Transparency Market Research has recently published a new research report that talks about the overall landscape of the global empty capsules market.
Transparency Market Research has recently published a new research report that talks about the overall landscape of the global empty capsules market. The research report tries to cover the landscape of the global market over the course of the forecast period ranging from 2019 to 2027. The research report tries to provide key details on various aspects of the global empty capsules market such as application, functionality, type of product, end user, and regional segmentation.
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According to the research report published by Transparency Market Research, the global empty capsules market is expected to showcase a healthy CAGR of 7% over the course of the given forecast period ranging from 2019 to 2027. Given the rate of growth, the global market is expected to reach US$ 3.7 Bn by the fall of 2027. The market was initially valued at US$ 1.9 Bn in 2018.
Based on application, the global market is being dominated by the vitamin and dietary supplements segment. The segment accounted for a majority of the market share in 2018 and is expected to do so over the course of the forecast period. Increasing adoption of preventive care measures among the population is estimated to drive the vitamin & dietary supplements segment during the forecast period. Increasing investments by key players in vitamin & dietary supplements and favorable trade policies for the import and export of dietary supplements are anticipated to propel the vitamin & dietary supplements segment during the forecast period.
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Porcine Segment Likely to Continue Leading Market
Based on source, the porcine segment accounted for a major share of the global empty capsules market, in terms of value, in 2018. The segment is likely to expand at a moderate CAGR during the forecast period. Porcine is a widely-used source of gelatin due to the abundant availability and extended applications of this source in healthcare and nutraceutical industries. However, pharmaceutical and nutraceutical companies are switching to the use of bovine gelatin in their products, in order to expand their geographic presence to countries with ethical beliefs and restrictions that restrain the use of porcine products. This factor is a major driver of the empty capsules market. Furthermore, the demand for bovine gelatin has increased at a steady pace, due to the high protein content (compared to other gelatin derivatives) and hygienic nature of bovine-derived products as compared to chicken and porcine derivatives.
Social Obligations May Hinder Market Growth
The main source of manufacturing empty capsules is gelatin. Gelatin is obtained from the tissues, skin, and bones of domestic animals such as pigs (porcine gelatin), marine animals (marine gelatin), chicken (chicken gelatin), ox, and other cattle (bovine gelatin). Porcine and bovine are extensively utilized sources of gelatin to manufacture empty capsules. On the other hand, other sources for the manufacture of empty capsules include marine gelatin. Therefore, the marine segment is expected to expand at a steady growth rate during the forecast period, due to distinct advantages of marine gelatin over bovine and porcine gelatin (less threat of disease transmission as compared to that in bovine and porcine gelatin, and ease of manufacture), and abundant availability of raw materials.
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However, social and ethical obligations (prohibition of use of animal products in religions) are likely to restrain the adoption of these products during the forecast period.
Well-documented synthesis of standard capsules is considerably inexpensive than natural sources. This imposes a pricing pressure on major empty capsule manufacturers, thereby increasing the prices of these empty capsules. The dominance of local players offering a wide range of empty capsules at lower rates hampers the geographic expansion of major players in a particular region, and consequently, restrains the empty capsule market.
Prominent empty capsule players operating in the global empty capsules market include ACG Worldwide, Capsugel, Qualicaps, HealthCaps India Ltd, Natural Capsules Limited, CapsCanada Corporation, Roxlor, Qingdao, and Yiqing Medicinal Capsules Co., Ltd
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