Empty Capsules Market

Empty Capsule Market: Increased demand for vegetarian empty capsules in developing markets to create significant revenue traction : Global Industry Analysis and Opportunity Assessment, 2016 - 2026

Empty capsules are made from gelatin, which is derived from animal protein (pork skin, animal bones & skin and fish bones) and plant polysaccharides or their derivatives (HPMC, starch, pullulan and others). These empty capsules are made in two halves: a lower-diameter "body" that is filled with various drug dosage forms and then sealed using a higher-diameter "cap". Empty capsules are conventionally used as a dosage form for both prescription and OTC drugs, herbal products and nutrient supplements (either in powder or pellets form). In addition, empty capsules are also used for filling liquids and semi-solid dosage forms, especially for drugs that have low bioavailability, poor water solubility, critical stability, low dose/high potency and low melting points. Empty capsules offer some advantages over soft-gelatin capsules such as constant capsule dimensions and low sensitive to oxygen permeability. Also, these capsules can be manufactured in small batches and can be developed and manufactured in-house. In this report, the global empty capsules market has been segmented on the basis of product type, raw material, size of capsules, route of administration, end user and region.

Market Value and Forecast

The global empty capsules market has been estimated to be valued at US$ 1,432.6 Mn by 2016 end and is expected to expand at a CAGR of 7.3% over the forecast period (2016–2026).

Market Dynamics

Growth of the global empty capsules market is expected to be driven by rising adoption of vegetarian-based empty capsules by pharmaceuticals and nutraceuticals companies. Other major factors expected to fuel growth of the empty capsules market include increasing demand from Muslim population countries for halal-based capsules as well as increasing adoption of vegetarian empty capsules by vegan groups. Globally, majority of empty capsules manufacturers are expected to invest more on technological advancements and better product designs to attract customers.

Market Segmentation By Product Type

Based on product type, the market has been segmented into gelatin (hard)-based capsules and vegetarian-based capsules. Demand for vegetarian-based empty capsules is expected to increase significantly in the global empty capsules market over the forecast period. Vegetarian-based capsules are costlier than gelatin-based capsules.

Market Segmentation By Raw Material

Based on raw material, the market has been segmented into type-A gelatin (pork skin), type-B gelatin (animal bones & calf skin), fish bone gelatin, hydroxy propyl methyl cellulose (HPMC), starch materials and pullulan. Type-B gelatin (animal bones & calf skin) segment currently accounts for highest revenue share of the empty capsules market. HPMC segment is forecast to be the most attractive segment in the global empty capsules market. Fish bone gelatin segment is expected to register high Y-o-Y growth throughout the forecast period.

Market Segmentation By Capsule Size

Based on capsule size, the market has been segmented into size ‘000’, size ‘00’, size ‘0’, size ‘1’, size ‘2’, size’3’, size ‘4’ and size ‘5’. Size ‘3’ capsules segment is expected to register high Y-o-Y growth throughout the forecast period. Size ‘0’ segment is forecast to be the most attractive segment in the global empty capsules market over the forecast period. In terms of value, size ‘0’ capsules segment accounted for the highest share in 2015 and is anticipated to remain dominant throughout the forecast period.

Market Segmentation By Route of Administration

Based on route of administration, the market has been segmented into oral administration and inhalation administration. Oral administration segment is forecast to be the most attractive segment in the global empty capsules market. In terms of revenue contribution, oral administration segment is anticipated to remain dominant during the forecast period.

Market Segmentation By End User

Based on end user, the market has been segmented into pharmaceuticals companies, cosmetics & nutraceuticals companies and clinical research organisations (CROs). Demand for empty capsules from pharmaceuticals companies is expected to increase over the forecast period.

Key Regions

The global empty capsules market has been segmented into seven major regions: North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East & Africa (MEA). In terms of value, the North America empty capsules market is estimated to dominate the global empty capsules market in 2016, and is expected to expand at a CAGR of 5.3% over the forecast period. APEJ, Latin America and MEA are estimated to be the fastest growing markets over the forecast period. In terms of value, the APEJ market is expected to register a CAGR of 12.1% over 2016–2026. Vegetarian-based capsules segment in the APEJ empty capsules market is expected to register a CAGR of 17.0% over the forecast period, driven by increasing adoption of vegetarian-based empty capsules in the region.

