Liquid Filled Capsule Market Outlook from 2024 to 2034

The global liquid filled capsule market is expected to rise at a CAGR of 2.9% in the forecast period 2024 to 2034. The market value is projected to increase from US$ 1,587.1 million in 2024 to US$ 2,113.9 million in 2034. The liquid filled capsule market was valued at US$ 1,548.2 million in 2023.

Attributes Key Insights
Base Value, 2023 US$ 1,548.2 million
Estimated Global Liquid Filled Capsule Market Size (2024E) US$ 1,587.1 million
Projected Liquid Filled Capsule Market Value (2034F) US$ 2,113.9 million
Value-based CAGR (2024 to 2034) 2.9%

Growing consumer attention on health & wellness and general awareness of the benefits of dietary supplements and healthier lifestyles are propelling the market. Liquid capsule formulations are easier to swallow and absorb more quickly in the body than tablet formulations. Hence, liquid-filled capsules are becoming increasingly popular as dietary supplements in the nutraceutical industry.

The production of liquid-filled capsules is now consistent and efficient due to advancements in precision and automation in modern encapsulation machines. This guarantees consistent dosage and quality of capsules.

The market for liquid capsule-filling machines is further expected to surge due to rising healthcare costs, population growth, and adoption of liquid filled capsules. The machines' low maintenance requirements and rising disposable income are anticipated to help fuel the market value.

Other factors influencing liquid-filled capsule market expansion include the growing requirement for product standardization, the need for acceptable hygiene, and the increasing use of automated & sophisticated technology. Furthermore, the market for liquid capsule-filled capsules is projected to rise due to ongoing technological advancements.

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2019 to 2023 Global Liquid Filled Capsule Market Outlook Vs. 2024 to 2034

The global liquid-filled capsule market recorded a historical CAGR of 2.5% from 2019 to 2023. In 2023, the market attained a valuation of US$ 1,548.2 million.

The market for liquid-filled capsules has grown as a result of the expansion of the nutraceutical industry. Vitamins, minerals, and other nutritional supplements are frequently delivered in liquid-filled capsule form, which is in line with the rising consumer interest in health & wellness.

Improvements in encapsulation techniques and quality control procedures, among other advancements in capsule manufacturing technology, have increased the productivity and dependability of creating liquid-filled capsules. By achieving quality requirements and enhancing production capacities, this has helped the market to flourish.

Liquid-filled capsules have become widely used due to the requirement for specific drug delivery methods and the movement toward personalized medicine. These capsules provide customization in terms of dosages, combinations, and release profiles to cater to the specific needs of each patient.

Higher-quality liquid-filled capsules have resulted from improvements in the accuracy and efficiency of the encapsulation process brought about by advancements in capsule manufacturing technologies. The use of substitute materials for capsule shells has increased, particularly to satisfy the needs of vegetarian and vegan customers. Alternatives to conventional gelatin, such as plant-based gelatin, are gaining traction in the market.

Insights into Lucrative Opportunities Propelling Liquid Filled Capsule Market

  • To boost sales, producers of liquid-filled capsules are broadening their product offerings, such as vegan liquid-filled capsules, with improved features like faster disintegration and greater resistance to stomach acids.
  • Companies are manufacturing diverse types of vegetarian liquid-filled capsules, such as pullulan, starch, and HPMC capsules. This is projected to result in greater product personalization in the nutraceutical, pharmaceutical, and cosmeceutical industries, which is estimated to be a lucrative opportunity for manufacturers.
  • Several companies are limiting their product portfolio to hard and soft gelatin capsules. They are set to expect incremental growth opportunities if these companies expand their product portfolio with liquid-filled capsules, vegetarian capsules, and other plant-sourced gelatin capsules.
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Sabyasachi Ghosh

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Liquid Filled Capsule Market Trends

  • The need for novel drug delivery systems, such as liquid-filled capsules, has been fueled by the expansion of the pharmaceutical and nutraceutical industries.
  • For medications and supplements where bioavailability is a crucial component, liquid-filled capsules are preferred by consumers.
  • Personalized medicine is becoming very popular, and liquid-filled capsules offer a practical and adaptable means of delivering particular medication dosages or combinations.
  • The formulation of liquid-filled capsules has been influenced by consumer preferences for natural and plant-based products, focusing on employing sustainable and natural components.
  • Specialized liquid-filled capsules with controlled release characteristics, stability, and extended shelf life have been made possible by improvements in capsule production technology and formulations.

