The microencapsulation market was valued US$ 7.5 billion in 2021 , it is expected to grow at a CAGR of 11.2% between 2022 and 2028
The microencapsulation market is expected to witness a significant growth during the forecast period owing to the rising use of microencapsulation material in pharmaceutical, food & beverages, and agrochemical industries. Rising demand for fortified food products with health benefits, increasing consumer demand for function products, and surging demand for controlled drug delivery and targeted drug delivery in the pharmaceutical industry fuel the growth of the market. In addition, rising investments in research and development activities for improving technology has propelled the market growth.
MARKET DYNAMICS
Microencapsulation is a process in which active substances are coated by extremely small capsules. It is widely used in various applications including cosmetic, pharmaceutical, agrochemical, and food industries. In food and beverages application, microencapsulation offers integration of vitamins, minerals, essential oils, flavours, and other additives in food products to enhance the functional properties of products. Due to microencapsulation, the core element of any application is completely coated and isolated and protected from external environment. In food & beverages industry, microencapsulation is used to reduce the volatility, unpleasant aroma, and reactivity of food products and to provide greater stability to food products when exposed to adverse conditions.
MARKET SCOPE
The "Global Microencapsulation Market Forecast to 2028" report aims to provide an overview of the microencapsulation market with detailed market segmentation. The report offers key statistics based on the performance of leading market players. It also provides key trends and opportunities in the market.
Strategic Insights
MARKET SEGMENTATION
The global microencapsulation market is segmented on the basis of coating material, core material, and application. Based on coating material, the market is segmented into gelatin, ethyl cellulose, polyvinyl alcohol, and others. By core material, the market is segmented into solid, liquid, and gas. In terms of application, the global microencapsulation market is segmented into pharmaceutical & healthcare products, home & personal care, food & beverages, agrochemicals, and others.
REGIONAL FRAMEWORK
The global microencapsulation market is segmented into five major regions—North America, Europe, Asia (APAC), the Middle East & Africa (MEA), and South America. The report covers analysis and forecast of 18 countries globally along with trends and opportunities prevailing in the regions.
From the regional perspective, North America dominated the microencapsulation market. The regional market growth is mainly driven by the rising demand for food and beverages and pharmaceutical products. In addition, the increasing technological innovation in the textile industry to provide better quality products fuels the market growth.
The below figure shows the revenue growth trend in the global microencapsulation market:
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Source: The Insight Partners Analysis
The report analyzes factors, such as drivers, restraints, opportunities, and future trends, which impact the microencapsulation market. The report also provides an exhaustive Porter's five forces analysis of the factors influencing the market.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 pandemic propelled the microencapsulation market globally. The pandemic has forced consumers to sanitize their surroundings more regularly, resulting in surge in the demand for home cleaning goods. However, microencapsulation manufacturers faced significant challenges due to supply chain constraints caused by nationwide lockdowns and trade and travel restrictions. Supply chain disruptions created a shortage of raw materials, which affected the production and distribution of various products, leading to increased prices. Above mentioned factors, hampered the profitability of various small-scale and large-scale producers. On the other side, since 2021, the demand for microencapsulation in personal care & cosmetic, textile, and other industries has surged owing to changing lifestyle coupled with increasing spending on cosmetic products. This would propel the procurement of microencapsulation technology, which would eventually result in a notable growth of the market during the forecast period.
MARKET PLAYERS
The reports cover key developments in the microencapsulation market. Various companies are focusing on organic growth strategies, such as product launches, product approvals, patents, and events. Acquisitions, partnerships, and collaborations are among the inorganic growth strategies witnessed in the market. These activities have paved the way for expanding market players' business and customer base. With the rising demand for microencapsulation, market players are anticipated to experience lucrative growth opportunities in the future.
The report also includes the profiles of key companies in this market, their SWOT analysis, and market strategies. In addition, the report focuses on leading industry players’ information, such as company profiles, components and services offered, financial information of the last three years, and key developments in the past five years. Below mentioned is the list of a few companies engaged in the microencapsulation market:
- BASF SE
- Lycored
- Encapsys, LLC
- Balchem Inc
- Reed Pacific Pty Ltd.
- Microtek Laboratories, Inc.
- Bayer AG
- TasteTech
- Ronald T. Dodge Company
- Sphera Encapsulation
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.
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