Empty Capsules Market to 2030 - Size, Share, Growth & Trends

[Research Report] The empty capsules market size is projected to surge from US$ 6.75 billion in 2022 to US$ 12.52 billion by 2030; the market is estimated to grow at a CAGR of 8.0% during 2022–2030.

Analyst Perspective:

The report includes growth prospects owing to the current empty capsules market trends and their foreseeable impact during the forecast period. The major factors contributing to the market growth include the increasing geriatric population; an elevated demand for empty capsules in the pharmaceutical, nutraceutical, and cosmetic industries; and a growing consumer preference for capsules over tablets. The geriatric population, suffering from various chronic diseases, is a prime target of medicinal drug manufacturers. Elderly people primarily prefer capsules over tablets/pills as they are easy to swallow, dissolve more quickly, and reduce gastrointestinal irritation. However, the rising raw material prices and the cultural and religious issues associated with materials used to produce capsules (especially the inactive ingredients derived from animals) hinder the empty capsules market growth. The limited accessibility of raw materials, stringent regulatory regimes for gelatin manufacturers, and racial and dietary restrictions also hamper the market growth.

Market Overview:

Key factors driving the empty capsules market growth include the increasing acceptance of capsules over other forms of drug delivery, and strategic collaborations between empty capsule suppliers and gelatin manufacturers. Additionally, an upsurge in R&D activities and clinical trials, new product launches and key developments, and rapid advancements in capsule delivery technologies are other factors expected to have a significant impact on the empty capsules market forecast in the coming years. For instance, in November 2019, Qualicaps, Inc. launched the hard capsule dosage form at the CPHI WORLDWIDE 2019 conference.

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Empty Capsules Market: Strategic Insights

Market Size Value in	US$ 6.75 billion in 2022
Market Size Value by	US$ 12.52 billion by 2030
Growth rate	CAGR of 8.0% from 2022 to 2030
Forecast Period	2022-2030
Base Year	2022

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Market Driver:

Flourishing Nutraceutical and Dietary Supplement Industries Propel Market Growth

According to a research study titled “The Nutraceutical Nexus: Unveiling The Complete Nutrient Solution In One Place,” the global nutraceuticals market size was valued at US$ 454.55 billion in 2021 and is expected to grow by 9.0% from 2021 CAGR increase until 2030. Further, according to the US International Trade Administration, India is expected to account for ~3.5% of the global nutraceutical industry value by 2023; the nutraceutical industry in India is expected to grow from ~US$ 4 billion in 2020 to US$ 18 billion by the end of 2025. The nutraceutical and supplement industries offer vitamins, minerals, herbal extracts, probiotics, and other bioactive compounds. These substances often need to be encapsulated to facilitate convenient consumption. Empty capsules provide an efficient and versatile delivery system for such ingredients, enabling manufacturers to produce diverse products. Empty capsules allow manufacturers to tailor their formulations to specific ingredients, dosages, and target groups. This flexibility is critical in the nutraceutical and dietary supplement industries, as different products require different dosages and combinations of ingredients. Thus, capsules filled with nutraceuticals or dietary supplements help manufacturers meet consumer expectations in terms of quality, convenience, and effectiveness, which is a major factor driving the demand for empty capsules.

Segmental Analysis:

The empty capsules market analysis has been carried out by considering the following segments: product, functionality, application, and end user.

Based on product, the empty capsules market is segmented into gelatin capsules and non-gelatin capsules. The gelatin capsules segment held a larger market share in 2022. The non-gelatin capsules segment is estimated to register a higher CAGR of 9.0% during 2022–2030. The popularity of gelatin among capsule manufacturers is attributed to the ability of gelatin capsules to allow rapid drug release and uniform drug mixing, thereby preventing the oxidation of drug molecules. However, the growing concerns about allergies to animal products have also fueled demand for gelatin-free/non-gelatin capsules. Furthermore, the growing vegan and vegetarian population prefers plant-based alternatives. As a result, the market for this segment is anticipated to grow at a greater pace in the coming years.

The empty capsules market, based on functionality, is segmented into immediate-release capsules, delayed-release capsules, and sustained-release capsules. The immediate-release capsules segment held the largest market share in 2022. It is further expected to register the highest CAGR of 8.5% during the forecast period. The demand for immediate-release capsules is high in antacids and antibacterial antibiotic manufacturing and packaging facilities. According to an article published by Nitta Gelatin India in June 2022, therapeutics filled in immediate-release capsules are most commonly prescribed to treat various common diseases and disorders.

