Global Non-Animal Softgel Capsules Market:
The global non-animal softgel capsules market accounted for US 360.2 Mn in 2019 and is expected to grow at notable CAGR over the forecast years due to increase in demand for nutritional supplements across the globe. Moreover, rise in awareness about the health among the population, increase in the demand for non-animal softgel capsules due to surge in vegan population and religious myths, wide range of advantages with softgel capsules such as compatibility with high temperature, and launch of newer products are anticipated to propel the non-animal softgel capsules market over the forecast years. However, Fluctuations in raw material prices, adoption of alternate nutritional products such as powders and injections, and complications in the manufacturing process are anticipated to restrain the growth of market in the near future.
Increase in Demand for Nutritional Supplements may Surge the Revenue of Non-Animal Softgel Capsules Market
Adoption of nutritional supplements due to wide benefits with the products is a key factor surge the growth of global non-animal softgel capsules market over the forecast years. Softgel capsules are easily absorb and may enhance the bioavailability of the products. Rapid growth in global population demanding for vegan products may generate the revenue of market. Currently, approximately 45% capsules are made up of pork meat and bones and only 3% of the global softgel capsules production is from halal or permissible ingredients which is a major concern for the Muslim population may leads to surge in the adoption of vegan softgel capsules over the forecast period.
North America Accounts for Larger Market Revenue Share in Global Non-Animal Softgel Capsules Market
In 2019, North America accounted for highest revenue share followed by Europe and Asia Pacific. North America dominated the market with 45.4% in global non-animal softgel capsules market and the region anticipated to raise over the forecast years with noteworthy growth rate due to rise in demand for nutritional supplements such as omega-3-fatty acids in USA and Canada. Moreover, market players emphasis on R&D activities for the development of advanced products also upwelling the market in the near future. Europe held significant market share and projected to grow at 7.3% CAGR over 2020-2026 owing to increase in vegan population in Germany, France, Russia, and other European countries. For instance, in Germany approximately 1% of population are vegans in 2016 and is showing a positive growth rate from past few years. In addition, launch of newer products by the market players also boost the revenue of market over the forecast years
Key player’s profiles in the global non-animal softgel capsules market include:
- Softigel (Procaps Laboratories)
- Sirio Pharma Co., Ltd.
- Robinson Pharma, Inc.
- Catalent, Inc.
- Captek Softgel International, Inc.
- Best Formulations
- Bahrain Pharma
- Aenova GmbH
- Capsugel (Lonza Company)
Global non-animal softgel capsules market is escalating owing to strategic alliances by key players for non-animal softgel capsules to meet the demands of the customers in the market. For instance,
- In February 2017, Catalent, Inc. acquired Accucaps industries limited a Canada based company which manufactures softgels capsules, and over the counter drugs.
Global Non-Animal Softgel Capsules Market Report Description:
Global non-animal softgel capsules market report gives comprehensive outlook on non-animal softgel capsules across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The report gives historical, current, and future market sizes (US$ Mn) on the basis of material type, application, and region. This report studies global non-animal softgel capsules market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, the report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global non-animal softgel capsules market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the report include suppliers, manufacturers, marketers, policy makers, and service providers engaged in global non-animal softgel capsules products.
Key Findings of the Report:
- Global non-animal softgel capsules market expanding at significant CAGR over 2019 to 2026 due to growing demand from vegan population across the globe
- Based on region, North America accounted for considerable market revenue share in 2019 and projected gain market revenue share over the forecast period
- Players focusing on innovation of newer products and collaboration strategies to retain market position in global market
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2014-2019) and forecast (2019-2026)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
- Carrageenan-Starch Blends
- Healthcare Supplements
- Rest of Europe
- Au & NZ
- Rest of Europe
- Rest of Latin America
Middle East & Africa
- South Africa
- Rest of MEA