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The empty capsules market is anticipated to grow significantly, increasing from US$ 7.79 billion in 2024 to US$ 13.68 billion by 2031, with an estimated CAGR of 8.5% during the period from 2025 to 2031.

Analyst Perspective:This report outlines growth opportunities based on current trends in the empty capsules market and their expected effects throughout the forecast period. Key drivers of market growth include the rising elderly population, heightened demand for empty capsules across the pharmaceutical, nutraceutical, and cosmetic sectors, and a growing consumer preference for capsules over tablets. The elderly demographic, often dealing with chronic illnesses, is a primary focus for pharmaceutical manufacturers. Older adults tend to favor capsules because they are easier to swallow, dissolve faster, and cause less gastrointestinal discomfort. However, challenges such as increasing raw material costs and cultural or religious concerns regarding the animal-derived ingredients used in capsule production may impede market growth. Additionally, limited raw material availability, strict regulations for gelatin producers, and dietary restrictions also pose challenges to market expansion.

Market Overview:Factors propelling the growth of the empty capsules market include the rising acceptance of capsules as a preferred drug delivery method and strategic partnerships between capsule suppliers and gelatin manufacturers. Moreover, an increase in research and development activities, clinical trials, new product introductions, and advancements in capsule delivery technologies are expected to significantly influence the market forecast in the upcoming years. For example, in November 2019, Qualicaps, Inc. introduced a hard capsule dosage form at the CPHI WORLDWIDE 2019 conference.

Strategic Insights

Market Driver:Thriving Nutraceutical and Dietary Supplement Industries Fuel Market Expansion

A research study titled "The Nutraceutical Nexus: Unveiling The Complete Nutrient Solution In One Place" reported that the global nutraceuticals market was valued at US$ 454.55 billion in 2021 and is projected to grow at a CAGR of 9.0% from 2021 to 2030. Furthermore, the US International Trade Administration forecasts that India will represent approximately 3.5% of the global nutraceutical market value by 2023, with the Indian nutraceutical sector expected to expand from around US$ 4 billion in 2020 to US$ 18 billion by 2025. The nutraceutical and supplement industries provide vitamins, minerals, herbal extracts, probiotics, and other bioactive compounds, which often require encapsulation for convenient consumption. Empty capsules serve as an effective and adaptable delivery system for these ingredients, allowing manufacturers to create a variety of products. They enable manufacturers to customize formulations according to specific ingredients, dosages, and target demographics. This adaptability is crucial in the nutraceutical and dietary supplement sectors, where different products necessitate varying dosages and ingredient combinations. Consequently, capsules filled with nutraceuticals or dietary supplements help manufacturers fulfill consumer demands for quality, convenience, and efficacy, significantly driving the demand for empty capsules.

Segmental Analysis:The analysis of the empty capsules market has been conducted by examining the following segments: product, functionality, application, and end user.

In terms of product, the empty capsules market is divided into gelatin capsules and non-gelatin capsules. The gelatin capsules segment held a larger market share in 2022, while the non-gelatin capsules segment is projected to experience a higher CAGR of 9.0% from 2022 to 2030. The preference for gelatin among capsule manufacturers is due to its ability to facilitate rapid drug release and uniform drug mixing, which helps prevent the oxidation of drug molecules. However, increasing concerns regarding allergies to animal products have also driven demand for non-gelatin capsules. Additionally, the growing vegan and vegetarian population is leaning towards plant-based alternatives, leading to anticipated growth in this segment in the coming years.

The empty capsules market, categorized by functionality, includes immediate-release capsules, delayed-release capsules, and sustained-release capsules. The immediate-release capsules segment accounted for the largest market share in 2022 and is expected to achieve the highest CAGR of 8.5% during the forecast period. The demand for immediate-release capsules is particularly high in the manufacturing and packaging of antacids and antibacterial antibiotics. An article published by Nitta Gelatin India in June 2022 noted that therapeutics in immediate-release capsules are commonly prescribed for various prevalent diseases and disorders.

Based on application, the empty capsules market is segmented into antibiotics and antibacterial drugs, vitamins and dietary supplements, antacids and antiflatulent preparations, and others. The antibiotics and antibacterial drugs segment held the largest market share in 2022, while the vitamins and dietary supplements segment is expected to grow at the fastest CAGR of 8.9% from 2022 to 2030. Antibiotics and antibacterial drugs are used to prevent or treat microbial infections. The rising incidence of infectious diseases, increased demand for antibiotics in low- and middle-income countries, and growing investments in research and development by major pharmaceutical companies are key factors driving the demand for empty capsules in the manufacturing and packaging of antibiotics and antibacterial drugs. The growth of the vitamins and supplements segment is attributed to the expanding elderly population globally, rising demand for therapeutic drugs, and the increasing popularity of nutritional supplements for improved health outcomes.

