Empty Capsules Market Set to Soar: Projected Worth Reaches $4.9 Billion, According to MarketsandMarkets Analysis
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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Browse in-depth TOC on "Empty Capsules Market"
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Empty Capsules Market Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$3.2 billion |
|
Estimated Value by 2028 |
$4.9 billion |
|
Growth Rate |
Poised to grow at a CAGR of 9.3% |
|
Market Size Available for |
2021-2028 |
|
Forecast Period |
2023–2028 |
|
Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Type, Functionality, Therapeutic Application, End User, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
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Report Highlights |
Updated financial information / product portfolio of players |
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Key Market Opportunities |
Expansion of capsules manufacturing in emerging countries |
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Key Market Drivers |
Increased demand of nutraceuticals is likely to upsurge the market growth |
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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Empty Capsules Market Advantages:
- Cost savings: Empty capsules are a cost-effective option for consumers looking to save money on supplement products. Empty capsules cost significantly less than pre-filled capsules, allowing consumers to make their own capsules without the need to purchase expensive products.
- Variety: Empty capsules provide a wide range of options for those looking to customize their supplement regimen. Consumers can choose from a variety of sizes, types, and colors to create their own unique blend of supplements.
- Flexibility: Empty capsules allow consumers to customize the amounts of different ingredients in their supplement formulations. This flexibility allows for greater experimentation and choice when creating a supplement regimen.
- Convenience: Empty capsules are a convenient option for those who are short on time. Consumers can create their own capsules quickly and easily, without the need to wait for a pre-filled capsule to arrive in the mail.
- Safety: Empty capsules provide a safe and reliable way to consume supplements. Empty capsules are tested and approved for use, so consumers can be sure that they are consuming quality ingredients.
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