Non animal Capsule

Non-Animal Capsule Market Outlook

The global non-animal capsule market is projected to reach approximately USD 4.5 billion by 2035, growing at a CAGR of around 7.2% during the forecast period from 2025 to 2035. The growth of this market can be attributed to the rising demand for vegetarian and vegan alternatives in the pharmaceutical and nutraceuticals sectors, increasing awareness regarding animal welfare, and stringent regulations against the use of animal-based products. Additionally, the growing prevalence of dietary supplements and the expanding global population are driving the demand for non-animal capsules. The shift towards plant-based products and the increasing adoption of clean-label trends are further augmenting market growth.

Growth Factor of the Market

The non-animal capsule market is experiencing significant growth due to the increasing awareness about health and wellness among consumers. As more individuals adopt plant-based diets, the demand for vegetarian capsules is continuously rising, which has led to a shift in the production focus of pharmaceutical companies. Furthermore, the stringent regulations imposed by various health authorities on the use of animal-derived products have necessitated a move towards non-animal options. Innovations in capsule manufacturing technology have also played a vital role, allowing for improved digestion and bioavailability of the active ingredients. The increasing trend of customization in supplements has spurred the demand for various types of non-animal capsules, catering to diverse consumer preferences. These factors collectively support the robust growth of the non-animal capsule market.

Key Highlights of the Market

• The global shift towards vegetarianism and veganism is increasing the demand for non-animal capsules.
• Manufacturers are innovating in capsule technology to enhance product effectiveness.
• There is a significant rise in the nutraceuticals sector, contributing to market expansion.
• Regulatory pressures against animal-derived products are influencing product development.
• Increased health awareness is driving consumer preference for clean-label products.

By Product Type

Plant-based Capsules:

Plant-based capsules are gaining significant traction in the non-animal capsule market due to the rising demand for vegetarian alternatives. These capsules are derived from plant sources such as starch, cellulose, and alginate, making them a popular choice among health-conscious consumers. The appeal of plant-based capsules lies in their ability to offer a clean label, free from any animal-derived ingredients, which is essential for individuals following vegan or vegetarian diets. Additionally, plant-based capsules often provide better gel-forming properties and enhanced stability compared to their animal-derived counterparts. Manufacturers are increasingly focusing on this segment to meet growing consumer demands, thereby driving innovation and development in plant-based capsule formulations.

Cellulose Capsules:

Cellulose capsules are another prominent segment in the non-animal capsule market, primarily derived from plant cellulose. These capsules are not only vegetarian but also offer excellent characteristics such as tastelessness, odorlessness, and high stability against humidity. The cellulose capsules are favored for their ability to encapsulate a wide range of substances, including powders and granules, making them extensively used in the nutraceutical and pharmaceutical industries. Their compatibility with various active ingredients and the ability to maintain the integrity of sensitive compounds during storage further enhance their popularity. As the demand for clean-label products continues to rise, cellulose capsules are positioned to capture a larger market share.

Starch Capsules:

Starch capsules, made from natural starch sources like tapioca or corn, are an emerging segment in the non-animal capsule market. These capsules are biodegradable, offering an eco-friendly alternative to traditional gelatin capsules. The growing trend of sustainability among consumers is driving the adoption of starch capsules, particularly in the nutraceutical sector where dietary supplements are manufactured. Starch capsules are known for their excellent filling capabilities and compatibility with various formulations, making them suitable for a wide range of applications. Moreover, advancements in starch-based capsule technology are improving their performance, further boosting their acceptance among manufacturers and consumers alike.

Pullulan Capsules:

Pullulan capsules, derived from the fermentation of starch by the fungus Aureobasidium pullulans, are gaining popularity in the non-animal capsule market due to their unique properties. These capsules are known for their transparency, excellent oxygen barrier, and high solubility, making them suitable for encapsulating sensitive ingredients, particularly in the nutraceutical and pharmaceutical sectors. The pullulan capsules are also a preferred choice among manufacturers seeking to provide a clean-label product, free from any animal-derived materials. Their ability to disintegrate quickly in the digestive system further enhances their appeal, making them a reliable option for consumers looking for efficient delivery systems for supplements.

