South & Central America Vegetarian Capsules Market Forecast to 2031

At 6.2% CAGR, South & Central America Vegetarian Capsules Market is Projected to be worth US$ 140.74 million by 2031, says Business Market Insights

According to Business Market Insights’ research, the South & Central America vegetarian capsules market was valued at US$ 87.25 million in 2023 and is expected to reach US$ 140.74 million by 2031, registering a CAGR of 6.2% from 2023 to 2031. Rising preference for vegan capsules over gelatin-based capsules and growing demand for vegetable capsules despite their high cost are among the critical factors attributed to drive the South & Central America vegetarian capsules market growth.

The majority of pharmaceutical companies are procuring vegetarian capsules over animal-derived capsules as they have low moisture content and better stability for hygroscopic compounds. For many years, there have been medical, religious, cultural, and ethical concerns about adding animal substances to capsule coatings or formulations in pharmaceutical medicines. Also, some consumers expressed concerns over the use of animal-derived pharmaceutical medicines due to the associated healthcare risks. In July 2023, the Center for Disease Control and Prevention (CDC) published a report for Alpha-gal syndrome (AGS) patients to limit the consumption of animal-derived medicines and supplements, as 75% of these medications contain animal-sourced ingredients. Also, AGS patients revealed serious allergic reactions after consuming medications or supplements that include mammalian-derived ingredients. Such instances have raised interest among the manufacturers to produce animal-free medications and supplements.

Comparative Analysis Between Gelatin Capsules and Vegetarian Capsules

Factors

Gelatin Capsules

Vegetarian Capsules

Source

Bovine, Skin, Cow, and Pigs

Plants

Target Audience

Vegan and Nonvegetarian Population

Vegan or Vegetarian Population

Allergy

Allergy Due to Cow and Pig-Based Ingredient

No Allergies

Cross Linking Ingredients

Cross Linking with Other Drug-Drug Derivatives

No Cross Linking

External Ingredients

Preservatives

No Preservatives

Source: The Research Team Analysis

Currently, the high volume of pharmaceutical capsules available in the market are composed of gelatin. However, the crosslinking of gelatin with drug incompatibilities and strict regulations on the use of animal-derived gelatin have encouraged pharmaceutical manufacturers to replace gelatin components with vegetable-based ingredients. Pharmaceutical manufacturers identified that Hydroxypropyl Methylcellulose (HPMC)-derived vegetarian capsules is a good alternative to gelatin due to its vegetable derived source. Vegicaps soft capsules are the best example of animal-free capsules. The shell is composed of seaweed extract and gluten-free starch containing no modified sugars and artificial colors. Advantages of Vegicaps soft capsules are that they are free from animal derivatives, easy to swallow, soft, natural, and healthier products. In the case of gelatin-based capsules, the shell may get soft and become sticky upon spraying aqueous enteric polymer dispersions or may become brittle due to water evaporation during drying, ultimately losing mechanical stability. However, in HPMC-derived vegetarian capsules, it is less sensitive to aqueous coating, and the capsule shell is hard that avoids leakage of the ingredients.

Therefore, rising preference toward vegetarian medicines proves advantageous for the manufacturers to accelerate the production of vegetarian capsules, which drives the South & Central America vegetarian capsules market growth.

On the contrary, risks of product recalls hamper the growth of South & Central America vegetarian capsules market.

Based on product, the South & Central America vegetarian capsules market is segmented hydroxypropyl methylcellulose (HPMC), pullulan, and others. The hydroxypropyl methylcellulose (HPMC) segment held 74.8% market share in 2023, amassing US$ 65.27 million. It is projected to garner US$ 104.38 million by 2031 to register 6.0% CAGR during 2023-2031.

In terms of application, the South & Central America vegetarian capsules market is categorized into antibiotic and antibacterial drug, vitamin and dietary supplement, anti-inflammatory drugs, cardiovascular therapy drugs, antacid and antiflatulent preparation, and others. The antibiotic and antibacterial drug segment held 37.8% share of South & Central America vegetarian capsules market in 2023, amassing US$ 32.94 million. It is anticipated to garner US$ 53.91 million by 2031 to expand at 6.3% CAGR during 2023-2031.

