PUBLISHER: Fortune Business Insights Pvt. Ltd. | PRODUCT CODE: 1930087
PUBLISHER: Fortune Business Insights Pvt. Ltd. | PRODUCT CODE: 1930087
Empty Capsules Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2026-2034
Growth Factors of empty capsules Market
The global empty capsules market was valued at USD 3.67 billion in 2025 and is projected to grow from USD 3.91 billion in 2026 to USD 6.58 billion by 2034, registering a CAGR of 6.74% during the forecast period. North America dominated the market with a 33.66% share in 2025, supported by high diagnosis and treatment rates, strong preference for capsule-based dosage forms, and rising consumption of dietary supplements.
Empty capsules are shells used to enclose active pharmaceutical ingredients and inert substances. These capsules are commonly manufactured using gelatin, hydroxypropyl methylcellulose (HPMC), starch, or pullulan. The growing adoption of capsule formulations by pharmaceutical manufacturers, increasing nutraceutical demand among the aging population, and expanding use of capsules in cosmeceutical and food industries are key factors driving market growth.
Market Snapshot & Key Highlights
- 2025 Market Size: USD 3.67 billion
- 2026 Market Size: USD 3.91 billion
- 2034 Market Size: USD 6.58 billion
- CAGR: 6.74%
- Leading Region: North America
- Dominant Type: Gelatin capsules
Impact of COVID-19
The COVID-19 pandemic positively influenced the empty capsules market due to increased consumption of dietary supplements such as vitamins and minerals to boost immunity. Major market players witnessed revenue growth during this period. For instance, Natural Capsules Limited reported revenue growth from USD 8.3 million in FY 2019 to USD 10.8 million in FY 2020. Post-pandemic, the market stabilized, with manufacturers focusing on expanding HPMC capsule production for domestic and international markets.
Market Trends
Rising Demand for Liquid-Filled Hard Capsules
A notable trend in the market is the increasing preference for liquid-filled hard capsules (LFHCs) over softgel capsules. Softgel capsules are hygroscopic and prone to degradation during moisture equilibrium. To overcome these limitations, manufacturers are shifting toward hard gelatin and HPMC capsules, which offer better stability, longer shelf life, and resistance to higher temperatures.
For example, in February 2022, CapsCanada received approval for a liquid-filled aspirin capsule, while in March 2021, the company launched a liquid-filled hard capsule manufacturing service in North America. These developments are contributing significantly to market growth.
Market Growth Drivers
Expansion Strategies and New Product Launches
The growing aging population has led to increased prevalence of joint, bone, gastrointestinal, and musculoskeletal disorders, boosting demand for pharmaceutical and nutraceutical products. This trend has encouraged manufacturers to expand production capacities, launch new products, and acquire competitors.
For instance, in December 2022, Vantage Nutrition (ACG Group) acquired AquaCap, strengthening its manufacturing capabilities. Similarly, Vivion (Operio Group) launched new gelatin, HPMC, and pullulan capsules in February 2023, expanding customer offerings.
Rising Demand for Nutraceutical Capsules
Increasing health awareness, preventive healthcare adoption, and post-pandemic immunity concerns have fueled demand for nutraceutical products in capsule form. A large portion of the global population now prefers dietary supplements for long-term health management, boosting demand for vegetarian and HPMC capsules.
According to industry articles, around 77% of American adults consume dietary supplements, and nearly 50% of nutraceutical products in the U.S. and Europe use vegetarian capsules, significantly supporting market growth.
Market Restraint
Rising Raw Material Prices
The market faces challenges due to inflating prices of raw materials, particularly gelatin and HPMC. Increased demand from pharmaceutical, food, and nutraceutical industries, coupled with geopolitical disruptions and high crude oil prices, has raised production costs. For example, HPMC prices in India reached USD 6,015.6 per metric ton in 2022, impacting manufacturers' profit margins.