HPMC Capsules:

Hydroxypropyl methylcellulose (HPMC) capsules are a widely used type of non-animal capsule that combines the benefits of vegetarianism with effective performance. HPMC capsules are created from plant-derived cellulose and are primarily favored for their stability and versatility. They can encapsulate a diverse range of formulations, from powders to liquids, making them a popular choice among pharmaceutical manufacturers. The HPMC capsules exhibit excellent moisture resistance and are suitable for encapsulating hygroscopic materials. As more companies focus on producing vegetarian-friendly products, HPMC capsules are positioned for considerable growth in the non-animal capsule market.

By Application

Pharmaceuticals:

The pharmaceutical application segment holds a significant share in the non-animal capsule market, as companies increasingly prioritize vegetarian solutions for drug formulations. Non-animal capsules are considered an excellent alternative for encapsulating various pharmaceutical compounds, ensuring the delivery of active ingredients without the use of animal-derived gelatin. This shift is primarily driven by regulatory pressures and consumer preferences for clean-label formulations. Moreover, the versatility of non-animal capsules allows for the development of a wide range of dosage forms, including powders, granules, and even liquid-filled capsules. The increasing incidence of chronic diseases necessitates effective treatment options, thereby propelling the demand for innovative non-animal capsules in the pharmaceutical sector.

Nutraceuticals:

The nutraceuticals application segment is witnessing remarkable growth in the non-animal capsule market, driven by the rising consumer awareness regarding health and wellness. As individuals become more health-conscious and seek preventative measures, the demand for dietary supplements is soaring. Non-animal capsules are ideal for encapsulating herbal extracts, vitamins, and minerals, thus providing a convenient delivery form for consumers. The growing trend of personalization in supplements further stimulates the demand for diverse non-animal capsules, as manufacturers strive to cater to specific health needs and preferences. This segment is expected to continue its upward trajectory as more individuals turn to nutraceuticals for health maintenance and improvement.

Cosmetics:

In the cosmetics sector, the demand for non-animal capsules is on the rise as brands seek to promote ethically sourced ingredients. These capsules offer a unique delivery system for various cosmetic formulations, including serums and oils, ensuring stability and efficacy. The rise of vegan cosmetics has contributed to the growth of non-animal capsules in this application, allowing companies to market their products as cruelty-free. Furthermore, the encapsulation of active ingredients in non-animal capsules enhances their effectiveness, providing targeted delivery to the skin. As consumers increasingly prioritize ethical and sustainable beauty products, the non-animal capsule market within the cosmetics sector is poised to expand significantly.

Others:

The "Others" application category encompasses various industries where non-animal capsules are gaining traction, including food and beverage, veterinary medicine, and functional foods. In the food and beverage sector, non-animal capsules are used to encapsulate flavors and colors, catering to the growing demand for vegetarian alternatives. Similarly, in veterinary medicine, the use of non-animal capsules is rising as pet owners seek ethical solutions for their pets’ health needs. This diverse range of applications supports the overall growth of the non-animal capsule market, as manufacturers explore innovative solutions for encapsulating diverse formulations across multiple sectors.

By Distribution Channel

Online Stores:

Online stores are rapidly becoming a preferred distribution channel for non-animal capsules, driven by the increasing penetration of e-commerce. Consumers appreciate the convenience of shopping online, enabling them to access a broader range of products compared to traditional retail outlets. The online platform allows for detailed product descriptions and consumer reviews, empowering buyers to make informed decisions. Additionally, the global pandemic has accelerated the shift towards online shopping, with many consumers opting for contactless purchasing options. As a result, more manufacturers are enhancing their online presence and marketing strategies to cater to the growing digital consumer base in the non-animal capsule market.