By functionality, the South & Central America vegetarian capsules market is segmented into immediate release capsules, sustained release capsules, and delayed release capsules. The immediate release capsules segment held 54.8% market share in 2023, amassing US$ 47.83 million. It is projected to garner US$ 74.22 million by 2031 to register 5.6% CAGR during 2023-2031.

By end user, the South & Central America vegetarian capsules market is segmented into pharmaceutical companies, nutraceutical companies, contract manufacturing organizations (CMOS), and cosmeceutical companies. The pharmaceutical companies segment held 57.5% market share in 2023, amassing US$ 50.19 million. It is projected to garner US$ 83.47 million by 2031 to register 6.6% CAGR during 2023-2031.

By country, the South & Central America vegetarian capsules market is segmented into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 60.5% share of South & Central America vegetarian capsules market in 2023. It was assessed at US$ 52.79 million in 2023 and is likely to hit US$ 87.29 million by 2031, registering a CAGR of 6.5% during 2023-2031.

Key players operating in the South & Central America vegetarian capsules market are ACG; CapsCanada; Capsugel, Inc (A subsidiary of Lonza Group AG); HealthCaps India; Lefancaps; NATURAL CAPSULES LIMITED; QUALICAPS; Shanxi Guangsheng Medicinal Capsules Co (GS Capsules); Sunil Healthcare Limited; Yasin; and Zhejiang Huili Capsules Co., Ltd. among others.

o Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the South & Central America vegetarian capsules market.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in the South & Central America vegetarian capsules market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth South & Central America market trends and outlook coupled with the factors driving the South & Central America vegetarian capsules market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.

