South & Central America Vegetarian Capsules Market Forecast to 2031 - Regional Analysis - by Product, Application, Functionality, and End User

PUBLISHED: October 17, 2024

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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; it is estimated to register a CAGR of 6.2% from 2023 to 2031.

Growing Demand for Vegetable Capsules Despite Their High Cost Fuels South & Central America Vegetarian Capsules Market

Vegetarian capsules are considered a "premium product" as it has been proven from clinical studies (in-vitro and in-vivo) that vegetarian capsules show bioequivalence properties such as distribution, absorption, metabolism, and excretion like gelatin capsules. It also eliminates cross-linking of the ingredients and has effective disintegration properties. The high cost of vegetarian capsule manufacturing can be attributed to specialized raw materials and manufacturing processes and the delivery of higher consumer value. However, despite the high cost of these capsules, consumers are willing to spend more on vegetarian capsule products. As per the Lonza company website, more than 50% of consumers are willing to pay an extra price for natural-derived products and organic products globally. Therefore, the rising demand for vegetable capsules, despite their high costs, fuels the vegetable capsules market growth.

South & Central America Vegetarian Capsules Market Overview

According to the May 2020 report of Foreign Agricultural Services (FAS), plant-based dairy substitute products are trending in the Brazil market. Demand for plant-based milk is on the rise among consumers across the country, and supermarkets are dedicating their product shelves to plant-based dairy substitutes. This is due to the high demand from consumers for healthier and balanced diets. Also, several top food nutrition companies are making strategic developments with Brazilian companies in vegetarian supplements such as collaborations, partnerships, and acquisitions to make plant-based products more accessible in the Brazil market. In May 2022, Nestle announced the acquisition of the Brazilian company "Puravida." Puravida produces organic, natural, and plant-based foods and "clean label" nutritional supplements (products with natural foods and no additives included). The acquisition aims Nestle Health Science (NHSc) to expand its health portfolio in the Brazil market, providing natural oral nutrition supplements, protein powders, and ready-to-eat nutritional drinks.

Further, Brazilian consumers are shifting toward consuming natural or animal-free dietary supplements to address the concerns related to aging and maintain healthy and active lives. Lonza, which specializes in producing vegetarian capsules, has extended a core health and nutrition portfolio, including UC-II undenatured type II collagen, as well as Lonza's proprietary ResistAid ingredient, in Brazil market. For example, Carnipure L-Carnitine brands offer benefits to Brazilian consumers.

South & Central America Vegetarian Capsules Market Revenue and Forecast to 2031 (US$ Million)

South & Central America Vegetarian Capsules Market Segmentation

The South & Central America vegetarian capsules market is categorized into product, application, functionality, end user, and country.

Based on product, the South & Central America vegetarian capsules market is segmented hydroxypropyl methylcellulose (HPMC), pullulan, and others. The hydroxypropyl methylcellulose (HPMC) segment held the largest market share in 2023.

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 the largest market share in 2023.

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 the largest market share in 2023.

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 the largest market share in 2023.

By country, the South & Central America vegetarian capsules market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America vegetarian capsules market share in 2023.

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.; are some of the leading companies operating in the South & Central America vegetarian capsules market.

Product Code: BMIRE00030952

1. Introduction

1.1 The Insight Partners 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 Insight Partners
12.2 Glossary of Terms

Product Code: BMIRE00030952

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)