Empty Capsules Market in terms of revenue was estimated to be worth $3.2 billion in 2023 and is poised to reach $4.9 billion by 2028, growing at a CAGR of 9.3% from 2023 to 2028 according to a new report by MarketsandMarkets™. Factors such as rising RD activities in empty capsules and increasing use of nutraceuticals are driving the growth of this market. However, dietary restrictions and cultural practices are the major factors restraining the growth of this market.
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Key Market Players
Some of the prominent players in the empty capsules market are Capsugel (US), ACG Worldwide (India), Qualicaps (US), CapsCanada Corporation (Canada), Suheung Co. Ltd., Natural Capsules (India), (Korea), and among others.
Empty Capsules Market Dynamics:
Drivers:
- Increasing demand for nutraceuticals
- Growth in pharmaceutical market and increasing number of clinical trials and RD activities
- Advancements in capsule delivery technologies
- Benefits of capsules over other dosage forms
Restraints:
- Cultural practices and dietary restrictions
Opportunities:
- Expansion of capsule production in emerging countries
- Development of halal gelatin and vegetarian capsules
Challenges:
- Rising prices and lower availability of raw materials in gelatin industry
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Asia Pacific is likely to grow at double digit growth rate during the forecast period.
The Asia Pacific region is estimated to grow at the highest CAGR in the empty capsules market during the forecast period, this is mainly due to the growth in Asian pharmaceutical markets and their manufacturing capacities. Moreover, fast growing RD infrastructure along with large number of scientific talents in the countries of this region is likely to boost the market. Also, growing generic drug manufacturing in the region is attracting several foreign investors in the market.
Recent Developments:
- In May 2022, Capsugel launched Titanium dioxide-free (TiO2-free) white hard gelatin capsule, which meets the demand of titanium dioxide-free for foods in the European Union.
- In November 2021, ACG launched a global nutraceutical campaign 'ACG loves nothing' to promote problem free nutraceutical production and bring attention to the company's intention to develop high quality capsules for pharmaceutical and nutraceutical industry.
- In March 2021, ACG launched ACGcaps NTone and ACGcaps TSafe range of capsules for the nutraceutical market.
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