The empty capsules market, based on application, is divided into antibiotics and antibacterial drugs, vitamins and dietary supplements, antacids and antiflatulent preparations, and others. The antibiotics and antibacterial drugs segment held the largest empty capsules market share in 2022. The market for the vitamins and dietary supplements segment is expected to grow at the fastest CAGR of 8.9% during 2022–2030. Antibiotics and antibacterial drugs are administered to prevent or treat some microbial infections. The increasing cases of infectious diseases, growing demand for antibiotics in low- and middle-income countries, and surging investments in research and development by major pharmaceutical companies are the key factors bolstering the demand for empty capsules in antibiotics and antibacterial manufacturing and packaging facilities. The growth of the vitamins and supplements segment is attributed to the growing geriatric population worldwide and increasing demand for therapeutic drugs, and the rising popularity of nutritional supplements for better health outcomes.

Based on the end user, the empty capsules market is divided into the pharmaceutical industry, nutraceutical industry, cosmetics industry, and research laboratories. The pharmaceutical industry segment held the largest empty capsules market share in 2022 and the same is anticipated to register the highest CAGR of 8.4% during 2022–2030. Due to various motives such as improved palatability and faster absorption, the capsules are the most common solid dosage forms. These empty capsules meet the pharmaceutical industry's highest needs for treating various chronic and infectious diseases. Furthermore, there are advancements in the pharmaceutical industry with increasing use of R&D, clinical research activities, and technological developments in capsule administration. Thus, the expansion of the pharmaceutical industry with the burgeoning demand for medication among people is expected to support the market growth of this segment during the forecast period.

Regional Analysis:

The scope of the empty capsules market report includes North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The market in North America was valued at US$ 1.83 billion in 2022 and is projected to reach US$ 3.45 billion by 2030; it is expected to register a CAGR of 8.3% during 2022–2030. The North America empty capsules market is segmented into the US, Canada, and Mexico. The market growth in North America is attributed to the increasing preference for capsule-based nutraceutical formulations, which help prevent serious health problems such as cancer, obesity, and arthritis. The rising cases of chronic diseases and diseases that are common in the geriatric population, especially in the US, can also be associated with the market growth in this region. As per the Population Reference Bureau's Population Bulletin: Aging in the US, the number of Americans aged 65 and above is anticipated to nearly double from 52 million in 2018 to 95 million in 2060. The US and Canada have well-developed, structured healthcare systems that encourage global market companies to enter these countries. As a result, these countries have the presence of numerous global market participants. The high demand for empty capsules is met by the global players present in the region.

Europe accounts for the third largest share of the empty capsules market. The market growth in this region is ascribed to the increasing prevalence of diseases and high drug accessibility, and an upsurge in research and development. The UK held the largest share of the empty capsule market in Europe. Further, the market in Germany is expected to grow at the fastest CAGR during the forecast period.

Asia Pacific is expected to register the highest CAGR in the global empty capsules market during 2022–2030. The market growth in this region is ascribed to a surge in disposable income and an inclination toward nutritional supplements. Due to the changing climatic conditions and growing working population, people are more conscious about skincare, empty HPMC capsules are used for encapsulating effective ingredients such as essential oils, vitamins and antioxidants, which thereby promotes the growth of the empty capsule industry across the region. According to the Indian Brand Equity Fund, the Indian beauty and personal care market rose to US$ 15.1 billion in 2021 compared to US$ 9.98 billion in 2019. Therefore, the proliferating cosmetics and pharmaceutical industry, especially in South Korea, India, Japan, and China, is expected to catalyze the growth of the empty capsules market in Asia Pacific during the forecast period.

Empty Capsules Market Report Scope

Key Player Analysis:

Erawat Pharma Limited, Sunil Healthcare, ACG Worldwide, Medi-Caps Ltd, LonzaGroup (Capsugel), Capscanada Corporation, Bright Pharma Caps Inc, Farmacapsulas, Mitsubishi Chemical Holdings Corporation (Qualicaps, Inc.), and Roxlor LLC are among the key players profiled in the empty capsules market report.

Recent Developments: 

Companies operating in the market adopt such as mergers and acquisitions. A few of the recent market developments are listed below:

• In March 2023, VANTAGE NUTRITION, an ACG company, acquired ComboCap, Inc. (US) and BioCap (South Africa) to expand its technology and footprint in North America and worldwide.

• In January 2022, Xi'an Le-Nutra Ingredients Inc. shipped 8.0 million HPMC capsules to Latvia, Europe. These capsules were devoid of titanium dioxide (TiO2), as the European Commission had banned the use of TiO2 in food additives. This highlights the company's efforts to meet demand for the product in the region.

• In July 2022, Akums Drug & Pharmaceuticals Ltd. approved its empty hard gelatin capsule manufacturing facilities in Haridwar, India. This European Union-based (EU-based) company is known to adopt Good Manufacturing Practices (GMP).

• In February 2022, CapsCanada, a Lyfe Group company, received approval for a liquid-filled aspirin capsule. This product is based on the PLxGuard drug delivery platform, aimed at delivering drugs into the targeted areas of the gastrointestinal tract.