Restraining Factors in the Liquid Filled Capsule Market

  • The price of raw materials is set to affect the final cost of producing liquid-filled capsules, particularly if they are specialized or alternative capsule materials.
  • Compared to conventional solid dosage forms, producing liquid-filled capsules is estimated to be more complex, which is set to provide manufacturing difficulties.
  • Getting new formulations approved and meeting strict regulatory criteria is anticipated to take time, which is anticipated to delay the release of liquid-filled capsule products.
  • Liquid formulations are set to be more prone to problems with stability, like the deterioration of active components over time. Stimulating the stability and long shelf life of liquid-filled capsules is projected to be difficult.

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Country-wise Insights

The table below shows the estimated growth rates of the top five countries. Japan, China, and India are set to record high CAGRs of 7.4%, 7.0%, and 5.7%, respectively, through 2034.

Countries Value CAGR
United States 3.7%
China 7.0%
India 5.7%
Japan 7.4%
Germany 4.8%

Favorable Regulatory Environment Attracting Manufacturers in the United States

The United States dominated the global market with a 33.3% share in 2023. The regulatory environment in the United States significantly impacts the liquid-filled capsule market.

The Food and Drug Administration (FDA) of the United States established stringent regulatory standards for pharmaceuticals and healthcare products. The regulatory framework ensures that drugs and dosage forms, including liquid-filled capsules, are safe, effective, and high quality.

Consumers and healthcare professionals have confidence in the safety and quality of pharmaceutical products because of the FDA's rigorous approval process and adherence to Good Manufacturing Practices (GMP). The United States' reputation for manufacturing high-quality pharmaceuticals is attributed to its strong regulatory framework, which draws domestic and foreign pharmaceutical companies to invest in and support the market.

Rising demand has been witnessed in the United States nutraceutical market, driven by product innovation and less stringent regulatory hurdles than those mandated for the pharmaceutical industry in other Western economies. Hence, the growing demand in the nutraceutical space is expected to drive the market for liquid filled capsules in the forecast period.

Growing Demand for Pharmaceutical Products in China to Gain Traction

China has implemented extensive healthcare reforms to increase the quality of medical care, easy access to healthcare services, and foster innovation in the pharmaceutical industry. The demand for pharmaceutical products, particularly innovative drug delivery systems like liquid-filled capsules, is rising.

It is due to the expansion of healthcare coverage and focus on preventative care. Pharmaceutical firms in China are launching novel dosage forms to address the changing demands of the populace regarding healthcare.

Rising Investment in Research and Development to Propel the Market in India

In India, the cost-effectiveness of manufacturing pharmaceutical products, including liquid-filled capsules, is a key factor influencing the market. India is renowned for its ability to produce innovative capsule delivery systems and generic medications at a low cost of production.

The cost benefits in the market result from cheaper labor, accessible raw materials, and effective production methods. India-based pharmaceutical companies are making significant research and development investments to expand their product lines and provide cutting-edge dosage forms, such as liquid-filled capsules, at competitive pricing.

Increasing Pharmaceutical Regulations in Japan to Play a Key Role in the Market

Japan’s pharmaceutical industry increasingly uses cutting-edge drug delivery techniques to improve patient compliance and medication efficacy. For certain formulations, liquid-filled capsules are estimated to be the better option.

Pharmaceutical regulations in Japan are quite stringent. Companies involved in the liquid-filled capsule business must abide by these rules.

Consumers typically prioritize safe and high-quality products in Japan. To achieve consumer expectations, manufacturers in the liquid-filled capsule market must guarantee product quality, stability, and adherence to safety regulations.

Growing Use of Cutting-edge Technology in Germany to Spur Market by 2034

Germany’s liquid filled capsule market is positively influenced by cutting-edge technologies in capsule manufacturing. Manufacturers are enhancing encapsulation procedures and quality control techniques to guarantee product quality and consistency of their product in the market.

Sustainability of the environment is a key priority among companies in Germany. Companies in the liquid-filled capsule market are directing toward eco-friendly packaging solutions and materials to comply with the nation's environmental objectives.

