Microencapsulation Market size was over USD 13.11 billion in 2023 and is anticipated to reach USD 46.34 billion by 2036, growing at around 10.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of microencapsulation is assessed at USD 14.18 billion. 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.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
10.2% |
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Base Year Market Size (2023) |
USD 13.11 billion |
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Forecast Year Market Size (2036) |
USD 46.34 billion |
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Regional Scope |
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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.
Our in-depth analysis of the global market includes the following segments:
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By Technology |
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By Coating Material |
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Application |
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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 industry is poised to hold largest revenue share by 2036, backed by 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.
October 2021- Milliken & Company acquired Encapsys, LLC, a world leader in microencapsulation, to enhance its portfolio of specialty chemicals with global reach.
February 2019- Givaudan opened its first fragrance encapsulation center in Singapore for the Asia Pacific market. The facility is strategically located for offering an excellent environment to pursue scientific research and business opportunities
Author Credits: Rajrani Baghel
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