According to market research reports, hydroxypropyl methylcellulose (HPMC) has formed a significant segment in the capsule manufacturing industry. In the vegetarian capsule segment, according to GIR (Global Info Research), global HPMC vegetarian capsule revenue was approximately $579.7 million in 2023 and is projected to reach $947.7 million by 2030, representing a CAGR of 7.3% from 2024 to 2030. Major manufacturers in this market include Lonza (Capsugel), ACG Associated Capsules, Qualicaps, Shanxi Guang Sheng Capsule Co., Ltd., CapsCanada, and Suheung Capsule. Products are mainly divided into HPMC with and without gelling agents, with applications primarily concentrated in the pharmaceutical and health supplement sectors.
In the hard capsule segment, global hard HPMC capsule revenue was approximately $273 million in 2024 and is projected to reach $502 million by 2031, representing a CAGR of 9.2% from 2025 to 2031. Hard HPMC capsules can be further classified into carrageenan, gellan gum, pectin, glycerin, and other types depending on the gelling system used. Their downstream applications include pharmaceuticals, food, and cosmetics.