Category-wise Insights

The below section shows the softgel capsule segment dominating by product type. It is expected to surge at a CAGR of 2.7% by 2034. Based on raw material, the gelatin segment is anticipated to hold the dominant share through 2024. It is projected to rise at a CAGR of 2.6% through 2034.

Segment Value CAGR
Gelatin (Raw Material) 2.6%
Pharmaceutical Companies (End-user) 2.1%
Vitamin and Dietary Supplements (Application) 2.1%
Softgel Capsules (Products) 2.7%

Softgel Capsules to Hold Prominent Market Share Through 2034

Softgel capsules dominated the global market with a 67.6% market share in 2023. Softgel capsules provide improved bioavailability, ease of swallowing, and compatibility with several formulations. Consumers favor softgel capsules due to their smooth texture and perceived effectiveness, which makes them a popular option for pharmaceutical, nutraceutical, and cosmetic products.

Softgel capsules also offer efficient packaging that shields the contents from outside influences like moisture and light. This enhances the encapsulated product's stability and shelf life. Consumers are expected to find softgel capsules simpler to swallow than tablets or hard capsules, which is anticipated to drive softgel capsule sales.

Gelatin Segment to Lead the Raw Material Category in the Market

Gelatin dominated the global market with a 73.4% market share in 2023. The segment is projected to continue experiencing high growth throughout the forecast period.

The key ingredient used in producing liquid filled capsules is gelatin made from animal collagen. Gelatin contributes to the liquid-filled capsules' stability and longer shelf life by acting as an efficient barrier to shield the encapsulated substance from external influences.

With the rise of vegan trend, consumers are looking for vegan alternatives to liquid filled capsules made from gelatin. Manufacturers are adopting alternatives such as hydroxypropyl methylcellulose (HPMC) to accommodate consumers' dietary requirements.

Competitive Landscape

The market for liquid filled capsules is quite fragmented with several leading competitors. Key players are directed toward growth strategies such as partnerships, collaborations, product launches, acquisitions, and mergers to satisfy customer demand and grow their clientele.

For instance,

  • In April 2022, Aenova constructed a new capsule/structure for highly potent active substances at Regensburg.
  • In March 2021, Scholle IPN acquired Bossar Packaging Pvt. Ltd, a United States-based manufacturer of bag-in-box packaging products.

Report Scope

Attribute Details
Estimated Value (2024) US$ 1,587.1 million
Projected Value (2034) US$ 2,113.9 million
Anticipated Growth Rate (2024 to 2034) 2.9%
Forecast Period 2024 to 2034
Historical Data Available for 2019 to 2023
Market Analysis US$ million for Value
Key Regions Covered North America, Latin America, South Asia and Pacific, East Asia, Western Europe, Eastern Europe, Middle East and Africa
Key Countries Covered United States, Canada, Mexico, Brazil, Chile, China, Japan, South Korea, India, Association of Southeast Asian Nations, Australia and New Zealand, Germany, Italy, France, United Kingdom, Spain, BENELUX, Nordic Countries, Russia, Hungary, Poland, Saudi Arabia, Türkiye, South Africa, Other African Union.
Key Market Segments Covered Product, Raw Material, Application, End-user, and Region
Key Companies Profiled
  • Lonza Capsules & Health Ingredients
  • Aenova Group
  • Fuji Capsule Co., Ltd
  • Catalent, Inc.
  • EuroCaps Ltd
  • Guangdong Yichao Biotechnology Co., Ltd.
  • Captek Softgel International Inc.
  • Soft Gel Technologies Inc.
  • Thermo Fisher Scientific Inc. (Patheon)
  • Delpharm Evreux
  • Curtis Health Caps
  • CapsCanada
  • Altasciences
  • Fermentis Life Sciences
  • ACG
  • Sunil Healthcare Limited
  • Ascendia Pharmaceuticals
  • LIQUIDCAPSULE MANUFACTURING LLC
  • SMPNutra.com
Report Coverage Market Forecast, Competition Intelligence, Drivers, Restraints, Opportunities, Trends Analysis, Market Dynamics and Challenges, Strategic Growth Initiatives

Liquid Filled Capsule Industry Segmentation by Category

By Product:

  • Hardgel Capsules
  • Softgel Capsules

By Raw Material:

  • Gelatin
  • Hypromellose Capsules (HPMC)

By Application:

  • Cough and Cold Preparations
  • Cardiovascular Therapy Drugs
  • Health Supplements
  • Vitamin and Dietary Supplements
  • Other Therapeutic Applications

By End-user:

  • Pharmaceutical Companies
  • Nutraceutical Companies
  • Cosmeceutical Companies
  • Contract Manufacturing Organizations

By Region:

  • North America
  • Latin America
  • East Asia
  • South Asia and Pacific
  • Western Europe
  • Eastern Europe
  • Middle East and Africa

Frequently Asked Questions

How big was the global market in 2023?