Segmentation Analysis
By Type
The gelatin segment dominated the market in 2024 due to its widespread pharmaceutical use and manufacturing efficiency. However, HPMC capsules are expected to grow at the highest CAGR owing to their vegetarian nature, low moisture content, stability, and compliance with dietary preferences.
By Functionality
The immediate-release segment led the market with 65.98% share in 2026, driven by high demand for antacids and antibiotics. Sustained and delayed-release capsules are expected to grow at a slower pace due to higher costs and formulation complexities.
By End User
Pharmaceutical companies dominated the market with a 59.13% share in 2026, supported by rising disease prevalence and government incentives. Nutraceutical manufacturers are expected to grow at the fastest rate due to increasing consumer preference for dietary supplements.
Regional Insights
- North America led the market with USD 1.23 billion in 2025 and USD 1.31 billion in 2026, driven by strong capsule preference and supplement consumption.
- Europe held a significant share, influenced by regulatory changes such as the TiO2 ban, encouraging innovation in TiO2-free capsules.
- Asia Pacific is expected to grow rapidly, supported by regulatory approvals and expanding export activities in countries such as China, Japan, and India.
- Latin America and Middle East & Africa are emerging markets with growth supported by improving healthcare infrastructure and manufacturing investments.
Competitive Landscape
The market is consolidated, led by companies such as Lonza, ACG, QUALICAPS, CapsCanada, Natural Capsules Limited, and Nectar Lifesciences. Players are focusing on product innovation, geographic expansion, and TiO2-free capsule development to strengthen their market position.
Conclusion
The global empty capsules market, valued at USD 3.67 billion in 2025, grew to USD 3.91 billion in 2026 and is projected to reach USD 6.58 billion by 2034. Market growth is driven by rising pharmaceutical and nutraceutical demand, technological advancements in capsule delivery, and expanding use of vegetarian capsules. Although raw material price volatility remains a challenge, ongoing innovation, strategic expansions, and increasing healthcare awareness are expected to sustain market growth throughout the forecast period.
By Type, Functionality, End User, and Region
Segmentation By Type
- Gelatin
- Hydroxypropyl Methylcellulose (HPMC)
- Others
By Functionality
- Immediate Release
- Sustained Release
- Delayed Release
By End User
- Pharmaceutical Companies
- Nutraceutical Manufacturers
- Others
By Region
- North America (By Type, By Functionality, By End User, By Country)
- U.S.
- Canada
- Europe (By Type, By Functionality, By End User, By Country/Sub-Region)
- Germany
- France
- U.K.
- Italy
- Spain
- Scandinavia
- Rest of Europe
- Asia Pacific (By Type, By Functionality, By End User, By Country/Sub-Region)
- China
- India
- Japan
- Australia
- Southeast Asia
- Rest of Asia Pacific
- Latin America (By Type, By Functionality, By End User, By Country/Sub-Region)
- Brazil
- Mexico
- Rest of Latin America
- The Middle East & Africa (By Type, By Functionality, By End User, By Country/Sub-Region)
- GCC
- South Africa
- Rest of the Middle East & Africa
Table of Content
1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 3.4. Market Trends
4. Key Insights
- 4.1. Advancements in Empty Capsules
- 4.2. Key Industry Developments- Mergers, Acquisitions & Partnerships
- 4.3. New Product Launches
- 4.4. Impact of COVID-19 on the Market
5. Global Empty Capsules Market Analysis, Insights and Forecast, 2021-2034
- 5.1. Market Analysis, Insights and Forecast - By Type
- 5.1.1. Gelatin
- 5.1.2. Hydroxypropyl Methylcellulose (HPMC)
- 5.1.3. Others
- 5.2. Market Analysis, Insights and Forecast - By Functionality
- 5.2.1. Immediate Release
- 5.2.2. Sustained Release
- 5.2.3. Delayed Release
- 5.3. Market Analysis, Insights and Forecast - By End User
- 5.3.1. Pharmaceutical Companies
- 5.3.2. Nutraceutical Manufacturers
- 5.3.3. Others
- 5.4. Market Analysis, Insights and Forecast - By Region
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia Pacific
- 5.4.4. Latin America
- 5.4.5. Middle East and Africa
6. North America Empty Capsules Market Analysis, Insights and Forecast, 2021-2034
- 6.1. Market Analysis, Insights and Forecast - By Type
- 6.1.1. Gelatin
- 6.1.2. Hydroxypropyl Methylcellulose (HPMC)
- 6.1.3. Others
- 6.2. Market Analysis, Insights and Forecast - By Functionality
- 6.2.1. Immediate Release
- 6.2.2. Sustained Release
- 6.2.3. Delayed Release
- 6.3. Market Analysis, Insights and Forecast - By End User
- 6.3.1. Pharmaceutical Companies
- 6.3.2. Nutraceutical Manufacturers
- 6.3.3. Others
- 6.4. Market Analysis, Insights and Forecast - By Country
- 6.4.1. U.S.
