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Empty Capsules Market: Opportunities and Challenges

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Empty Capsules Market: Opportunities and Challenges

November 05
20:47 2019
Empty Capsules Market: Opportunities and Challenges

The prominent players in the market are Capsugel (US), ACG Worldwide (India), Qualicaps (Japan), Suheung Co. Ltd. (South Korea), CapsCanada Corporation (Canada), Qingdao Yiqing Medicinal Capsules Co., Ltd. (China), Shanxi Guangsheng Medicinal Capsules Co., Ltd. (China)
The growing adoption of capsule formulations among the growing geriatric population, growth of the pharmaceutical market along with the increasing R&D activities & clinical trials, and advancements in capsule delivery technologies are some of the major factors driving the growth of the market.

The global empty capsules market is projected to reach USD 2.79 billion by 2023 from USD 1.95 billion in 2018, at a CAGR of 7.4% during the forecast period.

Will the development of halal gelatin capsules boost growth in the empty capsules market and create additional growth opportunities for market players?

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.

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Halal gelatin is produced from the bones and hides of halal slaughtered animals (cattle) and is becoming increasingly important in the pharmaceutical sectors in the emerging markets of the Middle East and Asia that have a large Muslim population. According to population forecasts by the Pew Research Center’s Forum on Religion & Public Life in 2017, the world’s Muslim population is predicted to increase by 70%, rising from 1.8 billion in 2015 to 3 billion by 2060. With the rise in the global Muslim population, the global demand for halal products (including pharmaceuticals) that meet the manufacturing standards of Islamic law is constantly increasing.

How will rising prices and lower availability of raw materials in the gelatin industry challenge the growth of the empty capsules market?

Globally, the demand for gelatin and its raw materials has witnessed a significant increase over the entire application spectrum—the pharmaceutical industry, in which the demand for capsules for pharmaceutical production has registered a vast increase, and the food processing, nutraceuticals, leather, cosmetics, dying & tanning, and paper production industries. All of these also utilize gelatin and raw materials used for its production on a large scale. The use of gelatin in the food preparations has increased six-fold in the last decade. Similar trends have been observed in the nutraceutical and cosmetic industry. On the other hand, the leather, tanning, and paper production industries use pigskin and bovine skin for the production of various commercial goods.

The increase in demand has boosted the prices of these ingredients. In the last five years, the gelatin manufacturing industry has faced challenges due to the lower availability of raw materials—bovine hide and bones and pigskin. Raw material costs constitute almost 50–55% of the total cost in the gelatin industry. The slow declining availability of raw material is, therefore, intensifying the demand for these ingredients in the pharmaceutical industry, thus creating a supply-demand imbalance.

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Pharmaceutical Excipients Market by Product (Organic Chemicals (Carbohyrates, Petrochemicals) inorganic chemicals), Functionality (Fillers, Diluents, Coatings, Disintegrants), Formulation (Tablet, Capsule, Topical, Parenteral) – Global Forecast to 2025

Pharmaceutical Packaging Equipment Market by Product (Aseptic Packaging, Blister, Strip, Bottle, Tube, Cartoning, Case Packer, Wrapping Machine, Palletizing, Labeling & Serialization), Type (Tablet, Powder, Cream, Syrup, Aerosol) – Global Forecast to 2023

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