The market was valued at US$ 1,548.2 million in 2023.

What is the global market’s projected value for 2034?

The global market is set to reach a valuation of US$ 2,113.9 million in 2034.

Which product segment contributes more to the liquid filled capsule market?

The softgel capsules segment held 67.6% share of the global market in 2022.

What was the last 8 years’ CAGR for the global market?

Demand in the global market increased at a 2.5% CAGR from 2019 to 2023.

What value is the global market estimated to reach by 2024?

The global market is estimated to reach around US$ 1,587.1 million by 2024.

What is the United States market outlook?

The United States accounted for a 33.3% share of the global market in 2023.

Table of Content

1. Executive Summary

    1.1. Global Market Outlook

    1.2. Demand Side Trends

    1.3. Supply Side Trends

    1.4. Analysis and Recommendations

2. Market Overview

    2.1. Market Coverage / Taxonomy

    2.2. Market Definition / Scope / Limitations

    2.3. Inclusion and Exclusions

3. Key Market Trends

    3.1. Key Trends Impacting the Market

    3.2. Innovation / Development Trends

4. Value Added Insights

    4.1. Product Adoption / Usage Analysis, By Region

    4.2. Product USPs / Features (Product Mapping)

    4.3. Regulatory Scenario

    4.4. Key Strategies, by Manufacturers

    4.5. PESTLE Analysis, by Region

    4.6. Porter’s analysis

5. Market Background

    5.1. Macro-Economic Factors

        5.1.1. Global Healthcare Spending Outlook

        5.1.2. Global Pharmaceutical Spending Outlook

        5.1.3. Global Parent Market Outlook

    5.2. Forecast Factors - Relevance and Impact

        5.2.1. Top Companies Historical Growth

        5.2.2. Advancements In Manufacturing Technology

        5.2.3. Introduction Of New Materials

        5.2.4. Focus On Developing Non-gelatin-based Capsules

        5.2.5. Technical Benefits For Manufacturers And Suppliers

        5.2.6. Reduction In Animal Stock Waste

        5.2.7. Strategic Collaborations Among Players

    5.3. Market Dynamics

        5.3.1. Drivers

        5.3.2. Restraints

        5.3.3. Opportunity Analysis

6. Global Market Demand (in Value or Size in US$ million) Analysis 2019 to 2023 and Forecast, 2024 to 2034

    6.1. Historical Market Value (US$ million) Analysis, 2019 to 2023

    6.2. Current and Future Market Value (US$ million) Projections, 2024 to 2034

        6.2.1. Y-o-Y Growth Trend Analysis

        6.2.2. Absolute $ Opportunity Analysis

    6.3. Revenue Opportunity Scenario

7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Product

    7.1. Introduction / Key Findings

    7.2. Historical Market Size (US$ million) Analysis by Product, 2019 to 2023

    7.3. Current and Future Market Size (US$ million) Analysis and Forecast by Product, 2024 to 2034

        7.3.1. Hardgel Capsules

        7.3.2. Softgel Capsules

    7.4. Market Attractiveness Analysis by Product

8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Raw Material

    8.1. Introduction / Key Findings

    8.2. Historical Market Size (US$ million) Analysis by Raw Material, 2019 to 2023

    8.3. Current and Future Market Size (US$ million) Analysis and Forecast by Raw Material, 2024 to 2034

        8.3.1. Gelatin

        8.3.2. Hypromellose Capsules (HPMC)

    8.4. Market Attractiveness Analysis by Raw Material

9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application

    9.1. Introduction / Key Findings

    9.2. Historical Market Size (US$ million) Analysis by Application, 2019 to 2023

    9.3. Current and Future Market Size (US$ million) Analysis and Forecast by Application, 2024 to 2034

        9.3.1. Cough and Cold Preparations

        9.3.2. Cardiovascular Therapy Drugs

        9.3.3. Health Supplements

        9.3.4. Vitamin and Dietary Supplements

        9.3.5. Other Therapeutic Applications

    9.4. Market Attractiveness Analysis by Application

10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End-user

    10.1. Introduction / Key Findings

    10.2. Historical Market Size (US$ million) Analysis by End-user, 2019 to 2023

