The global revenue of empty capsules market is likely to approach a value of US$ 3 Bn by the end of 2026, as indicated by a recent study conducted on the empty capsules market by Future Market Insights. According to an intelligence report released by FMI, the global market for empty capsules will possibly expand at an impressive CAGR of 7.3% over 2016-2026.
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“The global empty capsules market will witness robust growth over the projection period, 2016-2026. While this growth is supposed to be prominently driven by escalating demand for both vegetarian-based and Halal certified empty capsules, FMI estimates strong boost to empty capsules market growth by a broadening application base in pharmaceuticals, cosmetics, and nutraceutical companies, as well as in CROs, i.e. clinical research organizations,” states an expert research analyst at FMI.
Vegetarian capsules, one of the latest industry innovations, are foreseen to gradually replace the conventional gelatin-based capsules. FMI concludes that despite the high price point, the demand for vegetarian-based capsules is constantly on the rise, predominantly driven by immense popularity and success of the nutraceutical and pharmaceutical domains since the past decade. Manufacturers operating in the global empty capsules marketplace with sizable revenue shares are already shifting to the production of vegetarian capsules, in addition to expanding their existing production capacity.
There are multiple complications associated with the use of gelatin in empty capsules making, such the probability of drug-gelatin interaction and restricted formulation possibilities during R&D. In an effort to avoid such complexities, a majority of manufacturers are increasingly interested in manufacturing vegetarian-based capsules, which is presumed to boost the demand for vegetarian capsules in the empty capsules market over the forecast period.
Several empty capsule manufacturers are currently considering including an expanded range of vegetarian products in their existing product offering, including gastric acid resistance, enteric coated, fast disintegration, and customized clinical trial capsules to increase their revenue base. On the flipside, a considerably larger chunk of companies is still exclusively preferring hard gelatin-based capsules. FMI expects such players in the empty capsules market to encounter robust incremental growth opportunity, only if they prefer to include vegetarian-based, plant-based, or marine gelatin capsules in their product portfolio.
On the other side, the Middle Eastern regional market for empty capsules is witnessing an elevating trend of Halal certified capsules, compelling manufacturers in MEA to shift to making Halal certified products for leveraging opportunities. Future Market Insights projects that the neat future will witness the formation of a structured regulatory framework to encourage and mandate the development and introduction of clean label empty capsules.
Moreover, growing consumer inclination towards purchasing the products that have only natural colorants is creating a new wave of trend in the empty capsules market. Top empty capsule manufacturers are thus focusing on designing the naturally colored capsules rather than those that possess artificial colorants. Plants and vegetables are primarily being used by manufacturers for the development of naturally-sourced colorants used in the manufacturing of empty capsules.
As the near future is foreseen to be witnessing an expanding portfolio of vegetarian capsules, it is most likely that the global empty capsules market will experience emerging opportunities in customized capsule manufacturing. Following this possibility, several CROs are expected to conduct pre-clinical and clinical trials conserving their R&D costs and the time invested by manufacturers in the making of empty capsules.
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Leading companies in the global pharmaceutical and nutraceutical spaces are entering into long-term contracts with the empty capsules manufacturing units with an objective to extend their import and export efforts to cover all major geographical regions. FMI also predicts that competitive pricing initiatives specifically for large scale purchasing will emerge as a key trend for sustainable revenue growth in the global empty capsules market.