- 6.4.2. Canada
7. Europe Empty Capsules Market Analysis, Insights and Forecast, 2021-2034
- 7.1. Market Analysis, Insights and Forecast - By Type
- 7.1.1. Gelatin
- 7.1.2. Hydroxypropyl Methylcellulose (HPMC)
- 7.1.3. Others
- 7.2. Market Analysis, Insights and Forecast - By Functionality
- 7.2.1. Immediate Release
- 7.2.2. Sustained Release
- 7.2.3. Delayed Release
- 7.3. Market Analysis, Insights and Forecast - By End User
- 7.3.1. Pharmaceutical Companies
- 7.3.2. Nutraceutical Manufacturers
- 7.3.3. Others
- 7.4. Market Analysis, Insights and Forecast - By Country/ Sub-region
- 7.4.1. Germany
- 7.4.2. France
- 7.4.3. U.K.
- 7.4.4. Italy
- 7.4.5. Spain
- 7.4.6. Scandinavia
- 7.4.7. Rest of Europe
8. Asia Pacific Empty Capsules Market Analysis, Insights and Forecast, 2021-2034
- 8.1. Market Analysis, Insights and Forecast - By Type
- 8.1.1. Gelatin
- 8.1.2. Hydroxypropyl Methylcellulose (HPMC)
- 8.1.3. Others
- 8.2. Market Analysis, Insights and Forecast - By Functionality
- 8.2.1. Immediate Release
- 8.2.2. Sustained Release
- 8.2.3. Delayed Release
- 8.3. Market Analysis, Insights and Forecast - By End User
- 8.3.1. Pharmaceutical Companies
- 8.3.2. Nutraceutical Manufacturers
- 8.3.3. Others
- 8.4. Market Analysis, Insights and Forecast - By Country/ Sub-region
- 8.4.1. China
- 8.4.2. India
- 8.4.3. Japan
- 8.4.4. Australia
- 8.4.5. Southeast Asia
- 8.4.6. Rest of Asia Pacific
9. Latin America Empty Capsules Market Analysis, Insights and Forecast, 2021-2034
- 9.1. Market Analysis, Insights and Forecast - By Type
- 9.1.1. Gelatin
- 9.1.2. Hydroxypropyl Methylcellulose (HPMC)
- 9.1.3. Others
- 9.2. Market Analysis, Insights and Forecast - By Functionality
- 9.2.1. Immediate Release
- 9.2.2. Sustained Release
- 9.2.3. Delayed Release
- 9.3. Market Analysis, Insights and Forecast - By End User
- 9.3.1. Pharmaceutical Companies
- 9.3.2. Nutraceutical Manufacturers
- 9.3.3. Others
- 9.4. Market Analysis, Insights and Forecast - By Country/ Sub-region
- 9.4.1. Brazil
- 9.4.2. Mexico
- 9.4.3. Rest of Latin America
10. Middle East & Africa Empty Capsules Market Analysis, Insights and Forecast, 2021-2034
