Vegetarian Capsule Materials Market: Introduction

• Growth in the pharmaceutical industry, increase in research & development activities, and advancements in capsule delivery technologies are some of the major factors driving the global vegetarian capsule materials market
• Vegetarian capsules possess higher stability than gelatin capsules in different ranges of temperature as well as humidity, due to their lower moisture content and lower hygroscopicity. Vegetarian capsules gets freely dissolved in water at room temperature.
• Emerging markets such as India, Thailand, and South Korea are expected to present significant opportunities for market players. However, cultural practices and dietary restrictions along with price fluctuations of raw materials are expected to challenge the market to a certain extent during the forecast period.

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Key Drivers of Vegetarian Capsule Materials Market

• Earlier, capsules were made from cellulose for manufacturing solid dosage forms for the pharmaceutical industry. Technological advancements have provided the vegetarian capsules industry with a wide range of functionality options for capsule-based formulations used by patients.
• Of late, capsule delivery has witnessed a number of technological advancements in terms of product enhancement for better quality outcomes and patient comfort. These include improvement of capsule shells, filler materials, capsule-sealing techniques, and capsule systems to achieve modified drug release and the encapsulation of different materials.
• Another key technology is the development of capsule-in-capsule technology to protect gastric-sensitive active ingredients. This allows for the use of minimal excipients for formulation, improvement of upper gastrointestinal safety, differentiated pharmacokinetic performance, and improved product development.
• Technological development in gastro-resistant capsules and modified-release capsules is expected to boost the demand for vegetarian capsules in the pharmaceutical and nutraceutical industries

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Hydroxypropyl Methyl Cellulose (HPMC) Segment to Offer Lucrative Opportunities

• In terms of revenue, the HPMC segment is estimated to hold significant share of the market during the forecast period. It is anticipated to maintain its attractiveness during the forecast period.
• Hydroxypropyl methyl cellulose is water soluble, biodegradable, and biocompatible polymer having a wide range of applications in drug delivery, dyes and paints, cosmetics, adhesives, coatings, agriculture, and textiles. HPMC is also soluble in polar organic solvents, making it possible to use both aqueous and non-aqueous solvents.
• Constant development in the pharmaceutical industry and frequent outbreaks of chronic diseases across the globe are key factors driving the vegetarian capsule materials market

Volatility in Raw Material Prices to Hamper Market

• Vegetarian capsules are made up of cellulose, an important structural component in plants. The main ingredient of vegetarian capsules is HPMC. Prices of the cellulose are much higher than that of gelatin made capsules. This is expected to hamper the market during the forecast period.

North America to Hold Major Share of Global Vegetarian Capsule Materials Market

• In terms of region, the global vegetarian capsule materials market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
• North America accounted for a major share of the global vegetarian capsule materials market in 2018. The vegetarian capsule materials market in North America is expanding significantly, primarily due to the presence of key pharmaceutical capsule manufacturers in the region. Increase in importance of superior nutraceutical and cosmetic products is also boosting the demand for vegetarian capsule materials in the region.
• Asia Pacific was the fastest growing region of the global vegetarian capsule materials market in 2018, owing to the growth in urban population and rise in per capita consumption of pharmaceutical products in the region
• The market in Europe and Middle East & Africa is anticipated to expand at a significant pace during the forecast period, owing to the rise in importance of dietary supplements across the regions

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Key Players in Market

The global vegetarian capsule materials market is fragmented, with the leading manufacturers accounting for approximately 30% to 40% share. Key players operating in the vegetarian capsule materials market include:

• ACG Worldwide
• Bright Pharma Caps, Inc.
• CapsCanada
• Capsugel
• Healthcaps India Ltd.
• Qualicaps LLC
• Suheung Co., Ltd.
• Sunil Healthcare Limited