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The Liquid-filled Hard Capsules (LFHC) Market size is forecast to increase by USD 1,085.75 million, at a CAGR of 7.68% between 2023 and 2028.
There has been a rising preference for oral dosage forms over the years. In addition, oral dosage forms offer convenience, ease of administration, and patient compliance, which have made them increasingly popular among consumers and healthcare professionals. Moreover, the expanding nutraceutical industry is the main factor fuelling the rising preference for oral dosage forms, particularly liquid-filled hard capsules. Hence, such factors are positively impacting the market.
Technavio has segmented the market into Type, End-user, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
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The medium segment is estimated to witness significant growth during the forecast period. The medium segment comes in different sizes such as size 0 and 0E, size 1 and size 2 which are mostly utilized by contract manufacturing organizations (CMOs) and private-label supplement companies. In addition, these entities play a crucial role in the production and supply of liquid-filled hard capsules for various dietary supplements, nutraceuticals, and pharmaceutical products. For instance, Bright Pharma Caps Inc. (Bright Pharma Caps) operates as a contract manufacturing organization specializing in producing liquid-filled hard capsules for dietary supplement companies.
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The medium segment was the largest segment and was valued at USD 741.16 million in 2018. Moreover, they offer private label services, enabling medium-size supplement brands to develop and market their own unique formulations encapsulated in liquid-filled hard capsules. In addition, this allows companies to enhance their product lines with innovative dosage forms, catering to a diverse range of consumer preferences and therapeutic needs. Furthermore, medium-size CMOs and private-label supplement companies focus on agility and customization to meet the evolving demands of the global liquid-filled hard capsules market. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Pharmaceutical companies are major players in the global liquid filled hard capsules market, significantly contributing to its expansion and innovation. In addition, these companies actively engage in the research, development, production, and distribution of pharmaceutical products encapsulated in liquid-filled hard capsules, catering to diverse therapeutic areas and patient needs. For example, Thermo Fisher Scientific Inc. (Thermo Fisher Scientific) specializes in formulating liquid-filled hard capsules for prescription medications. Furthermore, they have developed a novel antibiotic formulation in liquid-filled hard capsules, offering improved bioavailability and efficacy compared to traditional dosage forms such as tablets. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
The nutraceutical companies and dietary supplement manufacturers segment is significantly contributing to the growth of the global liquid filled hard capsules market. In addition, these companies are actively engaged in the production and distribution of liquid-filled hard capsules, catering to a wide range of consumer needs and preferences. Furthermore, nutraceutical companies, such as ChromaDex Inc., Nordic Naturals Inc., NOW Health Group Inc., and others, are utilizing liquid-filled hard capsules as a convenient and effective delivery system for various supplements. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. Factors such as the increasing demand for pharmaceutical products and dietary supplements, coupled with advanced healthcare infrastructure and higher per capita healthcare expenditure are fuelling the market growth in the region. In addition, the presence of major pharmaceutical and nutraceutical companies in North America has further bolstered the global liquid-filled hard capsules market. Furthermore, liquid-filled hard capsules are a popular choice for nutraceuticals and supplements, as they are a convenient and effective way to deliver active ingredients to the body. Hence, such factors are driving the market growth in North America during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 23 market companies, including:
ACG: The company offers liquid filled hard capsules such as hard shell vegetarian and gelatine capsules.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
One of the key factors driving the liquid filled hard capsules market growth is the increasing geriatric population and chronic diseases. The rising geriatric population and prevalence of infectious and chronic diseases like cancer and diabetes in all cohorts require regular diagnostic testing. For instance, according to the World Health Organization (WHO), as of 2020, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths, or nearly one in six deaths.
Moreover, the trend of chronic diseases is likely to continue with unhealthy dietary habits, a sedentary lifestyle, high tobacco and alcohol consumption, and obesity being some of the prime factors contributing to the prevalence of these diseases. In addition, the rising incidence rates of diseases such as diabetes and cancer will create an opportunity for capsules, including liquid-filled hard capsules. Hence, such factors are driving the market growth during the forecast period.
A key factor shaping the liquid filled hard capsules market growth is the technological advancements in capsule-filling equipment. Technological advancements in capsule-filling equipment have significantly revolutionized the global liquid-filled hard capsules market, transforming the manufacturing processes, and enhancing the efficiency and precision of capsule production. In addition, these advancements have been driven by a mix of factors, including the pursuit of higher production capacities, improved product quality, and enhanced operational flexibility, reflecting the industry's commitment to innovation and excellence in capsule manufacturing.
Moreover, one key area of technological advancements in capsule-filling equipment is the implementation of automated systems and robotics, which have revolutionized the capsule-filling process by boosting production speed and accuracy. In addition, modern capsule-filling machines are equipped with advanced robotic systems that streamline the handling, filling, and sealing of liquid-filled hard capsules, reducing manual intervention and minimizing production errors. Hence, such factors are driving the market growth during the forecast period.
Cultural challenges regarding source of gelatin are one of the key challenges hindering the liquid filled hard capsules market growth. The cultural and religious opinions of diffferent societies restrict the consumption of gelatin, which is mostly used in liquid filled hard capsules to harden shell due to its source and are likely to negatively impact the growth of the global liquid filled hard capsules market. In addition, the consumption of gelatin is prohibited in various regions by the vegan and vegetarian population.
Moreover, religions including Hindus and Jains are generally vegan or vegetarian, and they do not consume non-vegetarian products. In addition, as certain communities/individuals within the religious group consider cattle sacred and abstain from non-vegetarian diet as it could be a matter of cultural/political gravity. Hence, such factors are hindering the market growth during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Liquid Filled Hard Capsules Market Customer Landscape
The liquid filled hard capsules market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Liquid Filled Hard Capsules Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.68% |
Market Growth 2024-2028 |
USD 1,085.75 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.88 |
Regional analysis |
North America, Europe, Asia, and the Rest of the World (ROW) |
Performing market contribution |
North America at 37% |
Key countries |
US, Germany, UK, China, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
ACG, Ajix Inc., Altasciences, Bright Pharma Caps Inc., Catalent Inc., CPG Fusion Bioscience Manufacturing Inc., Erawat Pharma Ltd., Farmacapsulas S.A., Fermentis Life Sciences Pvt. Ltd., Fine USA Trading Inc., Healthcaps India Ltd., Lefancaps LTD., Lonza Group Ltd., Mitsubishi Chemical Group Corp., Nectar Lifesciences Ltd., PLX Pharma Inc., Roxlor LLC, Sirio Pharma Co. Ltd., Suheung Co. Ltd., Sunil Healthcare Ltd., Supplement Manufacturing Partner, Thermo Fisher Scientific Inc., and Zeon Lifesciences Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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