The North America Vegetarian Softgel Capsules Market would witness market growth of 4.1% CAGR during the forecast period (2021-2027).
Vegan Softgel Capsules have been available in the market for some time, but demand is increasing due to end-user desire for Vegan Softgel Capsules. In addition, the growing awareness among individuals of health and fitness is motivating a big number of people to switch to a vegetarian diet. These people, on the other hand, will demand health supplements. End-users are sticking to vegan health supplements as their diets shift to vegan. As a result, vegan Softgel Capsules are likely to become more popular across the region.
In addition, these capsules are suitable for a wide range of moisture-sensitive, hygroscopic, and liquid formulations. Moreover, factors such as an increase in demand for vegetable capsules, a spike in patient population, a surge in research and development activities in health care, a rise in vegan diet adoption, and a wide range of benefits supplied by vegetable capsules.
The region is witnessing a high prevalence of chronic illnesses such as cardiovascular disorders. According to the Centers for Disease Control and Prevention (CDC), 30.3 million persons (12.1 percent) in the United States were diagnosed with cardiovascular illnesses in 2018. As a result, people with these chronic diseases are expected to be major consumers of such capsules in the regional market. In addition, key players are aiming for FDA and other regulatory clearances in order to expand their consumer base in other locations.
According to a Gallup study from 2018, 5% of adults in the United States identify themselves as vegetarians. Vegetarianism is more common among younger generations of Americans, with 7% of 35-54-year-olds and 8% of 18-34-year-olds following a vegetarian diet. Many American youngsters eat vegetarian diets because their parents do it for religious, environmental, or other reasons.
The US market dominated the North America Vegetarian Softgel Capsules Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $193.1 million by 2027. The Canada market is poised to grow at a CAGR of 6.5% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 5.5% during (2021 - 2027).
Based on Material, the market is segmented into Starch, Cellulose, and Pullulan. Based on Application, the market is segmented into Health Supplements, Pharmaceuticals, and Cosmetics. Based on Distribution Channel, the market is segmented into Retail Stores & Pharmacy, Hospital Pharmacy, and Online Providers. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Vegetarian Softgel Capsules Market is Estimated to reach $689.1 Million by 2027, at a CAGR of 4.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Aenova Group GmbH (BC Partners), Catalent, Inc., Best Formulations, Inc., Lyfe Group (Caps Canada), Robinson Pharma, Inc., Sirio Pharma Co., Ltd., Procaps Group, EuroCaps Ltd., and DuPont de Nemours, Inc.
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