Pharmaceutical capsule shells (gelatin / HPMC)

Lonza Group AG (Visp, Switzerland; SIX: LONN; ~CHF 6.7B revenue) is the world's largest pharmaceutical and biotech CDMO (Contract Development and Manufacturing Organization). Primary business is biologic drug manufacturing (mammalian cell culture, microbial fermentation) for pharma clients. Manufactured Moderna COVID-19 mRNA. Sold Specialty Ingredients (biocides: benzalkonium chloride, quats) to Arxada in 2021. Capsules and health ingredients division (HPMC and gelatin capsules) is the world's largest hard capsule manufacturer.

Dutch specialty gelatin company (HQ Ghent Belgium / Arnhem Netherlands; subsidiary of Darling Ingredients, NYSE: DAR, HQ Irving TX); world's largest pharmaceutical gelatin producer, supplying the porcine and bovine gelatin used in hard-shell pharmaceutical capsules (including those made by Lonza Capsugel, ACG, and Qualicaps). Rousselot was founded in 1891 in Paris as a gelatin extractor from abattoir byproducts. The same collagen protein extracted from pig and cow hides/bones that becomes Rousselot pharmaceutical-grade gelatin also becomes food gelatin (Jello, gummy bears, marshmallows) and cosmetic collagen (face creams). The pharmaceutical capsule shell enclosing an APAP or ibuprofen tablet is made from the same material as a gummy bear — both from Rousselot's porcine or bovine hide hydrolysis. Darling Ingredients (Irving TX; formerly Darling International) processes animal byproducts globally — its Rousselot division captures the gelatin value from the same carcasses that its other divisions process for grease and protein meal.

Indian pharmaceutical packaging and machinery conglomerate (HQ Mumbai; private family-owned; the Rannvijay family; ~₹8,000 crore revenue); world's 2nd-largest capsule shell manufacturer (ACG Capsules division), alongside manufacturing pharmaceutical blister packaging films, pharmaceutical tablet coating systems, and capsule filling machines. ACG Capsules (Rajkot, Gujarat manufacturing) produces both gelatin and HPMC hard-shell capsules for Indian domestic market and export to EU/US regulated markets. ACG's integration across capsules, packaging films, and capsule filling equipment makes it uniquely positioned to serve the Indian generic pharmaceutical industry (India is the world's largest generic drug producer) with an end-to-end supply chain. ACG's capsule division serves customers including Sun Pharma, Cipla, Dr. Reddy's, and international companies. India's ACG is the primary non-Japanese non-Western alternative to Lonza Capsugel for pharma-grade hard-shell capsules.

Japanese pharmaceutical capsule company (HQ Kizugawa, Nara; Mitsubishi Chemical Group subsidiary); produces pharmaceutical-grade gelatin capsules and Quali-V HPMC (hydroxypropyl methylcellulose) vegetarian capsules. Qualicaps has manufacturing in Japan, Spain (Alcobendas), and the US (Whitsett NC), serving Japanese pharmaceutical majors (Daiichi-Sankyo, Takeda) and European/US pharmaceutical customers. Qualicaps HPMC (Quali-V) is a significant alternative to Lonza Capsugel's Vcaps for vegetarian capsule applications. Mitsubishi Chemical Group (the parent) is a major HPMC producer — the same Japanese chemical company that makes the HPMC polymer that goes into Qualicaps capsule shells also produces specialty resins, synthetic fibers, and advanced materials.

German animal by-products rendering and organic recycling company; parent of Devro since April 2023. SARIA processes animal by-products from European slaughterhouses — blood, bone, hide, feathers, carcasses — into rendered products (tallow, animal feed, biofuels, pet food, gelatin). SARIA's acquisition of Devro is strategically vertical: SARIA collects bovine hides and collagen-rich by-products from European slaughterhouses, and Devro converts that bovine corium into edible collagen casings. Owned by the Rethmann Group (German private family conglomerate; also owns Remondis, one of Europe's largest waste management companies).