- 10.1. Market Analysis, Insights and Forecast - By Type
- 10.1.1. Gelatin
- 10.1.2. Hydroxypropyl Methylcellulose (HPMC)
- 10.1.3. Others
- 10.2. Market Analysis, Insights and Forecast - By Functionality
- 10.2.1. Immediate Release
- 10.2.2. Sustained Release
- 10.2.3. Delayed Release
- 10.3. Market Analysis, Insights and Forecast - By End User
- 10.3.1. Pharmaceutical Companies
- 10.3.2. Nutraceutical Manufacturers
- 10.3.3. Others
- 10.4. Market Analysis, Insights and Forecast - By Country/ Sub-region
- 10.4.1. GCC
- 10.4.2. South Africa
- 10.4.3. Rest of MEA
11. Competitive Analysis
- 11.1. Global Market Share Analysis (2025)
- 11.2. Company Profiles
- 11.2.1. Lonza
- 11.2.1.1. Overview
- 11.2.1.2. Products
- 11.2.1.3. SWOT Analysis
- 11.2.1.4. Recent Developments
- 11.2.1.5. Strategies
- 11.2.1.6. financials (Based on Availability)
- 11.2.2. ACG
- 11.2.2.1. Overview
- 11.2.2.2. Products
- 11.2.2.3. SWOT Analysis
- 11.2.2.4. Recent Developments
- 11.2.2.5. Strategies
- 11.2.2.6. financials (Based on Availability)
- 11.2.3. QUALICAPS
- 11.2.3.1. Overview
- 11.2.3.2. Products
- 11.2.3.3. SWOT Analysis
- 11.2.3.4. Recent Developments
- 11.2.3.5. Strategies
- 11.2.3.6. financials (Based on Availability)
- 11.2.4. CapsCanada
- 11.2.4.1. Overview
- 11.2.4.2. Products
- 11.2.4.3. SWOT Analysis
- 11.2.4.4. Recent Developments
- 11.2.4.5. Strategies
- 11.2.4.6. financials (Based on Availability)
- 11.2.5. NATURAL CAPSULES LIMITED
- 11.2.5.1. Overview
- 11.2.5.2. Products
- 11.2.5.3. SWOT Analysis
- 11.2.5.4. Recent Developments
- 11.2.5.5. Strategies
- 11.2.5.6. financials (Based on Availability)
- 11.2.6. Nectar Lifesciences Ltd.
- 11.2.6.1. Overview
- 11.2.6.2. Products
- 11.2.6.3. SWOT Analysis
- 11.2.6.4. Recent Developments
- 11.2.6.5. Strategies
- 11.2.6.6. financials (Based on Availability)
- 11.2.7. HealthCaps India Ltd.
- 11.2.7.1. Overview
- 11.2.7.2. Products
- 11.2.7.3. SWOT Analysis
- 11.2.7.4. Recent Developments
- 11.2.7.5. Strategies
- 11.2.7.6. financials (Based on Availability)
- 11.2.8. Sunil Healthcare Limited.
