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the US. This is more than any other single dosage form, suggesting that capsules are the "go-to" choice for dietary supplements in the US. Dietary supplement categories Dietary supplements can be broadly categorized as vita- mins, minerals, herbals, probiotics, amino acids, and omega fatty acids, as shown in Figure 2. Analysis of all these categories based on data from the US FDA's Dietary Supplements Label Database (DSLD) reveals that approxi- mately 50,000 dietary supplement capsule, softgel, tablet, powder, liquid, gummy, and packet products are available [5]. Most of these products are various dosage forms of amino acids, herbals, single vitamins, multi-vitamins, single minerals, and multi-minerals. The product categories in which capsule products are available are shown in Table 1. market, presenting significant growth opportunities for local players [3]. Additionally, the Council for Responsible Nutrition reports that about 76 percent of US adults take some form of health dietary supplement [4]. In this highly competitive market, most dietary sup- plement manufacturers offer large product portfolios and launch multiple products every year. When bringing a new product to market, nutraceutical companies must identify the most suitable oral delivery form by consider- ing factors such as ease of swallowing, taste, odor, size, and adherence. Manufacturers predominantly choose tablets, capsules, gummies, powders, and liquids, and each has its own set of benefits and drawbacks related to product size and consumer preference [5]. However, as Figure 1 shows, each year for the last 5 years, about 3,000 to 3,200 capsule-based products were launched in Figure 1 Year-on-year launch of capsule products in the US between 2011 and 2018 4000 3500 3000 2500 2000 1500 1000 500 0 2011 2012 2013 2014 2015 2016 2017 2018 633 3095 633 6310 2462 8908 3215 11742 2598 2834 3337 3436 15079 18515 21000 Source: DSLD website; ACG analysis Figure 2 Dietary supplement categories Source: EY white paper; Frost & Sullivan-FICCI; DSLD website; ACG analysis Dietary supplements Vitamins and mineral supplements Vitamins Ayurvedic extracts Minerals Algal extracts Plant extracts Herbal supplements Women and men's health Protein supplements Amino acids Protein powders Sports nutrition Functional foods Omega fatty acids Probiotic foods Iodinated salt Indicates a segment where capsules are present as a dosage form 32D October 2018 Tablets & Capsules