The Key Growth Elements in Detailed?
The overall empty capsules market is largely driven by the growing adoption of capsule formulations among the growing geriatric population, the growth of the pharmaceutical market, increasing R&D activities & clinical trial studies, and advancements in capsule delivery technologies. Emerging markets, with their low manufacturing costs, are expected to present significant opportunities for players. Other areas of opportunity are the development of halal gelatin and vegetarian capsules.
Worldwide Growth Opportunities in Terms of Revenue:
The Global Empty Capsules Market is projected to reach USD 3.7 billion by 2026 from USD 2.6 billion in 2021, at a CAGR of 7.2% during the forecast period.
Driver: Increasing demand for nutraceuticals;
According to MarketsandMarkets, the nutraceutical ingredients market was valued at USD 162.1 billion in 2020 and is projected to reach USD 227.5 billion by 2025, at a CAGR of 7.0% from 2020 to 2025. Nutraceutical products are usually rich in fiber, antioxidants, heart-healthy ingredients, vitamins and minerals, omega-3 fatty acids, vitamin D, calcium, and whole grains.
Over the last few years, the demand for nutraceuticals has been on the rise due to the growing prevalence of non-communicable diseases such as cancer, diabetes, heart ailments, and lung disorders. Also, during the COVID-19 pandemic, personal health has gained prominence in a large part of the global population. This trend has positioned the nutraceutical industry for further expansion and success in the coming years. This is a positive indicator of market growth as most nutraceuticals are marketed in the capsule form.
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Regional Growth, Development and Demand Analysis:
Geographically, the empty capsules market is dominated by developed countries across North America and Europe, which account for ~65.6% of the global market. North America accounted for the largest share of 37.4% of the global market. The dominance of the North American region can be attributed to the existing presence of major capsule manufacturers with large production capacities, along with the presence of a number of pharmaceutical giants with large production capacities utilizing these capsules. The growing emphasis on superior pharmaceutical products and generics has also led to increased demand for empty capsules. The emerging markets across the Asia Pacific and Latin America are expected to grow at robust CAGRs during the forecast period. With significant growth in pharmaceutical manufacturing in the past few years, China and India have emerged as high-growth markets for empty capsules.
Major Key Players Mentioned in the research report are:
The prominent players operating in this market are Capsugel (US), ACG Worldwide (India), Qualicaps (US), Suheung Co. Ltd. (Korea), CapsCanada Corporation (Canada) and others
Capsugel was the leading player in the empty capsules market in 2020. The company is largely known for its diversified product offerings for the pharmaceutical and nutraceutical industry. Capsugel offers a comprehensive portfolio of empty capsules, ranging from gelatin, vegetarian, filled hard, functional, inhalation, HPMC, gelatin, alternate polymer, specialized clinical, and enteric capsules. In addition, the company also offers acid-resistant capsules, gelcaps, dry powder inhaler capsules, capsule-in-capsule technology products, and solid lipid pellet technology products. Its position as the leading manufacturer of capsules is attributed to its global footprint through distributors and agents.
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- In 2021, Nutra’V TiO2 launched a new range of TiO2-free capsules. Available both in gelatin and HPMC and with excellent machinability, this range of capsules offers the best encapsulation solution for ingredient masking.
- In 2019, ACG acquired Xertecs, Xertecs develops and implements processes, products, and services for pharma companies across the globe. Its acquisition added to ACG’s capabilities.
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