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 R&D 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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The gelatin capsules segment accounted for the largest share of the type segment in the empty capsules market in 2022.
Based on type, the empty capsules market is broadly segmented into gelatin capsules, and non-gelatin capsules. In 2022, 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 in 2022.
Based on functionality, the empty capsules market is categorized into three segments—immediate-release capsules, sustained-release, and delayed release capsules. In 2022, 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. Also, growing generic drug manufacturing in the region is attracting several foreign investors in the market.
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Empty Capsules Market Dynamics:
Drivers:
- Increasing demand for nutraceuticals
- Growth in pharmaceutical market and increasing number of clinical trials and R&D 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
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.
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