By end user, the empty capsules market is segmented into the pharmaceutical industry, nutraceutical industry, cosmetics industry, and research laboratories. The pharmaceutical industry segment held the largest market share in 2022 and is expected to register the highest CAGR of 8.4% from 2022 to 2030. Capsules are the most common solid dosage forms due to their improved palatability and faster absorption. These empty capsules fulfill the pharmaceutical industry's stringent requirements for treating various chronic and infectious diseases. Furthermore, advancements in the pharmaceutical sector, including increased R&D, clinical research activities, and technological innovations in capsule administration, are expected to support the growth of this segment during the forecast period.

Regional Analysis:The empty capsules market report encompasses North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North American market was valued at US$ 1.83 billion in 2022 and is projected to reach US$ 3.45 billion by 2030, with an expected CAGR of 8.3% from 2022 to 2030. The North American empty capsules market is segmented into the US, Canada, and Mexico. The growth in this region is attributed to the increasing preference for capsule-based nutraceutical formulations that help mitigate serious health issues such as cancer, obesity, and arthritis. The rising prevalence of chronic diseases, particularly among the elderly population in the US, also contributes to market growth. According to the Population Reference Bureau's Population Bulletin: Aging in the US, the number of Americans aged 65 and older is expected to nearly double from 52 million in 2018 to 95 million by 2060. The well-established healthcare systems in the US and Canada encourage global market companies to enter these markets, resulting in a strong presence of numerous global players. The high demand for empty capsules is met by these international companies operating in the region.

Europe holds the third largest share of the empty capsules market, with growth attributed to the rising prevalence of diseases, improved drug accessibility, and increased research and development activities. The UK accounted for the largest share of the empty capsules market in Europe, while Germany is expected to experience the fastest growth during the forecast period.

The Asia Pacific region is projected to achieve the highest CAGR in the global empty capsules market from 2022 to 2030. The growth in this region is driven by rising disposable incomes and a growing interest in nutritional supplements. With changing climate conditions and an expanding workforce, there is a heightened awareness of skincare, leading to the use of empty HPMC capsules for encapsulating effective ingredients such as essential oils, vitamins, and antioxidants, thereby fostering the growth of the empty capsule industry in the region. According to the Indian Brand Equity Fund, the Indian beauty and personal care market grew to US$ 15.1 billion in 2021, up from US$ 9.98 billion in 2019. Consequently, the booming cosmetics and pharmaceutical industries, particularly in South Korea, India, Japan, and China, are expected to drive the growth of the empty capsules market in Asia Pacific during the forecast period.

Empty Capsules Market Report Scope

Key Player Analysis:Key players profiled in the empty capsules market report include Erawat Pharma Limited, Sunil Healthcare, ACG Worldwide, Medi-Caps Ltd, Lonza Group (Capsugel), Capscanada Corporation, Bright Pharma Caps Inc, Farmacapsulas, Mitsubishi Chemical Holdings Corporation (Qualicaps, Inc.), and Roxlor LLC.

Recent Developments:Market participants are engaging in strategies such as mergers and acquisitions. Some recent developments in the market include:

In March 2023, VANTAGE NUTRITION, a subsidiary of ACG, acquired ComboCap, Inc. (US) and BioCap (South Africa) to enhance its technology and presence in North America and globally.In January 2022, Xi'an Le-Nutra Ingredients Inc. shipped 8.0 million HPMC capsules to Latvia, Europe, which were free from titanium dioxide (TiO2) following the European Commission's ban on TiO2 in food additives, demonstrating the company's commitment to meeting regional demand.In July 2022, Akums Drug & Pharmaceuticals Ltd. approved its empty hard gelatin capsule manufacturing facilities in Haridwar, India. This EU-based company is recognized for adhering to Good Manufacturing Practices (GMP).

In February 2022, CapsCanada, a Lyfe Group company, received approval for a liquid-filled aspirin capsule based on the PLxGuard drug delivery platform, designed to deliver medications to targeted areas of the gastrointestinal tract.

Table Of Contents

1. Introduction

• 1.1 Scope of the Study
• 1.2 Market Definition, Assumptions and Limitations
• 1.3 Market Segmentation

2. Executive Summary

• 2.1 Key Insights
• 2.2 Market Attractiveness Analysis

3. Research Methodology

4. Empty Capsules Market Landscape

• 4.1 Overview
• 4.2 PEST Analysis
• 4.3 Ecosystem Analysis
  • 4.3.1 List of Vendors in the Value Chain

5. Empty Capsules Market - Key Market Dynamics

• 5.1 Key Market Drivers
• 5.2 Key Market Restraints
• 5.3 Key Market Opportunities
• 5.4 Future Trends
• 5.5 Impact Analysis of Drivers and Restraints

6. Empty Capsules Market - Global Market Analysis

• 6.1 Empty Capsules - Global Market Overview
• 6.2 Empty Capsules - Global Market and Forecast to 2030

7. Empty Capsules Market - Revenue Analysis (USD Million) - By Product, 2020-2030

• 7.1 Overview
• 7.2 Gelatin Capsules
  • 7.2.1 Porcine
  • 7.2.2 Bovine
  • 7.2.3 Bone
  • 7.2.4 Others
• 7.3 Non-Gelatin Capsules
• 7.4 Others

