Microencapsulation is the process designed for curbing down the particle size, all the while maintaining hold of its original value. The growing need for the integration of food ingredients, cells, enzymes, and different materials has brought-forward this technology to the forefront. According to the recently released report published by Market Research Future (MRFR), the global Microencapsulation market size is projected to reach a valuation of USD 12,761.2 million by the end of the forecast period in 2023. The in-depth and detailed report also mentions that the global market is expected to attain a compound annual growth of 11.22% during the forecast period.
The growth of the market can be attributed primarily to the pressing demand for functional foods. The widespread prevalence of various disorders and a shifting inclination of consumers preferring to move towards a healthy lifestyle is identified as two major drivers behind the growth of the market in the coming years.
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The Global Microencapsulation Market segmentation is based on the following dynamics: coating material, technology, and application.
By coating material, the market includes polymers, carbohydrates, gums & resins, lipids, proteins, and others. The lipids segment dominates the market segment and is expected to continue doing so during the forecast period. Additionally, carbohydrates segment too is expected to garner significant growth soon as well.
By technology, the market segments into emulsion, spay, dripping, and others. The spray segment is anticipated to hold the dominant share of the market during the forecast period. However, at the same time, the emulsion segment is forecasted to exhibit the fastest growth rate over the same forecast period.
By application, the market includes personal care, food & beverages, agrochemicals, household items, pharmaceuticals and healthcare, and others. The pharmaceuticals and healthcare segment hold the dominant position of the market and is expected to maintain the same due to the increasing medicinal demands. The food & beverages segment follows up as a potentially booming segment.
The Global Microencapsulation Market is regionally segmented across the following major regions- Europe, Latin America, North America, Asia Pacific, and the Middle East & Africa.
As per the research undertaken by MRFR and the study report published by them, the market is spearheaded by North America in terms of market size and share and is expected to continue its growth phase in an impressive manner. It is projected that the region will garner a compound annual growth rate of 10.86% during the forecast period.
Despite the growth trajectory of the North American regional market, the Asia Pacific region is expected to experience the highest growth percentage during the forecast period. The booming growth rate of the region is attributed to the presence of a huge population base and a well-structured and established healthcare system. These factors prompt the rising demand for medicines, which subsequently sparks the growth of the overall Microencapsulation market. China is calculated to hold a major portion of the market and contribute massively to the overall growth of the Asia Pacific region. The region is expected to reach USD 1,042.5 million by the end of the forecast period in 2023.
The Microencapsulation Market hosts a competitive landscape, comprising major market players. Key players in the industry are an adopting various strategy to strengthen their business standing and edge past their competitors. Some of the key players present in the market are Bayer AG (Germany), Balchem Corp. (U.S.), Encapsys, LLC (U.S.), Royal Friesl and Campina N.V. (Netherlands), International Flavors & Fragrance, Inc. (U.S.), Symrise AG (Germany), LycoRed Ltd. (Israel), BASF SE (Germany), Syngenta AG (Switzerland), and Givaudan SA (Switzerland).
The players in this market are constantly looking for opportunities to invest in research and development activities to enhance their product offerings. Another key strategy employed by these players are acquisitions. This is done to widen the geographical reach of their company.
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16th April 2019, an all-new study revealed the durability and fire-resistant effects of microencapsulated ammonium polyphosphate on water-borne intumescent fire-retardant coatings.
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