- 11.2.8.1. Overview
- 11.2.8.2. Products
- 11.2.8.3. SWOT Analysis
- 11.2.8.4. Recent Developments
- 11.2.8.5. Strategies
- 11.2.8.6. financials (Based on Availability)
- 11.2.9. Bright Pharma Caps
- 11.2.9.1. Overview
- 11.2.9.2. Products
- 11.2.9.3. SWOT Analysis
- 11.2.9.4. Recent Developments
- 11.2.9.5. Strategies
- 11.2.9.6. financials (Based on Availability)
- 11.2.10. Other Prominent Players
- 11.2.10.1. Overview
- 11.2.10.2. Products
- 11.2.10.3. SWOT Analysis
- 11.2.10.4. Recent Developments
- 11.2.10.5. Strategies
- 11.2.10.6. financials (Based on Availability)
- 11.2.1. Lonza
List of Tables
- Table 01: Global Empty Capsules Market Revenue (USD billion) Forecast, By Type, 2021-2034
- Table 02: Global Empty Capsules Market Revenue (USD billion) Forecast, By Functionality, 2021-2034
- Table 03: Global Empty Capsules Market Revenue (USD billion) Forecast, By End User, 2021-2034
- Table 04: Global Empty Capsules Market Revenue (USD billion) Forecast, By Region, 2021-2034
- Table 05: North America Empty Capsules Market Revenue (USD billion) Forecast, By Type, 2021-2034
- Table 06: North America Empty Capsules Market Revenue (USD billion) Forecast, By Functionality, 2021-2034
- Table 07: North America Empty Capsules Market Revenue (USD billion) Forecast, By End User, 2021-2034
- Table 08: North America Empty Capsules Market Revenue (USD billion) Forecast, By Country, 2021-2034
- Table 09: Europe Empty Capsules Market Revenue (USD billion) Forecast, By Type, 2021-2034
- Table 10: Europe Empty Capsules Market Revenue (USD billion) Forecast, By Functionality, 2021-2034
- Table 11: Europe Empty Capsules Market Revenue (USD billion) Forecast, By End User, 2021-2034
- Table 12: Europe Empty Capsules Market Revenue (USD billion) Forecast, By Country/Sub-region, 2021-2034
- Table 13: Asia Pacific Empty Capsules Market Revenue (USD billion) Forecast, By Type, 2021-2034
- Table 14: Asia Pacific Empty Capsules Market Revenue (USD billion) Forecast, By Functionality, 2021-2034
- Table 15: Asia Pacific Empty Capsules Market Revenue (USD billion) Forecast, By End User, 2021-2034
- Table 16: Asia Pacific Empty Capsules Market Revenue (USD billion) Forecast, By Country/Sub-region, 2021-2034
- Table 17: Latin America Empty Capsules Market Revenue (USD billion) Forecast, By Type, 2021-2034
- Table 18: Latin America Empty Capsules Market Revenue (USD billion) Forecast, By Functionality, 2021-2034
- Table 19: Latin America Empty Capsules Market Revenue (USD billion) Forecast, By End User, 2021-2034
- Table 20: Latin America Empty Capsules Market Revenue (USD billion) Forecast, By Country/Sub-region, 2021-2034
- Table 21: Middle East & Africa Empty Capsules Market Revenue (USD billion) Forecast, By Type, 2021-2034
- Table 22: Middle East & Africa Empty Capsules Market Revenue (USD billion) Forecast, By Functionality, 2021-2034
- Table 23: Middle East & Africa Empty Capsules Market Revenue (USD billion) Forecast, By End User, 2021-2034
- Table 24: Middle East & Africa Empty Capsules Market Revenue (USD billion) Forecast, By Country/Sub-region, 2021-2034
List of Figures
- Figure 01: Global Empty Capsules Market Revenue Breakdown (USD billion, %) by Region, 2025 & 2034
- Figure 02: Global Empty Capsules Market Revenue Share (%), By Type, 2025 & 2034
- Figure 03: Global Empty Capsules Market Revenue Share (%), By Functionality, 2025 & 2034
- Figure 04: Global Empty Capsules Market Revenue Share (%), By End User, 2025 & 2034
- Figure 05: Global Empty Capsules Market Value (USD billion), By Region, 2025 & 2034
- Figure 06: North America Empty Capsules Market Value (USD billion), by Type, 2025 & 2034