8. Empty Capsules Market - Revenue Analysis (USD Million) - By Therapeutic Application, 2020-2030

• 8.1 Overview
• 8.2 Antibiotic and Antibacterial Drugs
• 8.3 Vitamins and Dietary Supplements
• 8.4 Antacid and Antiflatulent Preparations
• 8.5 Others

9. Empty Capsules Market - Revenue Analysis (USD Million) - By Functionality, 2020-2030

• 9.1 Overview
• 9.2 Immediate-Release Capsule
• 9.3 Delayed-Release Capsules
• 9.4 Sustained-Release Capsules

10. Empty Capsules Market - Revenue Analysis (USD Million) - By End User, 2020-2030

• 10.1 Overview
• 10.2 Pharmaceutical Industry
• 10.3 Nutraceutical Industry
• 10.4 Cosmetics Industry
• 10.5 Research Laboratories

11. Empty Capsules Market - Revenue Analysis (USD Million), 2020-2030 - Geographical Analysis

• 11.1 North America
  • 11.1.1 North America Empty Capsules Market Overview
  • 11.1.2 North America Empty Capsules Market Revenue and Forecasts to 2030
  • 11.1.3 North America Empty Capsules Market Revenue and Forecasts and Analysis - By Product
  • 11.1.4 North America Empty Capsules Market Revenue and Forecasts and Analysis - By Therapeutic Application
  • 11.1.5 North America Empty Capsules Market Revenue and Forecasts and Analysis - By Functionality
  • 11.1.6 North America Empty Capsules Market Revenue and Forecasts and Analysis - By End User
  • 11.1.7 North America Empty Capsules Market Revenue and Forecasts and Analysis - By Countries
    • 11.1.7.1 United States Empty Capsules Market
      • 11.1.7.1.1 United States Empty Capsules Market, by Product
      • 11.1.7.1.2 United States Empty Capsules Market, by Therapeutic Application
      • 11.1.7.1.3 United States Empty Capsules Market, by Functionality
      • 11.1.7.1.4 United States Empty Capsules Market, by End User
    • 11.1.7.2 Canada Empty Capsules Market
      • 11.1.7.2.1 Canada Empty Capsules Market, by Product
      • 11.1.7.2.2 Canada Empty Capsules Market, by Therapeutic Application
      • 11.1.7.2.3 Canada Empty Capsules Market, by Functionality
      • 11.1.7.2.4 Canada Empty Capsules Market, by End User
    • 11.1.7.3 Mexico Empty Capsules Market
      • 11.1.7.3.1 Mexico Empty Capsules Market, by Product
      • 11.1.7.3.2 Mexico Empty Capsules Market, by Therapeutic Application
      • 11.1.7.3.3 Mexico Empty Capsules Market, by Functionality
      • 11.1.7.3.4 Mexico Empty Capsules Market, by End User
• 11.2 Europe
  • 11.2.1 Germany
  • 11.2.2 France
  • 11.2.3 Italy
  • 11.2.4 Spain
  • 11.2.5 United Kingdom
  • 11.2.6 Rest of Europe
• 11.3 Asia-Pacific
  • 11.3.1 Australia
  • 11.3.2 China
  • 11.3.3 India
  • 11.3.4 Japan
  • 11.3.5 South Korea
  • 11.3.6 Rest of Asia-Pacific
• 11.4 Middle East and Africa
  • 11.4.1 South Africa
  • 11.4.2 Saudi Arabia
  • 11.4.3 U.A.E
  • 11.4.4 Rest of Middle East and Africa
• 11.5 South and Central America
  • 11.5.1 Brazil
  • 11.5.2 Argentina
  • 11.5.3 Rest of South and Central America

12. Industry Landscape

• 12.1 Mergers and Acquisitions
• 12.2 Agreements, Collaborations, Joint Ventures
• 12.3 New Product Launches
• 12.4 Expansions and Other Strategic Developments

13. Competitive Landscape

• 13.1 Heat Map Analysis by Key Players
• 13.2 Company Positioning and Concentration

14. Empty Capsules Market - Key Company Profiles

• 14.1 Caps Canada
  • 14.1.1 Key Facts
  • 14.1.2 Business Description
  • 14.1.3 Products and Services
  • 14.1.4 Financial Overview
  • 14.1.5 SWOT Analysis
  • 14.1.6 Key Developments
• 14.2 Sunil Healthcare
• 14.3 Farmacapsulas
• 14.4 Roxlor LLC
• 14.5 Mitsubishi Chemical Holdings Corporation (Qualicaps, Inc.)
• 14.6 Lonza Capsules and Health Ingredients
• 14.7 Bright Pharma Caps Inc
• 14.8 ACG Worldwide
• 14.9 Medi-Caps Ltd
• 14.10 Erawat Pharma Limited

15. Appendix

• 15.1 Glossary
• 15.2 About The Insight Partners
• 15.3 Market Intelligence Cloud