The microcapsule market is projected to grow from USD 8.7 billion in 2020 to USD 13.9 billion by 2025, at a CAGR of 9.8% from 2020 to 2025. The major reasons for the growth of the microcapsule market include increasing demand from the food industry, high demand from the pharmaceutical industry, rising demand from the agrochemical sector, increased R&D activities for process efficiency to enhance market penetration, and widespread applications of microcapsules.
By core material, the pharmaceutical & healthcare drugs segment led the microcapsule market in 2019 and is expected to witness significant growth during the forecast period. This growth is mainly attributed to the increasing demand for the masking of oral drug flavors to drive the growth of the pharmaceutical & healthcare drugs segment. Also, Intensive marketing by key players and increased applications of nutritional elements in functional and fortified foods drive the demand for pharmaceutical & healthcare drugs.
The microcapsule market in South America is projected to witness the highest CAGR from 2020 to 2025. Growing demand for microcapsule in sectors such as agriculture, food, textile, and flavor has contributed to the growth of the South America microcapsule market. In this region, the microcapsule market is majorly driven by Brazil and Argentina.
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BASF SE (Germany), International Flavors & Fragrances (US), Koninklijke DSM N.V. (Netherlands), Symrise AG (Germany), Givaudan S.A. (Switzerland), Sensient Technologies Corporation (US), Royal FrieslandCampina N.V. (Netherlands), Syngenta Crop Protection AG (Switzerland), Lycored Corp. (Israel), Koehler Innovative Solutions (Germany), Balchem Corporation (US), Capsul SAS (France), TasteTech Ltd. (UK), MicroCapsules Technologies (MCT) (France), INSILICO Co. Ltd. (South Korea), Matsumoto Yushi Seiyaku Co., Ltd. (Japan), Encapsys (US), Arcade Beauty (US), Reed Pacific (Australia), Firmenich SA (Switzerland), Ronald T. Dodge Company (US), Microtek Laboratories, Inc. (US), AVEKA, Inc. (US), INNOBIO (China), GAT Microencapsulation GmbH (Austria), BRACE GmbH (Germany), and Tagra Biotechnologies Ltd. (Israel) are among the leading players operating in the microcapsule market. These players have adopted the strategies of expansions, acquisitions, new product launches, and partnerships to enhance their position in the market.
The Coca-Cola Company (US) is a global leader in the development of wide range of lactose-free products. The country has production units pin over 100 locations and 100 Research and Development units.
In August 2018, BASF SE’s animal nutrition division launched the Lucantin NXT product line in the European Union that would be gradually followed in other countries. The carotenoid formulation of Lucantin NXT met the regulation (EC) No 2017/962 that requires the withdrawal of ethoxyquin (EQ) as a feed additive. The new product launch helped the company in expanding and strengthening its geographical footprint in the microcapsule animal nutrition market.
In September 2019, IFF-Lucas Meyer Cosmetics (IFF-LMC), a subsidiary of International Flavors & Fragrances, completed the acquisition of Speximo AB, a Swedish technology company focused on developing next-generation stabilization and encapsulation products for use in the development of sustainable personal care and cosmetic products.
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