Global Micro-Encapsulation Market 2020 is anticipated to acquire USD 12.76 billion by 2023, maturing at an 11.22% CAGR over the review period (2020-2023).
During the forecast period, the prevalence of different health conditions and the tendency of customers to a healthier lifestyle would reinforce market development. Extensive use in different sectors to boost product quality, such as pharmaceutical & healthcare products, food & drinks, household & personal care products, drives the growth of the industry. By extending their global reach and offerings, industry players are motivated to adapt to these emerging opportunities. In addition, shifting emphasis to a healthy lifestyle and evolving food habits mark the region’s business expansion. There will also be a drastic increase in the micro-encapsulation sector on the basis of the rising food additives industry, where it is commonly used for the manufacturing process. Rising discretionary revenue and a healthy economy have also contributed to a rise in the sector. Continuous advancement in goods also contributes to market expansion.
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However, high costs associated with the process of microencapsulation could undermine growth in the market. In the other hand, growing demand for enhancing product functionality, rising demand from the agrochemical industry, decreasing application costs and increase in research and development activities are eventually causing business growth in the coming years.
LYCORED Ltd. (Israel), Royal FRIESLANDCAMPINA N.V. (Netherlands), Bayer AG (Germany), ENCAPSYS, LLC (U.S.), Syngenta AG (Switzerland), International Flavors & Fragrance, Inc. (U.S.), BALCHEM Corp. (U.S.), BASF SE (Germany), Symrise AG (Germany), and Givaudan SA (Switzerland) are reputed players currently operational in the Micro-Encapsulation Market.
Under its framework, the micro-encapsulation industry tackles different technologies that have been segmented into spray, emulsion, dripping, and others. Over the prognosis period, the spray category is expected to dominate the industry. During the forecast period, the spray application segment is expected to prosper at a healthy CAGR of 11.48 percent.
Carbohydrates, proteins, polymers, gums & resins, lipids and others are segmented into the coating material. The lipid segment accounts for the highest market share of all coating materials and is expected to rise at a remarkable CAGR of 11.50 per cent in the coming years.
Pharmaceuticals & healthcare, food & drinks, household products, personal care, agrochemicals, and others are protected by its implementations. Among these, the pharmaceuticals & healthcare group has a market share of approximately 65.0 percent.
By region, the Global Micro-Encapsulation Market is segmented on the basis of North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
The North American region has the upper hand internationally and controls the international economy. The field is expected to surge during the forecast era at a CAGR of 10.86 percent. The growing awareness, along with the demand for fortified food products, the growing demand for various applications from the pharmaceutical industry and the introduction of new technology, have powered the region’s market growth.
MRFR states that, during the projected period, Asia Pacific is predicted to rise at the fastest growth rate. China has the highest market share in the region and will hit a value of USD 1.04 million during the appraisal period. Because demand from the food & beverage industry has quadrupled in the past few years, the regional market has gained tremendous speed. Emerging markets, technical innovations and rapid industrialization are the other factors triggering demand development.
As a result of the reduced labor costs coupled with the high growth of the pharmaceutical, food processing and detergent & cleaners industries, the Europe region still represents a noteworthy market share. In addition, the growth of the use of electronic communication devices such as cell phones and tablets could theoretically increase the use of electronic inks, further driving the region’s business development. In addition, the prevalence of functional foods and the favorable consumer outlook of cutting-edge phase change materials (PCM) would stimulate the demand for microencapsulation in Europe.
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