Capsugel: One of the largest capsules companies in world, owned now by Lonza.
https://www.capsugel.com/news/lonza-expands-its-capsule-manufacturing-capacity
As per this report of Octo 2020, capsugel to expand capacity BY 30 bn capsules annually.
So capsugel might have 200-250 b annual capacity.
Taken from a 2017 report : https://research-doc.credit-suisse.com/docView?language=ENG&format=PDF&sourceid=emgpm&document_id=1079649151&serialid=aztLd0UKP8076uzL%2BfOF%2FcoZg3Q98vtCkNlxwZDqP%2Fs%3D&cspId=null
Capsugel is definitely advanced compared to Natural capsules. It has turnover of 1.5 b SFR and was sold to lonza at 5 b USD in 2016. Margins are consistent in the range of 20-25%.
Natural capsules has 1/20 to 1/25 capacity compared to capsugel.
Market appears big enough.