The major factors that are expected to be driving the empty capsules market are the growing adoption of capsule formulations among the growing geriatric population, the growth of the pharmaceutical market with the increasing R&D activities & clinical trial studies, and the advancements in capsule delivery technologies. The objective of the report is to define, describe, and forecast the empty capsules market size based on type, functionality, application, end user, and region.
MarketsandMarkets forecasts the Empty Capsules market to grow from USD 1.95 billion in 2018 to USD 2.79 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 7.4% during the forecast period. Empty Capsules Market by Type ((Gelatin – Porcine, Bovine, Bone Meal), (HPMC, Pullulan)), Functionality (Sustained-release, Delayed-release), Application (Antibiotics, Vitamins, Antacids), End User (Pharma, Nutraceuticals, Cosmetics)
Driver: Advancement in capsule delivery technologies
Traditionally, capsules were made from gelatin for manufacturing solid dosage forms for the pharmaceutical industry. Technological advancements have provided the empty capsules industry with a growing range of functionality options for capsules-based formulations used by patients. Over the years, capsule delivery has witnessed a number of technological advancements in terms of product enhancements for better quality outcomes and patient comfort.
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Restraint: Cultural practices and dietary restrictions
Gelatin is the original and most common material used to produce capsules. However, gelatin is an animal by-product formed from collagen, obtained from the by-products of slaughtered animals including the bones, hides, and hooves of cattle, pigs, horses, fish, and poultry. Individuals with religious or dietary restrictions that forbid the consumption of animal products are not suited for traditional gelatin capsules.
The popularity of vegetarian or vegan diets has also increased in recent years, which highlights the demand for vegetarian capsules. These capsules, being both the obvious choice for both vegetarian and vegan consumers, are also more acceptable for religious reasons as well. They are deemed suitable to be classified as both Kosher and Halal products, opening the option for a larger customer base.
Opportunity: Development of halal capsules
Gelatin is a key ingredient in processed foods and hard and soft capsules for prescription drugs and vitamin supplements. Globally, over 45% of gelatin is derived from pork. This is a major concern to Muslim consumers due to the porcine nature of gelatin. Only 3% of the global gelatin production is from halal or permissible ingredients, implying a clear demand for greater production of halal gelatin.
Region Covered in Empty Capsules Market :
North America is expected to hold the largest market size in the empty capsules market during the forecast period, followed by the European region. The highest market share of North America 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 growing emphasis on superior pharmaceutical products and generics has also led to the increase in demand for empty capsules.
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Key Market Players :
Capsugel (US), ACG Worldwide (India), Qualicaps (Japan), Suheung Co. Ltd. (Korea), CapsCanada Corporation (Canada)