Drug Stores:

Drug stores remain a crucial distribution channel for non-animal capsules, particularly for pharmaceutical applications. These establishments are widely trusted by consumers for purchasing medications and health-related products. As the demand for vegetarian and vegan options increases, drug stores are expanding their inventory to include non-animal capsule formulations. Additionally, the presence of trained pharmacists in drug stores provides consumers with valuable insights and recommendations, further enhancing sales of non-animal capsules. With an expanding focus on health and wellness, drug stores are expected to continue playing a significant role in the accessibility of non-animal capsules.

Health Food Stores:

Health food stores serve as essential distribution channels for non-animal capsules, catering to health-conscious consumers seeking nutritional supplements. These stores specialize in offering a wide range of health products, including vitamins, minerals, and herbal supplements, making them ideal venues for non-animal capsules. The growing consumer interest in clean-label and ethical products aligns with the offerings of health food stores, creating a favorable environment for non-animal capsule sales. Additionally, knowledgeable staff in these stores can assist customers in selecting appropriate products, further driving the growth of non-animal capsules in this distribution channel.

Others:

The "Others" category encompasses various distribution channels, including specialty shops and direct sales. Specialty shops, focusing on specific health or dietary needs, have emerged as significant outlets for non-animal capsules. Additionally, direct sales through promotional events and health seminars allow manufacturers to engage directly with consumers, providing them with product education and sampling opportunities. As the demand for non-animal capsules continues to grow, these alternative distribution channels are expected to expand, offering consumers more choices and accessibility.

By Ingredient Type

Vegetable-based:

Vegetable-based ingredients are fundamental to the formulation of non-animal capsules, as they provide a clean and ethical alternative to traditional gelatin. These capsules are derived from various vegetable sources, including starch and plant cellulose, offering an appealing option for consumers seeking vegetarian products. Vegetable-based capsules are characterized by their biodegradability and compatibility with diverse formulations, facilitating their widespread use in both pharmaceuticals and nutraceuticals. As consumers become more conscious of ingredient sources, the demand for vegetable-based capsules will likely increase, driving innovation and development in this segment.

Cellulose-based:

Cellulose-based ingredients play a crucial role in the non-animal capsule market, as they are derived from plant fibers and are inherently vegetarian. Cellulose capsules offer excellent mechanical properties and stability, making them suitable for a wide range of applications. Their ability to encapsulate various active ingredients efficiently and provide a reliable delivery system has made them a popular choice among manufacturers. The push for clean and sustainable ingredients further propels the demand for cellulose-based capsules, with consumers favoring products that align with their health and ethical preferences.

Starch-based:

Starch-based ingredients are increasingly utilized in the production of non-animal capsules, providing a sustainable and eco-friendly alternative. These capsules, derived from natural starch sources such as corn and tapioca, are biodegradable and align with the growing consumer demand for environmentally responsible products. Starch capsules are known for their excellent encapsulation properties, making them suitable for housing various formulations, including powders and granules. As more consumers prioritize sustainability in their purchasing decisions, starch-based capsules are expected to see continued growth in the non-animal capsule market.

Pullulan-based:

Pullulan-based ingredients are critical in the non-animal capsule segment, derived from a natural polysaccharide produced by fermentation. Pullulan capsules are gaining popularity due to their transparency, excellent oxygen barrier properties, and high solubility, making them ideal for encapsulating sensitive ingredients. Their ability to maintain the stability of active compounds during storage further enhances their attractiveness to manufacturers. As the demand for plant-based and clean-label products grows, pullulan-based capsules are well-positioned to capture a larger market share.

HPMC-based:

Hydroxypropyl methylcellulose (HPMC)-based ingredients are widely used in the formulation of non-animal capsules, providing a versatile and effective solution. HPMC capsules are derived from plant cellulose and are favored for their stability and compatibility with various active ingredients. These capsules can effectively encapsulate powders, granules, and liquids, making them ideal for a range of applications in pharmaceuticals and nutraceuticals. As consumer interest in ethical and vegetarian-friendly products continues to rise, HPMC-based capsules are expected to gain further traction in the non-animal capsule market.

