Report : South & Central America Vegetarian Capsules Market Forecast to 2031 - Regional Analysis - by Product [Hydroxypropyl Methylcellulose (HPMC), Pullulan, and Others], Application (Antibiotic and Antibacterial Drug, Vitamin and Dietary Supplement, Anti Inflammatory Drugs, Cardiovascular Therapy Drugs, Antacid and Antiflatulent Preparation, and Others), Functionality (Immediate Release Capsules, Sustained Release Capsules, and Delayed Release Capsules), and End User (Pharmaceutical Companies, Nutraceutical Companies, Contract Manufacturing Organizations (CMOs), and Cosmeceutical Companies)
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: Business Market Insights 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.
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