    10.3. Current and Future Market Size (US$ million) Analysis and Forecast by End-user, 2024 to 2034

        10.3.1. Pharmaceutical Companies

        10.3.2. Nutraceutical Companies

        10.3.3. Cosmeceutical Companies

        10.3.4. Contract Manufacturing Organizations

    10.4. Market Attractiveness Analysis by End-user

11. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region

    11.1. Introduction

    11.2. Historical Market Size (US$ million) Analysis by Region, 2019 to 2023

    11.3. Current and Future Market Size (US$ million) Analysis and Forecast by Region, 2024 to 2034

        11.3.1. North America

        11.3.2. Latin America

        11.3.3. East Asia

        11.3.4. South Asia and Pacific

        11.3.5. Western Europe

        11.3.6. Eastern Europe

        11.3.7. Middle East and Africa

    11.4. Market Attractiveness Analysis by Region

12. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034

    12.1. Introduction

    12.2. Historical Market Size (US$ million) Analysis by Market Taxonomy, 2019 to 2023

    12.3. Current and Future Market Size (US$ million) Analysis and Forecast by Market Taxonomy, 2024 to 2034

        12.3.1. By Country

            12.3.1.1. United States

            12.3.1.2. Canada

            12.3.1.3. Mexico

        12.3.2. By Product

        12.3.3. By Raw Material

        12.3.4. By Application

        12.3.5. By End-user

    12.4. Market Attractiveness Analysis

        12.4.1. By Country

        12.4.2. By Product

        12.4.3. By Raw Material

        12.4.4. By Application

        12.4.5. By End-user

    12.5. Market Trends

    12.6. Key Market Participants - Intensity Mapping

    12.7. Drivers and Restraints - Impact Analysis

    12.8. Country Level Analysis and Forecast

        12.8.1. United States Market

            12.8.1.1. Introduction

            12.8.1.2. Market Analysis and Forecast by Market Taxonomy

                12.8.1.2.1. By Product

                12.8.1.2.2. By Raw Material

                12.8.1.2.3. By Application

                12.8.1.2.4. By End-user

        12.8.2. Canada Market

            12.8.2.1. Introduction

            12.8.2.2. Market Analysis and Forecast by Market Taxonomy

                12.8.2.2.1. By Product

                12.8.2.2.2. By Raw Material

                12.8.2.2.3. By Application

                12.8.2.2.4. By End-user

        12.8.3. Mexico Market

            12.8.3.1. Introduction

            12.8.3.2. Market Analysis and Forecast by Market Taxonomy

                12.8.3.2.1. By Product

                12.8.3.2.2. By Raw Material

                12.8.3.2.3. By Application

                12.8.3.2.4. By End-user

13. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034

    13.1. Introduction

    13.2. Historical Market Size (US$ million) Analysis by Market Taxonomy, 2019 to 2023

    13.3. Current and Future Market Size (US$ million) Analysis and Forecast by Market Taxonomy, 2024 to 2034

        13.3.1. By Country

            13.3.1.1. Brazil

            13.3.1.2. Chile

            13.3.1.3. Rest of Latin America

        13.3.2. By Product

        13.3.3. By Raw Material

        13.3.4. By Application

        13.3.5. By End-user

    13.4. Market Attractiveness Analysis

        13.4.1. By Country

        13.4.2. By Product

        13.4.3. By Raw Material

        13.4.4. By Application

        13.4.5. By End-user

    13.5. Market Trends

    13.6. Key Market Participants - Intensity Mapping

    13.7. Drivers and Restraints - Impact Analysis

    13.8. Country Level Analysis and Forecast

        13.8.1. Brazil Market

            13.8.1.1. Introduction

            13.8.1.2. Market Analysis and Forecast by Market Taxonomy

                13.8.1.2.1. By Product

                13.8.1.2.2. By Raw Material

                13.8.1.2.3. By Application

                13.8.1.2.4. By End-user

        13.8.2. Chile Market

            13.8.2.1. Introduction

            13.8.2.2. Market Analysis and Forecast by Market Taxonomy

                13.8.2.2.1. By Product

                13.8.2.2.2. By Raw Material

