Empty capsules are two-piece capsules used for encapsulating powders, granules, and liquids into oval, oblong, or spherical shapes. They are made from gelatin or vegetable-derived polymers and offer advantages such as easy swallowing, precise dosing, and protection of encapsulated ingredients from moisture, light, and oxygen. The growing nutraceuticals and dietary supplements industry has been driving the demand for empty capsules as they provide convenient dosage and prevent ingredients deterioration.
Global empty capsules market is estimated to be valued at USD 3.21 Bn in 2024 and is expected to reach USD 4.91 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.3% from 2024 to 2031.
Key Takeaways
Key players: Key players operating in the empty capsules market are Lonza Group Ltd., Healthcaps India Ltd., Qualicaps, ACG Worldwide, and Nectar Lifesciences Ltd.
Key opportunities: Increasing consumer preference for capsule-based dietary supplements and nutraceuticals due to ease of consumption presents significant Empty Capsules Market growth of halal and kosher certified capsules can further expand the market scope in the Middle East and North America.
Technological advancements: Advanced capsule filling technologies enable high-speed filling of capsules and ensure consistent density and weight of ingredients within capsules. 3D printing technology is finding increasing usage in developing customized capsules shapes and designs.
Market drivers
Rising health-consciousness among consumers: Growing consumer awareness about the importance of dietary supplements and functional foods in maintaining health and wellbeing is driving the demand for nutraceuticals and supplements. This is creating robust demand for empty capsules.
Growing elderly population: The increasing global geriatric population prone to age-related illnesses necessitates preventive healthcare approach. This is propelling the consumption of dietary supplements and driving the empty capsules market.
Challenges in Empty Capsules Market
The empty capsules market is facing few challenges currently. Producers are dealing with rising costs of raw materials. Manufacturers operate on low profit margins considering the generic nature of capsules. Owing to this, they are finding it difficult to maintain profitability. Additionally, increasing prominence of alternatives therapies poses a challenge. Other issues include fluctuating demands and stringent regulations.
SWOT Analysis
Strength: Empty capsules are a convenient and widely used formulation for various drugs. Manufacturing process is standardized.
Weakness: Market is dominated by few global players leading to less competitive pricing. Customization option are limited for capsules.
Opportunity: Growing preference for vegetarian/halal capsules presents an opportunity. Demand in emerging regions of Asia Pacific and Latin America is on the rise.
Threats: Alternatives like advanced drug delivery systems threaten dominance of capsules. Greater availability of generic drugs affects pricing.
In terms of value, North America leads the empty capsules market currently accounting for over 35% share. This can be primarily attributed to growing healthcare spending and high adoption of prescription medicines in the region. Europe is another prominent regional market owing to focus on innovation and quality standards by manufacturers.
Asia Pacific is emerging as the fastest growing regional market for empty capsules globally. Factors such as rising incomes, increasing healthcare awareness and expanding geriatric population provide impetus to market growth. Further, availability of low-cost generic medicines supports use of empty capsules for drug delivery. Regulatory reforms are additionally aiding the industry expansion.
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