By Region

The Asia Pacific region is anticipated to witness significant growth in the non-animal capsule market, driven by an increase in health and wellness awareness among consumers. The region's growing population and rising disposable income levels are contributing to the rising demand for dietary supplements and pharmaceutical products encapsulated in non-animal capsules. Furthermore, the expansion of the nutraceutical sector in countries such as India and China is propelling market growth. The Asia Pacific non-animal capsule market is expected to grow at a CAGR of around 8.3% during the forecast period, reflecting the region's potential for robust development.

North America is currently the leading region in the non-animal capsule market, driven by strong consumer demand for vegetarian and vegan products. The increasing prevalence of chronic diseases and the growing trend of preventive healthcare are propelling the demand for non-animal capsules in pharmaceuticals and nutraceuticals. Additionally, the region's well-established pharmaceutical industry is increasingly focusing on innovative delivery systems, including non-animal capsules, to cater to changing consumer preferences. The North American market is expected to maintain a substantial share throughout the forecast period, supported by ongoing advancements in capsule technology and formulations.

Opportunities

The non-animal capsule market is poised for substantial opportunities as consumer preferences continue to shift towards vegetarian and sustainable products. With the rising trend of plant-based diets and increased awareness of ethical sourcing, manufacturers have the chance to innovate and expand their product offerings to meet growing consumer demands. Furthermore, the ongoing development of new and advanced capsule technologies can facilitate the encapsulation of a wider range of active ingredients, enabling companies to create specialized formulations catering to specific health needs. This innovation can drive market growth as consumers seek more personalized dietary supplements and medications.

Another significant opportunity lies in the expansion of online retail channels, which are becoming increasingly popular among consumers. The convenience of purchasing health products online allows manufacturers to reach a broader audience and provide detailed product information to consumers. By enhancing their online presence and leveraging digital marketing strategies, manufacturers can effectively communicate the benefits of non-animal capsules, attracting health-conscious consumers. Additionally, partnerships with e-commerce platforms and health-focused websites can further boost visibility and accessibility, contributing to the overall growth of the non-animal capsule market.

Threats

Despite the growth prospects in the non-animal capsule market, there are notable threats that manufacturers must navigate. One significant challenge comes from the intense competition within the market, where numerous players are vying for market share by introducing diverse product offerings. This competition can lead to price wars, which may impact profit margins for manufacturers. Furthermore, the need for continuous innovation to keep up with changing consumer preferences and trends can strain resources and investment, especially for smaller players in the market. Additionally, fluctuations in raw material availability and prices can pose a threat to production stability, impacting supply chain management.

Another critical threat to the non-animal capsule market is the potential regulatory challenges that manufacturers may face. As the market expands, regulatory bodies may impose stricter guidelines concerning the safety, efficacy, and labeling of non-animal capsules. Compliance with these regulations necessitates significant investment in quality assurance and testing processes, which could be particularly burdensome for smaller manufacturers. Moreover, any adverse events related to non-animal capsule products could lead to negative consumer perceptions, affecting overall market growth.

Competitor Outlook

• Capsugel (Lonza Group)
• Qualicaps
• Medgel
• Suheung Co., Ltd.
• Shin-Etsu Chemical Co., Ltd.
• ACG Worldwide
• Pharmaceutics International, Inc.
• Zhejiang Dlanding Technology Co., Ltd.
• Fangda Science & Technology Co., Ltd.
• Shandong Wanshan Pharmaceutical Co., Ltd.
• Natural Capsules Ltd.
• Capsule Technologies, Inc.
• Bright Pharma Caps, Inc.
• HPMGlobal, Inc.
• Jiangsu Fuxing Pharmaceutical Co.

The competitive landscape of the non-animal capsule market is characterized by a mix of established players and emerging companies striving to gain market share. As the demand for vegetarian and vegan products grows, companies are focusing on product development and innovation to meet changing consumer preferences. Key players are investing in research and development to explore new capsule formulations that enhance bioavailability and optimize the delivery of active ingredients. Furthermore, strategic partnerships and collaborations are becoming increasingly common, allowing companies to leverage each other's strengths and expand their product ranges effectively. The competitive dynamics of the non-animal capsule market will continue to evolve as manufacturers seek to differentiate themselves through quality, performance, and customer engagement.