                13.8.2.2.3. By Application

                13.8.2.2.4. By End-user

14. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034

    14.1. Introduction

    14.2. Historical Market Size (US$ million) Analysis by Market Taxonomy, 2019 to 2023

    14.3. Current and Future Market Size (US$ million) Analysis and Forecast by Market Taxonomy, 2024 to 2034

        14.3.1. By Country

            14.3.1.1. China

            14.3.1.2. Japan

            14.3.1.3. South Korea

        14.3.2. By Product

        14.3.3. By Raw Material

        14.3.4. By Application

        14.3.5. By End-user

    14.4. Market Attractiveness Analysis

        14.4.1. By Country

        14.4.2. By Product

        14.4.3. By Raw Material

        14.4.4. By Application

        14.4.5. By End-user

    14.5. Market Trends

    14.6. Key Market Participants - Intensity Mapping

    14.7. Drivers and Restraints - Impact Analysis

    14.8. Country Level Analysis and Forecast

        14.8.1. China Market

            14.8.1.1. Introduction

            14.8.1.2. Market Analysis and Forecast by Market Taxonomy

                14.8.1.2.1. By Product

                14.8.1.2.2. By Raw Material

                14.8.1.2.3. By Application

                14.8.1.2.4. By End-user

        14.8.2. Japan Market

            14.8.2.1. Introduction

            14.8.2.2. Market Analysis and Forecast by Market Taxonomy

                14.8.2.2.1. By Product

                14.8.2.2.2. By Raw Material

                14.8.2.2.3. By Application

                14.8.2.2.4. By End-user

        14.8.3. South Korea Market

            14.8.3.1. Introduction

            14.8.3.2. Market Analysis and Forecast by Market Taxonomy

                14.8.3.2.1. By Product

                14.8.3.2.2. By Raw Material

                14.8.3.2.3. By Application

                14.8.3.2.4. By End-user

15. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034

    15.1. Introduction

    15.2. Historical Market Size (US$ million) Analysis by Market Taxonomy, 2019 to 2023

    15.3. Current and Future Market Size (US$ million) Analysis and Forecast by Market Taxonomy, 2024 to 2034

        15.3.1. By Country

            15.3.1.1. India

            15.3.1.2. ASEAN Countries

            15.3.1.3. Australia and New Zealand

            15.3.1.4. Rest of South Asia and Pacific

        15.3.2. By Product

        15.3.3. By Raw Material

        15.3.4. By Application

        15.3.5. By End-user

    15.4. Market Attractiveness Analysis

        15.4.1. By Country

        15.4.2. By Product

        15.4.3. By Raw Material

        15.4.4. By Application

        15.4.5. By End-user

    15.5. Market Trends

    15.6. Key Market Participants - Intensity Mapping

    15.7. Drivers and Restraints - Impact Analysis

    15.8. Country Level Analysis and Forecast

        15.8.1. India Market

            15.8.1.1. Introduction

            15.8.1.2. Market Analysis and Forecast by Market Taxonomy

                15.8.1.2.1. By Product

                15.8.1.2.2. By Raw Material

                15.8.1.2.3. By Application

                15.8.1.2.4. By End-user

        15.8.2. ASEAN Market

            15.8.2.1. Introduction

            15.8.2.2. Market Analysis and Forecast by Market Taxonomy

                15.8.2.2.1. By Product

                15.8.2.2.2. By Raw Material

                15.8.2.2.3. By Application

                15.8.2.2.4. By End-user

        15.8.3. Australia and New Zealand Market

            15.8.3.1. Introduction

            15.8.3.2. Market Analysis and Forecast by Market Taxonomy

                15.8.3.2.1. By Product

                15.8.3.2.2. By Raw Material

                15.8.3.2.3. By Application

                15.8.3.2.4. By End-user

16. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034

    16.1. Introduction

    16.2. Historical Market Size (US$ million) Analysis by Market Taxonomy, 2019 to 2023

    16.3. Current and Future Market Size (US$ million) Analysis and Forecast by Market Taxonomy, 2024 to 2034

        16.3.1. By Country