- Figure 07: North America Empty Capsules Market Value Share (%), by Type, 2023
- Figure 08: North America Empty Capsules Market Value (USD billion), by Functionality, 2025 & 2034
- Figure 09: North America Empty Capsules Market Value Share (%), by Functionality, 2023
- Figure 10: North America Empty Capsules Market Value (USD billion), by End User, 2025 & 2034
- Figure 11: North America Empty Capsules Market Value Share (%), by End User, 2023
- Figure 12: North America Empty Capsules Market Value (USD billion), by Country, 2025 & 2034
- Figure 13: North America Empty Capsules Market Value Share (%), by Country, 2023
- Figure 14: Europe Empty Capsules Market Value (USD billion), by Type, 2025 & 2034
- Figure 15: Europe Empty Capsules Market Value Share (%), by Type, 2023
- Figure 16: Europe Empty Capsules Market Value (USD billion), by Functionality, 2025 & 2034
- Figure 17: Europe Empty Capsules Market Value Share (%), by Functionality, 2023
- Figure 18: Europe Empty Capsules Market Value (USD billion), by End User, 2025 & 2034
- Figure 19: Europe Empty Capsules Market Value Share (%), by End User, 2023
- Figure 20: Europe Empty Capsules Market Value (USD billion), by Country/Sub-region, 2025 & 2034
- Figure 21: Europe Empty Capsules Market Value Share (%), by Country/Sub-region, 2023
- Figure 22: Asia Pacific Empty Capsules Market Value (USD billion), by Type, 2025 & 2034
- Figure 23: Asia Pacific Empty Capsules Market Value Share (%), by Type, 2023
- Figure 24: Asia Pacific Empty Capsules Market Value (USD billion), by Functionality, 2025 & 2034
- Figure 25: Asia Pacific Empty Capsules Market Value Share (%), by Functionality, 2023
- Figure 26: Asia Pacific Empty Capsules Market Value (USD billion), by End User, 2025 & 2034
- Figure 27: Asia Pacific Empty Capsules Market Value Share (%), by End User, 2023
- Figure 28: Asia Pacific Empty Capsules Market Value (USD billion), by Country/Sub-region, 2025 & 2034
- Figure 29: Asia Pacific Empty Capsules Market Value Share (%), by Country/Sub-region, 2023
- Figure 30: Latin America Empty Capsules Market Value (USD billion), by Type, 2025 & 2034
- Figure 31: Latin America Empty Capsules Market Value Share (%), by Type, 2023
- Figure 32: Latin America Empty Capsules Market Value (USD billion), by Functionality, 2025 & 2034
- Figure 33: Latin America Empty Capsules Market Value Share (%), by Functionality, 2023
- Figure 34: Latin America Empty Capsules Market Value (USD billion), by End User, 2025 & 2034
- Figure 35: Latin America Empty Capsules Market Value Share (%), by End User, 2023
- Figure 36: Latin America Empty Capsules Market Value (USD billion), by Country/Sub-region, 2025 & 2034
- Figure 37: Latin America Empty Capsules Market Value Share (%), by Country/Sub-region, 2023
- Figure 38: Middle East & Africa Empty Capsules Market Value (USD billion), by Type, 2025 & 2034
- Figure 39: Middle East & Africa Empty Capsules Market Value Share (%), by Type, 2023
- Figure 40: Middle East & Africa Empty Capsules Market Value (USD billion), by Functionality, 2025 & 2034
- Figure 41: Middle East & Africa Empty Capsules Market Value Share (%), by Functionality, 2023
- Figure 42: Middle East & Africa Empty Capsules Market Value (USD billion), by End User, 2025 & 2034
- Figure 43: Middle East & Africa Empty Capsules Market Value Share (%), by End User, 2023
- Figure 44: Middle East & Africa Empty Capsules Market Value (USD billion), by Country/Sub-region, 2025 & 2034
- Figure 45: Middle East & Africa Empty Capsules Market Value Share (%), by Country/Sub-region, 2023
- Figure 46: Global Empty Capsules Market Share (%), By Company, 2023
