Empty capsules market is projected to reach USD 4.2 billion by 2029 from an estimated USD 3.1 billion in 2024 at the rate of 6.3% CAGR during the forecast period. The growth of the market is driven by technological advancements such as entric coating to protect drugs or nutrients from stomach acids, controlled-release capsules for targeted and sustained drug delivery. Furthemore, demographic shift towards non-animal-derived ingredients and advantages of non-gelatin capsules over gelatin capsules such as superior stability is likely to give momentum to the growth of the non-gelatin empty capsules market. Rising investment in development of veg capsules and launch of novel veg capsules in the market by key market is futher likley to boost the market growth. For instance, in February 2023, Vivion, Inc., introduced new product range launch of empty gelatin, HPMC and pullulan capsules.
The gelatin capsules segment accounted for the largest share of the type segment in the empty capsules market
Based on type, the empty capsules market is broadly segmented into gelatin capsules, and non-gelatin capsules. gelatin capsules accounted for the largest share of the empty capsules market for type. This segment’s large share can be attributed to factors such as the availability of gelatin for capsule manufacturing and low cost of gelatin.
The immediate-release capsules segment accounted for the largest share of the functionality segment in the empty capsules market
Based on functionality, the empty capsules market is categorized into three segments—immediate-release capsules, sustained-release, and delayed release capsules. immediate-release capsules segment accounted for the largest share of empty capsules market. Factors such as the wide utilization of immediate-release capsules in pharmaceutical and cosmetic industry are projecting the segmental growth.
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 R&D infrastructure along with large number of scientific talents in the countries of this region is likely to boost the market.
Top Key Companies in the Empty Capsules Market
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.
Capsugel (US) is one of the leading players in the empty capsules market. The company’s leading position is attributable to its diversified product portfolio, strong geographic presence, and adoption of organic and inorganic growth strategies.
ACG Worldwide (India)
ACG Worldwide is one of the leading players in the empty capsules market. It offers specialty empty hard capsules. The company has a wide geographical footprint and is further expanding its network across the globe.
Major Highlights of the Empty Capsules Market
- The pharmaceutical industry has been a major driver for the empty capsules market. The growing global pharmaceutical sector, driven by factors such as an aging population and increasing healthcare needs, has led to an increased demand for empty capsules for drug delivery.
- Gelatin capsules have traditionally dominated the market due to their compatibility with a wide range of pharmaceutical ingredients and formulations.
- Ongoing research and development in capsule technology have led to innovations in terms of materials, sizes, and designs.
- Stringent regulations and quality standards in the pharmaceutical and nutraceutical industries impact the production and use of empty capsules.
- The growing awareness of health and wellness, coupled with an increasing aging population, has driven the demand for nutraceuticals and dietary supplements.
- There is a growing awareness of environmental sustainability, leading to increased interest in eco-friendly capsule alternatives.