            16.3.1.1. Germany

            16.3.1.2. Italy

            16.3.1.3. France

            16.3.1.4. United Kingdom

            16.3.1.5. Spain

            16.3.1.6. BENELUX

            16.3.1.7. Rest of Western Europe

        16.3.2. By Product

        16.3.3. By Raw Material

        16.3.4. By Application

        16.3.5. By End-user

    16.4. Market Attractiveness Analysis

        16.4.1. By Country

        16.4.2. By Product

        16.4.3. By Raw Material

        16.4.4. By Application

        16.4.5. By End-user

    16.5. Market Trends

    16.6. Key Market Participants - Intensity Mapping

    16.7. Drivers and Restraints - Impact Analysis

    16.8. Country Level Analysis and Forecast

        16.8.1. Germany Market

            16.8.1.1. Introduction

            16.8.1.2. Market Analysis and Forecast by Market Taxonomy

                16.8.1.2.1. By Product

                16.8.1.2.2. By Raw Material

                16.8.1.2.3. By Application

                16.8.1.2.4. By End-user

        16.8.2. Italy Market

            16.8.2.1. Introduction

            16.8.2.2. Market Analysis and Forecast by Market Taxonomy

                16.8.2.2.1. By Product

                16.8.2.2.2. By Raw Material

                16.8.2.2.3. By Application

                16.8.2.2.4. By End-user

        16.8.3. France Market

            16.8.3.1. Introduction

            16.8.3.2. Market Analysis and Forecast by Market Taxonomy

                16.8.3.2.1. By Product

                16.8.3.2.2. By Raw Material

                16.8.3.2.3. By Application

                16.8.3.2.4. By End-user

        16.8.4. United Kingdom Market

            16.8.4.1. Introduction

            16.8.4.2. Market Analysis and Forecast by Market Taxonomy

                16.8.4.2.1. By Product

                16.8.4.2.2. By Raw Material

                16.8.4.2.3. By Application

                16.8.4.2.4. By End-user

        16.8.5. Spain Market

            16.8.5.1. Introduction

            16.8.5.2. Market Analysis and Forecast by Market Taxonomy

                16.8.5.2.1. By Product

                16.8.5.2.2. By Raw Material

                16.8.5.2.3. By Application

                16.8.5.2.4. By End-user

        16.8.6. BENELUX Market

            16.8.6.1. Introduction

            16.8.6.2. Market Analysis and Forecast by Market Taxonomy

                16.8.6.2.1. By Product

                16.8.6.2.2. By Raw Material

                16.8.6.2.3. By Application

                16.8.6.2.4. By End-user

17. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034

    17.1. Introduction

    17.2. Historical Market Size (US$ million) Analysis by Market Taxonomy, 2019 to 2023

    17.3. Current and Future Market Size (US$ million) Analysis and Forecast by Market Taxonomy, 2024 to 2034

        17.3.1. By Country

            17.3.1.1. Russia

            17.3.1.2. Hungary

            17.3.1.3. Poland

            17.3.1.4. Rest of Eastern Europe

        17.3.2. By Product

        17.3.3. By Raw Material

        17.3.4. By Application

        17.3.5. By End-user

    17.4. Market Attractiveness Analysis

        17.4.1. By Country

        17.4.2. By Product

        17.4.3. By Raw Material

        17.4.4. By Application

        17.4.5. By End-user

    17.5. Market Trends

    17.6. Key Market Participants - Intensity Mapping

    17.7. Drivers and Restraints - Impact Analysis

    17.8. Country Level Analysis and Forecast

        17.8.1. Russia Market

            17.8.1.1. Introduction

            17.8.1.2. Market Analysis and Forecast by Market Taxonomy

                17.8.1.2.1. By Product

                17.8.1.2.2. By Raw Material

                17.8.1.2.3. By Application

                17.8.1.2.4. By End-user

        17.8.2. Hungary Market

            17.8.2.1. Introduction

            17.8.2.2. Market Analysis and Forecast by Market Taxonomy

                17.8.2.2.1. By Product

                17.8.2.2.2. By Raw Material

                17.8.2.2.3. By Application

                17.8.2.2.4. By End-user