Key Players

Some of the key players in the global empty capsules market included in the report are Capsugel, ACG Worldwide, CapsCanada Corporation, Roxlor LLC, Qualicaps, Inc., Suheung Co., Ltd., Medi-Caps Ltd., Sunil Healthcare Ltd., Snail Pharma Industry Co., Ltd. and Bright Pharma Caps, Inc.. The report also identifies company-specific strategies related to product development and market consolidation initiatives and analysis of the concerned company’s specific strengths, weaknesses, opportunities and threats.

In this report, Future Market Insights (FMI) offers a 10-year forecast of the global empty capsules market between 2016 and 2026. In terms of value, the market is expected to register a CAGR of 7.3% over the forecast period. This study demonstrates market dynamics and trends in all seven regions that are expected to influence the current environment and future status of the empty capsules market over the forecast period.

Report Description

This FMI report examines the empty capsules market for the period 2016–2026. The primary objective of the report is to offer insights into developments in the empty capsules market that are significantly helping transform growth trajectory of global businesses and enterprises associated with this market. 

The empty capsules market report begins by defining various types of empty capsules and market taxonomy. It is followed by an overview of market dynamics of the global empty capsules market, which includes FMI’s analysis of key trends, drivers, restraints and opportunities that are influencing growth of the global empty capsules market. Impact analysis of key growth drivers and restraints based on the weighted average model has also been included in this report after analysis of individual regions, to better equip readers with meaningful insights on ongoing developments in the market.

Primary factors fuelling demand for empty capsules are rising demand for vegetarian- and halal-based capsules. Other major factors driving growth of the empty capsules market are rising demand for kosher and halal certified hard gelatin capsules. There is also increasing demand for gelatin capsules that are free from transmissible spongiform encephalopathies (TSE), bovine spongiform encephalopathy (BSE) and prion for various applications in pharmaceuticals and cosmetics industries as well as in clinical research organisations (CROs). Besides, an increasing number of pharmaceuticals and nutraceuticals companies are producing NSAIDS, cardiovascular drugs, anti-cancer drugs, probiotics and nutrient supplements in the form of capsules in developing countries. These are factors expected to fuel overall growth of the market over the forecast period. However, one of the major factors hampering growth of the empty capsules market is high cost of vegetarian capsules.

Based on product type, the market has been segmented into gelatin (hard)-based capsules and vegetarian-based capsules. A detailed analysis of each segment has been provided in terms of market size, Y-o-Y growth rate, absolute $ opportunity and BPS analysis.

Based on raw material, the market has been segmented into type-A (pork skin), type-B gelatin (animal bones & calf skin), fish bone gelatin, hydroxy propyl methyl cellulose (HPMC), starch materials and pullulan.

Based on capsule size, the market has been segmented into size ‘000’, size ‘00’, size ‘0’, size ‘1’, size ‘2’, size’3’, size ‘4’ and size ‘5’. Based on route of administration, the market has been segmented into oral administration and inhalation administration. A detailed analysis of each segment has been provided in terms of market size, Y-o-Y growth rate, absolute $ opportunity and BPS analysis.

Based on end user, the market has been segmented into pharmaceuticals companies, cosmetics & nutraceuticals companies and clinical research organisations (CROs). A detailed analysis of each segment has been provided in terms of market size, Y-o-Y growth rate, absolute $ opportunity and BPS analysis.

The next section of the report highlights empty capsules adoption by region, and provides market outlook for 2016 - 2026. The study discusses key regional trends contributing to growth of the empty market worldwide, as well as analyses the extent to which drivers are influencing this market in each region. Key regions assessed in this report are North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East & Africa (MEA).

