Market Overview:
Empty capsules refer to two-piece structures which enclose pharmaceutical ingredients. They can be manufactured using gelatin or non-animal derived polymers and finds wide applications in pharmaceuticals, nutraceuticals and cosmetics owing to their compatibility, stability and ease of swallowing.
The global Empty Capsules Market is estimated to be valued at US$2.3 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trend in the empty capsules market is the rise in demand for vegetarian capsules. Earlier capsules were only made from animal derived gelatin but now due to changing lifestyle and growing demand for vegan products, manufacturers are introducing plant-based capsules. For instance, in 2020 Qualicaps introduced its Vegicaps range of plant-based empty capsules eliminating animal-derived gelatin. These capsules are made from 100% plant-derived hydroxypropyl methylcellulose making them suitable for vegans.
SWOT Analysis
Strength: The empty capsules market provides high customization options allowing manufacturers to develop formulations as per customer requirements. Capsules offer benefits like easy swallowing and accurate dosing.
Weakness: Price volatility of raw materials like hypromellose, gelatin, and starch affects the production cost of empty capsules. Stringent regulatory approvals delay the launch of new products.
Opportunity: Growing dietary supplements and nutraceuticals industry drives the demand for empty capsules. Increasing uptake of capsule-based drugs and vegetarian/halal gelatin alternatives present opportunities.
Threats: Entry of local manufacturers offering low cost substitutes pose competition. Patent expiries of blockbuster drugs lead to decline in capsule-based formulations.
Key Takeaways
The global empty capsules market is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing demand for dietary supplements and nutraceutical products around the world. The dietary supplements sector in the US, China, India, and Brazil has been growing significantly which drives the empty capsules market.
The North America region is expected to dominate the global empty capsules market over the forecast period owing to increasing health-conscious population actively consuming supplements. The Asia Pacific region is anticipated to be the fastest growing market attributed to rising living standards, growing middle-class population and increasing consumer spending on health and wellness products in emerging economies like China and India.
Key players operating in the empty capsules market are ACG Worldwide, Capsugel, Qualicaps Inc., Bright Pharma Caps Inc., Sunil Healthcare Ltd., CapsCanada Corporation, Roxlor LLC, Snail Pharma Industry Co. Ltd., Suheung Co. Ltd., and Medi-Caps Ltd. Major players are actively engaged in new product launches, expansions, and mergers to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it