The global microencapsulation market will grow at a CAGR of 10.0% from 2017 to 2022 to reach USD 9,241.1 million by 2022, according to the latest publication from Meticulous Research®. The global microencapsulation market is primarily driven by the growing demand from the functional food industry, pharmaceutical industry for controlled release & targeted release of active compounds (sustained or delayed release), and agrochemical sector. In addition, reduction in capsule size and increasing bioavailability, growing need of multicomponent delivery systems, and emerging economies such as Asia, Latin America, and the Middle East & Africa region further provides significant opportunities for the various stakeholders in this market. However, factors such as high cost of microencapsulation process, and increasing demand for nano-encapsulation technology, especially in the pharmaceutical application are expected to hinder the growth of this market to some extent.
The global microencapsulation market is segmented on the basis of coating material, technology, application, and geography. Based on coating material, the market is divided into polysaccharides, lipids & waxes, resins, proteins, and others; whereas, based on technology, the market is divided into atomization, emulsion based, spray coating, coextrusion, and others. The atomization segment commanded the largest share in the overall microencapsulation market in 2016, owing to the factors such as its ability to handle thermolabile materials, low process cost, a wide choice of coating material, good encapsulation efficiency, good stability of the finished product, and the possibility of large-scale production in continuous mode.
On the basis of application, the market is divided into pharmaceutical, food and feed, home and personal care, industrial and chemical, agriculture, and others. The pharmaceutical application segment held the largest share in the global microencapsulation market in 2016, owing to the growing use of microencapsulation in the industry for protection of drug from the environment, stabilization of sensitive drug substances, elimination of incompatibilities, or masking of unpleasant taste, conversion of liquid drugs in a free-flowing powder, and prevention of vaporization of many volatile drugs.
Geographically, the global microencapsulation market is mainly divided into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America accounted for the major share of the global microencapsulation market in 2016, followed by Europe and Asia-Pacific region. The major share of the North American region is mainly attributed to the presence of a large number of microencapsulation technology providers, and well established functional food, pharmaceutical, and agrochemical sectors. However, Asia Pacific market slated to register the fastest growth during the forecast period, primarily due to its growing economy & industrialization, and booming pharmaceutical, food, and agriculture industries.
The leading companies have employed various strategies to expand their product and application offerings, global footprint, and augment their market shares. The key strategies followed by most companies in the global microencapsulation market were mergers & acquisitions, new product launches, and partnership and expansions. The key players in the global microencapsulation market are Encapsys, LLC, Reed Pacific Pty Limited, Ronald T Dodge Company, GAT Microencapsulation GmbH, Capsulae, Microtek Laboratories, Inc., Balchem Corporation, Lycored, AVEKA, Inc., TasteTech Ltd, INNOBIO CORPORATION LIMITED, FrieslandCampina Kievit, Symrise AG, Koehler Innovative Solutions, Givaudan SA, and International Flavors & Fragrances Inc.
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