The global microencapsulation market is estimated to garner a hefty amount of revenue by growing at a ~12% CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed primarily to the growing application areas of microencapsulation in various industries, such as for encapsulating functional food and agrochemical products. Along with this, rising utilization of the technique for masking taste, activity and odor of functional ingredients used for making pharmaceutical and healthcare products is also expected to drive market growth in the upcoming years. Furthermore, increasing demand for efficient technology for encapsulating beauty products containing natural products, and escalating sales of personal care products are projected to offer profitable opportunities to the market in the near future. It is evaluated that out of all the online sales across the globe, beauty and skincare product sales will account for more than 45% share by the end of the year 2023.
The market is segmented by application into pharmaceutical, food & beverages, household items, personal care, agrochemicals, and others, out of which, the pharmaceutical segment is anticipated to hold the largest share in the global microencapsulation market. This can be accounted to the high utilization of microencapsulation for masking the bitter taste of drugs, and reducing gastric irritations caused by them. Apart from these, the technology is also used for reducing the hygroscopic properties, odor, and volatility of core materials during drug manufacturing, which is also predicted to boost the market segment growth in the future. Additionally, on the basis of technology, the spray segment is assessed to occupy the largest share over the forecast period owing to the increasing utilization of spray technique to encapsulate food ingredients, flavors and fragrances as a result of its high efficiency and lower costs. CLICK TO DOWNLOAD SAMPLE REPORT
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global microencapsulation market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the rapidly expanding pharmaceutical and food processing industries across the region. Moreover, the market in North America is expected to grab the largest share during the forecast period ascribing to the rising awareness about value-added products for various areas such as nutrition, healthcare, and personal care. In addition, growing demand for healthy and functional foods is also projected to drive market growth in the region in the coming years. In 2020, the sales for naturally healthy food in the United States reached a value of more than USD 60 billion, whereas functional food accounted for a value of about USD 40 billion.
The global microencapsulation market is further classified on the basis of region as follows:
Our in-depth analysis of the global microencapsulation market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth owing to the growing applications of microencapsulation in various industries, and rising sales of personal care products.
The market is anticipated to attain a CAGR of ~12% over the forecast period, i.e., 2022-2031.
High cost of raw materials for microencapsulation is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the rapidly expanding pharmaceutical and food processing industries across the region.
The major players in the market are BASF SE, Givaudan SA, International Flavors & Fragrances, Inc., Symrise AG, Syngenta AG, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by technology, coating material, application, and by region.
The spray segment is anticipated to hold largest market size in value and is estimated grow at a robust CAGR over the forecast period and display significant growth opportunities.
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