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Empty Capsules Market 2024-2033 - Size, Growth, and Key Players
Empty Capsules Market
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According to The Business Research Company's, The empty capsules market size has grown strongly in recent years. It will grow from $2.97 billion in 2023 to $3.25 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to changing consumer preferences, favorable economic conditions, impact of russia-ukraine war, industry entry barriers, geriatric population.
The empty capsules market size is expected to see rapid growth in the next few years. It will grow to $4.77 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to market size growth, market consolidation, ethical concerns and stringent regulations, increasing demand for nutraceuticals, market dynamics. Major trends in the forecast period include product innovations, sustainable sourcing, use in vegetarian and vegan products, patient population and chronic disease treatments, regional dominance.
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Market Drivers and Trends:
The growing pharmaceutical industry is expected to boost the growth of the empty capsule market going forward. The pharmaceutical industry refers to the part of the economy that is engaged in the research, development, manufacturing, and marketing of pharmaceuticals and other medical products intended to treat, prevent, or lessen illnesses and medical conditions. Fueled by its requirement for adaptable, patient-friendly drug delivery solutions and compatibility with varied formulations, the expanding pharmaceutical sector propels a strong demand for empty capsules, underscoring their crucial role in meeting changing industry needs as companies investigate innovative drug delivery approaches. For instance, in December 2022, according to a report published by Statistics Canada, a Canada-based government agency, for the third consecutive month, there was a 2.8% increase in sales within the personal and household goods subsector in October 2022, totalling $11.6 billion. The growth was primarily driven by the pharmaceuticals and pharmacy supplies industry, which experienced a 3.9% increase, reaching $6.4 billion, the highest level since January 2022. Therefore, the growing pharmaceutical industry is driving the growth of the empty capsule market.
Product innovations are a key trend gaining popularity in the empty capsules market. Major companies operating in empty capsules are developing new products to strengthen their position in the market. For example, in October 2021, CapsCanada, a Canada-based pharmaceutical company that develops empty capsules launched a new liquid-filled hard capsule manufacturing service. This aims for the development of full-scale production which is less complex and capital-intensive than manufacturing soft gels, with filling equipment available in all scales, from benchtop to production.
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Major Key Players of the Market:
ACG Group, CapsCanada Corporation, HealthCaps India Limited, Natural Capsules Ltd., Bright Pharma Caps Inc., Suheung Co. Ltd., Roxlor LLC, Lonza Group AG, Capsugel, Goerlich Pharma GmbH, Qualicaps Inc., Comed Chemicals Limited, Wuhan Carma Technology Co. Ltd., Nectar Lifesciences Ltd., Erawat Pharma Limited, Medi-Caps Ltd., Mitsubishi Chemical Holdings Corporation, Snail Pharma Industry Co. Ltd., Sunil Healthcare Ltd., Shanxi Guangsheng Medicinal Capsule Co. Ltd., Aenova Group GmbH, Capsuline Inc., Farmacapsulas SA, Health Pharma, JC Biotech Pvt. Ltd., Lefan Capsule International Inc., Nipro Capsule Co. Ltd., Qingdao Yiqing Medicinal Capsules Co. Ltd., Shaoxing Kangke Capsule Co. Ltd., Sunloc Industrial Co. Ltd.
Empty Capsules Market 2024 Key Insights:
• The empty capsules market size is expected to see rapid growth in the next few years. It will grow to $4.77 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%.
• The Surge In Chronic Diseases Propelling Growth In The Empty Capsules Market
• Empty Capsules Market Surges With Innovative Product Developments
• North America was the largest region in the empty capsules market in 2023
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