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.
Increasing adoption of natural nutrition and veganism drives the demand
There are approximately 79 MN vegans worldwide. Allergies to meat products, animal cruelty, and health issues associated with meat products have prompted an increase in vegan. As vegan alternatives for all dairy and meat products become more widely available, the vegan population is rapidly expanding. Veganuary, a UK initiative to encourage people to become vegan during January, attracted nearly 540,000 sign-ups by 2021. Vegans avoid eating meat and dairy products, so they prefer vegan softgel capsules. There are over 375 million vegetarians on the planet. Increased awareness about health, nutrition, and fitness has led to an increase in the number of people participating in fitness programs and adopting plant-based diets or plant-based nutritional supplements to meet their nutritional needs.
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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.
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
Global Vegan (Vegetarian) Softgel Capsules Market by Regional Insights
In 2020, North America was the largest market for vegan softgel capsules, accounting for more than 38.4 percent of total revenue generation. Vegan softgel capsules are becoming more popular as the vegan population grows and people’s health consciousness grows. The Asia-Pacific vegan softgel capsules market is expected to grow at the fastest rate of all regions. Demand for vegan softgel capsules is driven by the presence of a large vegetarian and vegan population in India, China, and South East Asia. Demand in Europe is being driven by an increase in the number of people adopting fitness programmes and plant-based diets, as well as increased awareness about the health benefits of health supplements.
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Global Vegan (Vegetarian) Softgel Capsules Market by Product, 2015 – 2027
Global Vegan (Vegetarian) Softgel Capsules Market by Application, 2015 – 2027
Global Vegan (Vegetarian) Softgel Capsules Market by Region, 2015 – 2027
Global Vegan (Vegetarian) Softgel Capsules Market: Key Players
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