Rising Demand for Pharmaceutical Products Propels the Global Micro-encapsulation Industry Growth
Microencapsulation is a procedure in which solid, liquid, or gaseous active ingredients are wrapped in other materials for the purpose of separating the active ingredient from the external environment. Moreover, the procedure provides a range of advantages, such as the safety of core materials, controlled release of cores, and enhanced handling of ingredients. The increased use of technology for masking the taste, odor, and activity of encapsulated materials is expected to fuel the market for products in the edible product market. The prevalence of various health problems and the tendency of consumers towards a healthier lifestyle will propel the market growth during the projected period.
According to an in-depth study by Market Research Future (MRFR), the global Micro-Encapsulation Industry is projected to hit USD 12,761.2 million and estimated to increase to 11.22% CAGR from 2018 to 2023 (forecast period).
Market Overview
The global micro-encapsulation market is expected to hit USD 12,761.2 million with 11.22% CAGR from 2018 to 2023 (forecast period).The report examines current developments and trends in the micro-encapsulation industry to include the most reliable estimates and projections. By linking historical data to key market dynamics, our analysts are able to make accurate predictions of the forecast. The MRFR report provides a detailed review of the global market for micro-encapsulation, segmented on the basis of technology, coating content, application, and the region, with astute insights. The report was designed to assist industry players in making the right decisions that could culminate in a positive return.
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Market Dynamics
The demand for micro-encapsulation is growing with rising demand for functional and fortified food and pharmaceutical products. It provides the incorporation of minerals, vitamins, flavors, essential oils, and other additives into food products to improve the functional properties of foods. The pharmaceutical industry is also heavily affected by microencapsulation technologies due to the benefits achieved by the manufacturers. In addition to drug encapsulation, other active ingredients such as peptides, proteins, and DNA / RNA molecules are also encapsulated in the pharmaceutical industry to meet consumer demand for value-added products. Even though a large number of market players have adopted microencapsulation technology in different industries, constant R&D needs to be sustained on the market. The high cost of R&D recourses, together with processing technology, hinders the growth of the industry. The production of microencapsulated material is sometimes tailored and often needed to be carried out on an industrial scale rather than on a pilot scale. This raises the manufacturing costs of the products and eventually leads to an increase in their costs.
Segmentation
Under its umbrella, the micro-encapsulation market addresses various technologies that have been segmented into spray, emulsion, dripping, and others. The spray segment is projected to lead the market over the forecast period. The coating material is segmented into carbohydrates, polymers, proteins, gums & resins, lipids, and others. Its applications cover the needs of industries such as pharmaceuticals & healthcare, food & beverages, household products, personal care, agrochemicals, and others.
Regional Analysis
The global market for micro-encapsulation is divided into North America, Europe, the Asia Pacific and the Middle East & Africa. North America accounted for 37.8% of total revenue in 2018 due to strong demand for pharmaceutical and food and beverage applications. Innovations in the textile industry to integrate technology to enhance product quality and strength are expected to complement development over the forecast period. The U.S. dominated the market in North America with a share of over 80% in 2018 due to the high penetration of technology in the pharmaceutical and healthcare industries.
U.K., Italy, France, and Germany together accounted for 71.2% of the total revenue in Europe due to the early acceptance of technology in end-use applications.
The Asia Pacific market is expected to grow at CAGR by 15.6% over the forecast period due to the swift development of the pharmaceutical and food processing industries across the region. Favorable government policies to encourage FDI in the pharmaceutical industry in India and China have played a key role in developing the healthcare sector in the Asia Pacific.
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Key Players
Royal FrieslandCampina N.V. (Netherlands), LycoRed Ltd. (Israel), Bayer AG (Germany), Encapsys, LLC (U.S.), International Flavors & Fragrance, Inc. (U.S.), Symrise AG (Germany), Balchem Corp. (U.S.), BASF SE (Germany), Syngenta AG (Switzerland), and Givaudan SA (Switzerland) are the key players operating in the micro-encapsulation market. Players are investing in R&D to boost their product offerings. Acquisitions are the key methods used to expand the global reach of businesses.
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