Among the leading companies, Capsugel, now part of Lonza Group, holds a prominent position in the market, known for its extensive range of non-animal capsules and commitment to quality. Their focus on innovation has led to the development of various capsule types, catering to diverse consumer needs. Qualicaps is another key player recognized for its advanced manufacturing processes and a wide selection of vegetarian capsules, making it a preferred choice for customers seeking ethical alternatives. The company emphasizes sustainability and compliance with stringent regulatory standards, bolstering its reputation in the non-animal capsule sector.

Medgel, with its specialization in non-animal gelatin technology, has established itself as a significant player in the market, focusing on providing high-quality vegetarian capsules for pharmaceuticals and nutraceuticals. The company continuously invests in improving its product offerings, ensuring they meet the evolving demands of consumers. Similarly, ACG Worldwide is another major player, recognized for its commitment to ethical practices and innovation in the non-animal capsule space. Through its advanced manufacturing capabilities and diverse product portfolio, ACG Worldwide is well-positioned to benefit from the growing trend towards vegetarian and sustainable products.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 Medgel
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Qualicaps
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 ACG Worldwide
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 HPMGlobal, Inc.
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Suheung Co., Ltd.
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Natural Capsules Ltd.
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Capsugel (Lonza Group)
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Bright Pharma Caps, Inc.
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Capsule Technologies, Inc.
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Shin-Etsu Chemical Co., Ltd.
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Jiangsu Fuxing Pharmaceutical Co.
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Pharmaceutics International, Inc.
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Fangda Science & Technology Co., Ltd.
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Zhejiang Dlanding Technology Co., Ltd.
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Shandong Wanshan Pharmaceutical Co., Ltd.
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Non animal Capsule Market, By Application
    • 6.1.1 Pharmaceuticals
    • 6.1.2 Nutraceuticals
    • 6.1.3 Cosmetics
    • 6.1.4 Others
  • 6.2 Non animal Capsule Market, By Product Type
    • 6.2.1 Plant-based Capsules
    • 6.2.2 Cellulose Capsules
    • 6.2.3 Starch Capsules
    • 6.2.4 Pullulan Capsules
    • 6.2.5 HPMC Capsules
  • 6.3 Non animal Capsule Market, By Ingredient Type
    • 6.3.1 Vegetable-based
    • 6.3.2 Cellulose-based
    • 6.3.3 Starch-based
    • 6.3.4 Pullulan-based
    • 6.3.5 HPMC-based
  • 6.4 Non animal Capsule Market, By Distribution Channel
    • 6.4.1 Online Stores
    • 6.4.2 Drug Stores
    • 6.4.3 Health Food Stores
    • 6.4.4 Others

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Non animal Capsule Market by Region
  • 10.6 Middle East & Africa - Market Analysis
    • 10.6.1 By Country
      • 10.6.1.1 Middle East
      • 10.6.1.2 Africa

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Non animal Capsule market is categorized based on

By Product Type

• Plant-based Capsules
• Cellulose Capsules
• Starch Capsules
• Pullulan Capsules
• HPMC Capsules

By Application

• Pharmaceuticals
• Nutraceuticals
• Cosmetics
• Others

By Distribution Channel

• Online Stores
• Drug Stores
• Health Food Stores
• Others

By Ingredient Type

• Vegetable-based
• Cellulose-based
• Starch-based
• Pullulan-based
• HPMC-based

By Region

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Capsugel (Lonza Group)
• Qualicaps
• Medgel
• Suheung Co., Ltd.
• Shin-Etsu Chemical Co., Ltd.
• ACG Worldwide
• Pharmaceutics International, Inc.
• Zhejiang Dlanding Technology Co., Ltd.
• Fangda Science & Technology Co., Ltd.
• Shandong Wanshan Pharmaceutical Co., Ltd.
• Natural Capsules Ltd.
• Capsule Technologies, Inc.
• Bright Pharma Caps, Inc.
• HPMGlobal, Inc.
• Jiangsu Fuxing Pharmaceutical Co.