TABLE OF CONTENTS

1. Introduction
1.1 The Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. South & Central America Vegetarian Capsules Market – Key Market Dynamics
4.1 Market Drivers
4.1.1 Rising Preference for Vegan Capsules Over Gelatin-Based Capsules
4.1.2 Growing Demand for Vegetable Capsules Despite Their High Cost
4.2 Market Restraints
4.2.1 Risks of Product Recalls
4.3 Market Opportunities
4.3.1 Innovative Product Launches of Vegetarian Capsules
4.4 Future Trends
4.4.1 Outsourcing of Vegetarian Capsules
4.5 Impact of Drivers and Restraints:
5. Vegetarian Capsules Market – South & Central America Analysis
5.1 South & Central America Vegetarian Capsules Market Overview
5.2 South & Central America Vegetarian Capsules Market Revenue (US$ Million), 2021-2031
6. South & Central America Vegetarian Capsules Market Analysis – by Product
6.1 Overview
6.2 South & Central America Vegetarian Capsules Market – Revenue and Forecast Analysis – by Product
6.3 Hydroxypropyl Methylcellulose (HPMC)
6.3.1 Overview
6.3.2 Hydroxypropyl Methylcellulose (HPMC): South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
6.4 Pullulan
6.4.1 Overview
6.4.2 Pullulan: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
6.5 Others
6.5.1 Overview
6.5.2 Others: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
7. South & Central America Vegetarian Capsules Market Analysis – by Application
7.1 Overview
7.2 Antibiotic and Antibacterial Drug
7.2.1 Overview
7.2.2 Antibiotic and Antibacterial Drug: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
7.3 Vitamin and Dietary Supplement
7.3.1 Overview
7.3.2 Vitamin and Dietary Supplement: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
7.4 Anti Inflammatory Drugs
7.4.1 Overview
7.4.2 Anti Inflammatory Drugs: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
7.5 Cardiovascular Therapy Drugs
7.5.1 Overview
7.5.2 Cardiovascular Therapy Drugs: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
7.6 Antacid and Antiflatulent Preparation
7.6.1 Overview
7.6.2 Antacid and Antiflatulent Preparation: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
7.7 Others
7.7.1 Overview
7.7.2 Others: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
8. South & Central America Vegetarian Capsules Market Analysis – by Functionality
8.1 Overview
8.2 Immediate Release Capsules
8.2.1 Overview
8.2.2 Immediate Release Capsules: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
8.3 Sustained Release Capsules
8.3.1 Overview
8.3.2 Sustained Release Capsules: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
8.4 Delayed Release Capsules
8.4.1 Overview
8.4.2 Delayed Release Capsules: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
9. South & Central America Vegetarian Capsules Market Analysis – by End User
9.1 Overview
9.2 Pharmaceutical Companies
9.2.1 Overview
9.2.2 Pharmaceutical Companies: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
9.3 Nutraceutical Companies
9.3.1 Overview
9.3.2 Nutraceutical Companies: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
9.4 Contract Manufacturing Organizations (CMOs)
9.4.1 Overview
9.4.2 Contract Manufacturing Organizations (CMOs): South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
9.5 Cosmeceutical Companies
9.5.1 Overview
9.5.2 Cosmeceutical Companies: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
10. South & Central America Vegetarian Capsules Market – Country Analysis
10.1 South & Central America
10.1.1 South & Central America Vegetarian Capsules Market Breakdown, by Key Countries, 2023 and 2031 (%)
10.1.1.1 Brazil: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.1.1 Overview
10.1.1.2 Brazil: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.2.1 Brazil: South & Central America Vegetarian Capsules Market Breakdown, by Product
10.1.1.2.2 Brazil: South & Central America Vegetarian Capsules Market – Volume and Forecast Analysis – by Product
10.1.1.2.3 Brazil: South & Central America Vegetarian Capsules Market Breakdown, by Application
10.1.1.2.4 Brazil: South & Central America Vegetarian Capsules Market Breakdown, by Functionality
10.1.1.2.5 Brazil: South & Central America Vegetarian Capsules Market Breakdown, by End User
10.1.1.3 Argentina: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.3.1 Overview
10.1.1.4 Argentina: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.4.1 Argentina: South & Central America Vegetarian Capsules Market Breakdown, by Product
10.1.1.4.2 Argentina: South & Central America Vegetarian Capsules Market – Volume and Forecast Analysis – by Product
10.1.1.4.3 Argentina: South & Central America Vegetarian Capsules Market Breakdown, by Application
10.1.1.4.4 Argentina: South & Central America Vegetarian Capsules Market Breakdown, by Functionality
10.1.1.4.5 Argentina: South & Central America Vegetarian Capsules Market Breakdown, by End User
10.1.1.5 Rest of South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.5.1 Overview
10.1.1.6 Rest of South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
10.1.1.6.1 Rest of South & Central America Vegetarian Capsules Market Breakdown, by Product
10.1.1.6.2 Rest of South & Central America Vegetarian Capsules Market – Volume and Forecast Analysis – by Product
10.1.1.6.3 Rest of South & Central America Vegetarian Capsules Market Breakdown, by Application
10.1.1.6.4 Rest of South & Central America Vegetarian Capsules Market Breakdown, by Functionality
10.1.1.6.5 Rest of South & Central America Vegetarian Capsules Market Breakdown, by End User
11. Company Profiles
11.1 Shanxi Guangsheng Medicinal Capsules Co (GS Capsules)
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 Lefancaps
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 ACG
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 Capsugel, Inc (A subsidiary of Lonza Group AG)
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 HealthCaps India
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 NATURAL CAPSULES LIMITED
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 Sunil Healthcare Limited
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 QUALICAPS
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.8.6 Key Developments
11.9 CapsCanada
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Products and Services
11.9.4 Financial Overview
11.9.5 SWOT Analysis
11.9.6 Key Developments
11.10 Zhejiang Huili Capsules Co., Ltd.
11.10.1 Key Facts
11.10.2 Business Description
11.10.3 Products and Services
11.10.4 Financial Overview
11.10.5 SWOT Analysis
11.10.6 Key Developments
11.11 Yasin
11.11.1 Key Facts
11.11.2 Business Description
11.11.3 Products and Services
11.11.4 Financial Overview
11.11.5 SWOT Analysis
11.11.6 Key Developments
11.12 Zhejiang Honghui Capsule Co., Ltd.
11.12..1 Key Facts
11.12..2 Business Description
11.12..3 Products and Services
11.12..4 Financial Overview
11.12..5 SWOT Analysis
11.12..6 Key Developments
12. Appendix
12.1 About The Research Team
12.2 Glossary of Terms

