Empty capsules are stable shells that contain or encapsulate medicines, which are administered in a variety of dosage forms. Empty capsules are the most common option to store herbs, powders, and medicines. The overall growth of the 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.

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.

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EMPTY CAPSULES: MARKET DYNAMICS

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.

Opportunity: Expansion of capsule production in emerging countries

The traditionally lucrative pharmaceuticals market is becoming challenging from a growth perspective due to the diminishing drug pipeline, government-induced pressure to reduce costs and regulations on innovative products. This is encouraging pharmaceutical manufacturers to move their manufacturing bases closer to high-growth emerging markets. Through this, manufacturers can take advantage of low-cost manufacturing along with several financial benefits in terms of attractive tax rates and lenient regulatory guidelines for manufacturing.

A number of major pharmaceutical manufacturers are either planning capacity expansions of their existing plants in emerging countries or setting up new manufacturing plants in emerging markets such as China and India. These investments are aiding the growth of pharmaceutical production, in turn, increasing the demand for empty capsules. Some of the recent expansions in this industry include:

In February 2021, Qualicaps Europe S.A.U expanded its presence in the South Asia region. In addition to two production sites based in Europe, the company has capsule manufacturing experts located in the EMEA and South Asia.

In October 2020, Lonza invested USD 93 million (CHF 85 million) in its Capsules and Health Ingredients (CHI) Division, a dosage form delivery partner to the biopharma and health nutrition industry. The investment has been made to expand its overall production capacity of capsules within CHI's Capsugel portfolio by 30 billion capsules annually while maintaining the high-quality standards with Lonza's Sigma Series. The investment is expected to increase its capsule production capacity by 15.0%. Lonza's newest investment will be released to eight sites, including Bornem, Belgium; Colmar, France; Greenwood, South Carolina; Haryana, India; Jakarta, Indonesia; Puebla, Mexico; Sagamihara, Japan; and Suzhou, China.

Challenges: Rising prices and lower availability of raw materials in the gelatin industry

Globally, the demand for gelatin and its raw materials has witnessed a significant increase over the entire application spectrum—the pharmaceutical industry, in which the demand for capsules for pharmaceutical production has registered a vast increase, and the food processing, nutraceutical, leather, cosmetic, dying & tanning, and paper production industries. The use of gelatin in food preparations has increased six-fold in the last decade. Similar trends have been observed in the nutraceutical and cosmetic industry, where gelatin is used for the production of dietary supplement capsules, lotions, shampoos, hair sprays, and creams. On the other hand, the leather, tanning, and paper production industries use pigskin and bovine skin for the production of various commercial goods.

North America accounted for the largest share of the empty capsules market

Geographically, the 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 prominent players operating in this market are Capsugel (US), ACG Worldwide (India), Qualicaps (US), Suheung Co. Ltd. (Korea), CapsCanada Corporation (Canada) and others

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