The above sections - analysis by product type, raw material type, size of capsules, administration type, end user and region - evaluate the present scenario and growth prospects in the global empty capsules market for 2016–2026. We have considered 2015 as the base year, 2016 as the estimated year and provided data for the forecast period, i.e., 2016-2026.

To ascertain empty capsules market size, we have also considered revenue generated by capsules manufacturers. The forecast presented here assesses the total revenue generated in the global empty capsules market. In order to offer an accurate forecast, we started by sizing up the current market, which forms the basis of how the global empty capsules market is expected to develop in the future. Given the characteristics of the market, we triangulated the outcome of three different types of analysis based on supply side, downstream industry demand and the economic envelope.

In addition, it is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyse based on key parameters, such as year-on-year (Y-o-Y) growth rates, to understand the predictability of the empty capsules market and to identify the right opportunities across the market.

The empty capsules segments, by product type, raw material type, size of capsules, administration type, end user and region, are analysed in terms of Basis Point Share (BPS) to understand the individual segment’s relative contributions to market growth. This detailed level of information is important for identifying various key trends in the empty capsules market.

Another key feature of this report is the analysis of key segments in terms of absolute dollar opportunity. This is traditionally overlooked while forecasting the market. However, absolute dollar opportunity is critical for assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective of the empty capsules market.

To understand key growth segments in terms of growth and adoption of empty capsules globally, Future Market Insights developed the empty capsules ‘Market Attractiveness Index’. The resulting index should help providers identify real market opportunities.

Key categories of providers covered in the report are empty capsules manufacturers. This section is primarily designed to provide clients with an objective and detailed comparative assessment of key providers specific to a market segment of the empty capsules value chain and the potential players with respect to the same. Report audiences can gain segment-specific vendor insights to identify and evaluate key competitors based on in-depth assessment of their capabilities and success in the empty capsules marketplace.

Detailed profiles of the providers are also included in the scope of the report to evaluate their long-term and short-term strategies, key offerings, SWOT analysis and recent developments in the empty capsules market. Key market competitors covered in the report include Capsugel, ACG Worldwide, CapsCanada Corporation, Roxlor LLC, Qualicaps, Inc., Suheung Co., Ltd., Medi-Caps Ltd., Sunil Healthcare Ltd., Snail Pharma Industry Co., Ltd. and Bright Pharma Caps, Inc..

Key Segments Covered

  • Product Type
    • Gelatin (Hard)-based Capsules
    • Vegetarian-based Capsules
  • By Raw Material
    • Type-A Gelatin (Pork Skin)
    • Type-B Gelatin (Animal Bones & Calf Skin)
    • Fish Bone Gelatin
    • Hydroxy Propyl Methyl Cellulose (HPMC)
    • Starch Materials
    • Pullulan
  • Capsule Size
    • Size "000" Capsules
    • Size "00" Capsules
    • Size "0" Capsules
    • Size "1" Capsules
    • Size "2" Capsules
    • Size "3" Capsules
    • Size "4" Capsules
    • Size "5" Capsules
    • By Route of Administration
    • Oral Administration
    • Inhalation Administration
  • End User
    • Pharmaceuticals Companies
    • Cosmetics & Nutraceuticals Companies
    • Clinical Research Organisations (CROs)

     

Key Regions/Countries Covered

  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Western Europe
    • Germany
    • U.K.
    • France
    • Spain
    • Italy
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Rest of Eastern Europe
  • Asia Pacific Excluding Japan (APEJ)
    • Greater China
    • India
    • Australia and New Zealand
    • Rest of APEJ
  • Japan
  • Middle East & Africa
    • GCC
    • Southern Africa
    • Rest of MEA

Key Companies

  • Capsugel
  • ACG Worldwide
  • CapsCanada Corporation
  • Roxlor LLC (U.S.), Qualicaps, Inc.
  • Suheung Co., Ltd.
  • Medi-Caps Ltd.
  • Sunil Healthcare Ltd.
  • Snail Pharma Industry Co., Ltd.
  • Bright Pharma Caps, Inc.