LIST OF TABLES

Table 1. South & Central America Vegetarian Capsules Market Segmentation
Table 2. Comparative Analysis Between Gelatin Capsules and Vegetarian Capsules
Table 3. South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (Million Units) – by Product
Table 4. Brazil: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031(US$ Million) – by Product
Table 5. Brazil: South & Central America Vegetarian Capsules Market – Volume and Forecast to 2031 (Million Units) – by Product
Table 6. Brazil: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 7. Brazil: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031(US$ Million) – by Functionality
Table 8. Brazil: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031(US$ Million) – by End User
Table 9. Argentina: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031(US$ Million) – by Product
Table 10. Argentina: South & Central America Vegetarian Capsules Market – Volume and Forecast to 2031 (Million Units) – by Product
Table 11. Argentina: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031(US$ Million) – by Application
Table 12. Argentina: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031(US$ Million) – by Functionality
Table 13. Argentina: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031(US$ Million) – by End User
Table 14. Rest of South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million) – by Product
Table 15. Rest of South & Central America Vegetarian Capsules Market – Volume and Forecast to 2031 (Million Units) – by Product
Table 16. Rest of South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 17. Rest of South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031(US$ Million) – by Functionality
Table 18. Rest of South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031(US$ Million) – by End User
Table 19. Glossary of Terms, Vegetarian Capsules Market

LIST OF FIGURES

Figure 1. South & Central America Vegetarian Capsules Market Segmentation, by Country
Figure 2. South & Central America Vegetarian Capsules Market – Key Market Dynamics
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. South & Central America Vegetarian Capsules Market Revenue (US$ Million), 2021-2031
Figure 5. South & Central America Vegetarian Capsules Market Share (%) – by Product (2023 and 2031)
Figure 6. Hydroxypropyl Methylcellulose (HPMC): South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
Figure 7. Pullulan: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
Figure 8. Others: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
Figure 9. South & Central America Vegetarian Capsules Market Share (%) – by Application (2023 and 2031)
Figure 10. Antibiotic and Antibacterial Drug: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
Figure 11. Vitamin and Dietary Supplement: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
Figure 12. Anti Inflammatory Drugs: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
Figure 13. Cardiovascular Therapy Drugs: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
Figure 14. Antacid and Antiflatulent Preparation: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
Figure 15. Others: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
Figure 16. South & Central America Vegetarian Capsules Market Share (%) – by Functionality (2023 and 2031)
Figure 17. Immediate Release Capsules: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
Figure 18. Sustained Release Capsules: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
Figure 19. Delayed Release Capsules: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
Figure 20. South & Central America Vegetarian Capsules Market Share (%) – by End User (2023 and 2031)
Figure 21. Pharmaceutical Companies: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
Figure 22. Nutraceutical Companies: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
Figure 23. Contract Manufacturing Organizations (CMOs): South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
Figure 24. Cosmeceutical Companies: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031 (US$ Million)
Figure 25. South & Central America Vegetarian Capsules Market by Key Countries – Revenue 2023 (US$ Million)
Figure 26. South & Central America Vegetarian Capsules Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 27. Brazil: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031(US$ Million)
Figure 28. Argentina: South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031(US$ Million)
Figure 29. Rest of South & Central America Vegetarian Capsules Market – Revenue and Forecast to 2031(US$ Million)