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 USD 1,587.1 million in 2024 to USD 2,113.9 million in 2034. The liquid filled capsule market was valued at USD 1,548.2 million in 2023.

Attributes Key Insights
Base Value, 2023 USD 1,548.2 million
Estimated Global Liquid Filled Capsule Market Size (2024E) USD 1,587.1 million
Projected Liquid Filled Capsule Market Value (2034F) USD 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 USD 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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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) USD 1,587.1 million
Projected Value (2034) USD 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 USD 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
Table of Content
  • 1. Executive Summary
  • 2. Market Overview
  • 3. Key Market Trends
  • 4. Value Added Insights
  • 5. Market Background
  • 6. Global Market Demand (in Value or Size in USD million) Analysis 2019 to 2023 and Forecast, 2024 to 2034
  • 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Product
    • 7.1. Hardgel Capsules
    • 7.2. Softgel Capsules
  • 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Raw Material
    • 8.1. Gelatin
    • 8.2. Hypromellose Capsules (HPMC)
  • 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application
    • 9.1. Cough and Cold Preparations
    • 9.2. Cardiovascular Therapy Drugs
    • 9.3. Health Supplements
    • 9.4. Vitamin and Dietary Supplements
    • 9.5. Other Therapeutic Applications
  • 10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End-user
    • 10.1. Pharmaceutical Companies
    • 10.2. Nutraceutical Companies
    • 10.3. Cosmeceutical Companies
    • 10.4. Contract Manufacturing Organizations
  • 11. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
    • 11.1. North America
    • 11.2. Latin America
    • 11.3. East Asia
    • 11.4. South Asia and Pacific
    • 11.5. Western Europe
    • 11.6. Eastern Europe
    • 11.7. Middle East and Africa
  • 12. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034
  • 13. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034
  • 14. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034
  • 15. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034
  • 16. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034
  • 17. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034
  • 18. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034
  • 19. Market Structure Analysis
  • 20. Competition Analysis
    • 20.1. Lonza Capsules & Health Ingredients
    • 20.2. Aenova Group
    • 20.3. Fuji Capsule Co., Ltd
    • 20.4. Catalent, Inc
    • 20.5. EuroCaps Ltd
    • 20.6. Guangdong Yichao Biotechnology Co., Ltd.
    • 20.7. Captek Softgel International Inc.
    • 20.8. Soft Gel Technologies Inc.
    • 20.9. Thermo Fisher Scientific Inc. (Patheon)
    • 20.10. Delpharm Evreux
    • 20.11. Curtis Health Caps
    • 20.12. CapsCanada
    • 20.13. Altasciences
    • 20.14. Fermentis Life Sciences
    • 20.15. ACG
    • 20.16. Sunil Healthcare Limited
    • 20.17. Ascendia Pharmaceuticals
    • 20.18. LIQUIDCAPSULE MANUFACTURING LLC
    • 20.19. SMPNutra.com
  • 21. Assumptions and Acronyms Used
  • 22. Research Methodology

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 USD 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 USD 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 USD 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.

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