Report : North America Vegetarian Capsules Market Forecast to 2031 - Regional Analysis - by Product [Hydroxypropyl Methylcellulose (HPMC), Pullulan, and Others], Application (Antibiotic and Antibacterial Drug, Vitamin and Dietary Supplement, Anti Inflammatory Drugs, Cardiovascular Therapy Drugs, Antacid and Antiflatulent Preparation, and Others), Functionality (Immediate Release Capsules, Sustained Release Capsules, and Delayed Release Capsules), and End User (Pharmaceutical Companies, Nutraceutical Companies, Contract Manufacturing Organizations (CMOs), and Cosmeceutical Companies)
At 8.6% CAGR, North America Vegetarian Capsules Market is Projected to be Worth US$ 976.33 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the North America vegetarian capsules market was valued at US$ 503.63 million in 2023 and is expected to reach US$ 976.33 million by 2031, registering a CAGR of 8.6% from 2023 to 2031. Growing demand for vegetable capsules despite their high cost and rising preference for vegan capsules over gelatin-based capsules are among the critical factors attributed to drive the North America vegetarian capsules market growth.
Vegetarian capsules are considered a "premium product" as it has been proven from clinical studies (in-vitro and in-vivo) that vegetarian capsules show bioequivalence properties such as distribution, absorption, metabolism, and excretion like gelatin capsules. It also eliminates cross-linking of the ingredients and has effective disintegration properties. The high cost of vegetarian capsule manufacturing can be attributed to specialized raw materials and manufacturing processes and the delivery of higher consumer value. However, despite the high cost of these capsules, consumers are willing to spend more on vegetarian capsule products. As per the Lonza company website, more than 50% of consumers are willing to pay an extra price for natural-derived products and organic products globally. For example, in the US, 35% of supplement users reveal that a vegetarian or animal source is important when choosing a supplement. Therefore, the rising demand for vegetable capsules, despite their high costs, fuels the vegetable capsules market growth.
On the contrary, risks of product recalls hamper the growth of North America vegetarian capsules market.
Based on product, the North America vegetarian capsules market is segmented hydroxypropyl methylcellulose (HPMC), pullulan, and others. The hydroxypropyl methylcellulose (HPMC) segment held 75.0% market share in 2023, amassing US$ 377.68 million. It is projected to garner US$ 725.97 million by 2031 to register 8.5% CAGR during 2023-2031.
In terms of application, the North America vegetarian capsules market is categorized into antibiotic and antibacterial drug, vitamin and dietary supplement, anti-inflammatory drugs, cardiovascular therapy drugs, antacid and antiflatulent preparation, and others. The antibiotic and antibacterial drug segment held 37.4% share of North America vegetarian capsules market in 2023, amassing US$ 188.55 million. It is anticipated to garner US$ 370.89 million by 2031 to expand at 8.8% CAGR during 2023-2031.
By functionality, the North America vegetarian capsules market is segmented into immediate release capsules, sustained release capsules, and delayed release capsules. The immediate release capsules segment held 54.7% market share in 2023, amassing US$ 275.65 million. It is projected to garner US$ 513.85 million by 2031 to register 8.1% CAGR during 2023-2031.
By end user, the North America vegetarian capsules market is segmented into pharmaceutical companies, nutraceutical companies, contract manufacturing organizations (CMOS), and cosmeceutical companies. The pharmaceutical companies segment held 56.8% market share in 2023, amassing US$ 286.16 million. It is projected to garner US$ 571.74 million by 2031 to register 9.0% CAGR during 2023-2031.
By country, the North America vegetarian capsules market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 84.6% share of North America vegetarian capsules market in 2023. It was assessed at US$ 426.22 million in 2023 and is likely to hit US$ 841.11 million by 2031, registering a CAGR of 8.9% during 2023-2031.
Key players operating in the North America vegetarian capsules market are ACG; CapsCanada; Capsugel, Inc (A subsidiary of Lonza Group AG); HealthCaps India; Lefancaps; NATURAL CAPSULES LIMITED; QUALICAPS; Shanxi Guangsheng Medicinal Capsules Co (GS Capsules); Sunil Healthcare Limited; Yasin; Zhejiang Huili Capsule Co., Ltd; and Zhejiang Honghui Capsule Co., Ltd., among others.
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