        17.8.3. Poland Market

            17.8.3.1. Introduction

            17.8.3.2. Market Analysis and Forecast by Market Taxonomy

                17.8.3.2.1. By Product

                17.8.3.2.2. By Raw Material

                17.8.3.2.3. By Application

                17.8.3.2.4. By End-user

18. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034

    18.1. Introduction

    18.2. Historical Market Size (US$ million) Analysis by Market Taxonomy, 2019 to 2023

    18.3. Current and Future Market Size (US$ million) Analysis and Forecast by Market Taxonomy, 2024 to 2034

        18.3.1. By Country

            18.3.1.1. Saudi Arabia

            18.3.1.2. Türkiye

            18.3.1.3. South Africa

            18.3.1.4. Other African Union

            18.3.1.5. Rest of Middle East and Africa

        18.3.2. By Product

        18.3.3. By Raw Material

        18.3.4. By Application

        18.3.5. By End-user

    18.4. Market Attractiveness Analysis

        18.4.1. By Country

        18.4.2. By Product

        18.4.3. By Raw Material

        18.4.4. By Application

        18.4.5. By End-user

    18.5. Country Level Analysis and Forecast

        18.5.1. Saudi Arabia Countries Market

            18.5.1.1. Introduction

            18.5.1.2. Market Analysis and Forecast by Market Taxonomy

                18.5.1.2.1. By Product

                18.5.1.2.2. By Raw Material

                18.5.1.2.3. By Application

                18.5.1.2.4. By End-user

        18.5.2. Türkiye Market

            18.5.2.1. Introduction

            18.5.2.2. Market Analysis and Forecast by Market Taxonomy

                18.5.2.2.1. By Product

                18.5.2.2.2. By Raw Material

                18.5.2.2.3. By Application

                18.5.2.2.4. By End-user

        18.5.3. South Africa Market

            18.5.3.1. Introduction

            18.5.3.2. Market Analysis and Forecast by Market Taxonomy

                18.5.3.2.1. By Product

                18.5.3.2.2. By Raw Material

                18.5.3.2.3. By Application

                18.5.3.2.4. By End-user

        18.5.4. Other African Union Market

            18.5.4.1. Introduction

            18.5.4.2. Market Analysis and Forecast by Market Taxonomy

                18.5.4.2.1. By Product

                18.5.4.2.2. By Raw Material

                18.5.4.2.3. By Application

                18.5.4.2.4. By End-user

19. Market Structure Analysis

    19.1. Market Analysis by Tier of Companies

    19.2. Market Share Analysis of Top Players

    19.3. Market Presence Analysis

        19.3.1. Regional footprint of Players

        19.3.2. Treatment Footprint by Players

        19.3.3. Channel footprint by Players

20. Competition Analysis

    20.1. Competition Dashboard

    20.2. Competition Deep Dive (Tentative List)

        20.2.1. Lonza Capsules & Health Ingredients

            20.2.1.1. Overview

            20.2.1.2. Product Portfolio

            20.2.1.3. Key Financials

            20.2.1.4. Sales Footprint

            20.2.1.5. SWOT Analysis

            20.2.1.6. Key Developments

            20.2.1.7. Strategy Overview

                20.2.1.7.1. Channel Strategy

                20.2.1.7.2. Treatment Strategy

                20.2.1.7.3. Marketing Strategy

        20.2.2. Aenova Group

        20.2.3. Fuji Capsule Co., Ltd

        20.2.4. Catalent, Inc

        20.2.5. EuroCaps Ltd

        20.2.6. Guangdong Yichao Biotechnology Co., Ltd.

        20.2.7. Captek Softgel International Inc.

        20.2.8. Soft Gel Technologies Inc.

        20.2.9. Thermo Fisher Scientific Inc. (Patheon)

        20.2.10. Delpharm Evreux

        20.2.11. Curtis Health Caps

        20.2.12. CapsCanada

        20.2.13. Altasciences

        20.2.14. Fermentis Life Sciences

        20.2.15. ACG

        20.2.16. Sunil Healthcare Limited

        20.2.17. Ascendia Pharmaceuticals

        20.2.18. LIQUIDCAPSULE MANUFACTURING LLC

        20.2.19. SMPNutra.com

21. Assumptions and Acronyms Used

22. Research Methodology

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