Empty Capsules Market Size, Share, Growth Analysis, By Product(Gelatine Capsules, and Non-gelatine Capsules), By Functionality(Immediate-Release Capsules, Sustained-Release Capsules), By Application(Antibiotic and Antibacterial Drugs, Dietary Supplements), By End-use(Pharmaceutical Industry, Nutraceutical Industry) - Industry Forecast 2024-2031

Empty Capsules Market size was valued at USD 2.70 billion in 2022 and is poised to grow from USD 2.89 billion in 2023 to USD 4.96 billion by 2031, growing at a CAGR of 7% during the forecast period (2024-2031).

The empty capsules market is highly competitive and fragmented in nature owing to the presence of numerous players operating in the market. Some of the key strategies adopted by players in the market include mergers and acquisitions, partnerships, collaborations, and new product launches. The market is also characterized by a high degree of innovation, with companies investing in R&D to develop new and advanced products. Additionally, technological advancements and innovations in capsule development, including the introduction of plant-based or vegetarian capsules, play a crucial role in maintaining competitiveness. The market is marked by a blend of established players and emerging entrants, each striving to address evolving consumer demands and industry trends in the pharmaceutical and nutraceutical sectors. 'Capsugel', 'ACG Worldwide', 'Suheung Co., Ltd.', 'Qualicaps, Inc.', 'Lonza Group Ltd.', 'Farmacapsulas S.A.', 'Medi-Caps Ltd.', 'Roxlor LLC', 'Snail Pharma Industry Co., Ltd.', 'Nectar Lifesciences Ltd.', 'Sunil Healthcare Ltd.', 'Bright Pharma Caps, Inc.', 'Natural Capsules Ltd.', 'JC Biological Technology Co., Ltd.', 'Shanxi Guangsheng Medicinal Capsule Co., Ltd.', 'Healthcaps India Limited', 'CapsCanada Corporation', 'Lefancaps® Capsule', 'Healsee Capsule Co., Ltd.', 'Shanghai Honglian Medical Tech Group Co., Ltd.'

Increasing Demand for Vegetable-based Capsules: As more consumers are seeking vegan and vegetarian products, the demand for vegetable-based capsules made from materials such as hypromellose (HPMC) and pullulan is increasing. These capsules offer a plant-based alternative to gelatin capsules, which are made from animal by-products.

North America dominates the empty capsules business due to the rise in pharmaceutical drug development and research expenses. Furthermore, rising cases of diabetes will fuel the region's empty capsules market growth during the forecast period. The presence of substantial capsule companies with considerable manufacturing capacity using these capsules is one of the factors supporting North America. The region's rising pharmaceutical manufacturing capacity and large patient base are also important.