in the global vegan softgel capsules market with a share of 33.4% in 2020. Increasing awareness about fitness and health is driving the consumption of health supplements by individuals globally to improve nutrition intake. Even older people are consuming vegan softgel capsules as it is a safe source for nutrition.
Global Vegan (Vegetarian) Softgel Capsules Market by Regional Insights
North America was the largest market for vegan softgel capsules in 2020 and accounted for over 38.4% share in total revenue generation. The increasing vegan population and increasing health consciousness among people are driving the consumption of vegan softgel capsules. Asia-Pacific vegan softgel capsules market is anticipated to register the highest growth rate among the regions. The presence of a huge vegetarian and vegan population in India, China, and South East Asia drives the demand for vegan softgel capsules. The increasing number of people adopting fitness programs and plant-based diets along with the increasing awareness about the health benefits of health supplements is driving the demand in Europe.
Global Vegan (Vegetarian) Softgel Capsules Market Competitive Landscape
Most prominent players in the Global Vegan (Vegetarian) Softgel Capsules market include Aenova Group, Bahrain Pharma, Best Formulations Inc, Captek Softgel International Inc, Catalent Inc, EuroCaps Ltd, Hunan ER-Kang Pharmaceutical Co Ltd, Procaps Laboratories, Robinson Pharma Inc, and Sirio Pharma Co Ltd among others. The report covers very detailed profiles of these key players.
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Market Segmentation
Global Vegan (Vegetarian) Softgel Capsules Market by Product, 2015 - 2027
· Carrageenan
· Hydroxypropyl Methylcellulose
· Pullulan
· Starch
· Others
Global Vegan (Vegetarian) Softgel Capsules Market by Application, 2015 - 2027
· Health Supplements
· Pharmaceutical
· Nutracosmetics
· Others
Global Vegan (Vegetarian) Softgel Capsules Market by Region, 2015 - 2027
· North America
· Europe
· Asia Pacific
· Latin America
· Middle East and Africa
Global Vegan (Vegetarian) Softgel Capsules Market: Key Players
· Aenova Group
· Bahrain Pharma
· Best Formulations Inc
· Captek Softgel International Inc
· Catalent Inc
· EuroCaps Ltd
· Hunan ER-Kang Pharmaceutical Co Ltd
· Procaps Laboratories
· Robinson Pharma Inc
· Sirio Pharma Co Ltd
. Others
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