Micro-Encapsulation Market Research Report- Forecast till 2023
Micro-encapsulation Market to Accrue Valuation of USD 212,761.2 Million at 11.22%
Micro-Encapsulation Market Research Report- Forecast till 2023
Market Overview: Market Research Future (MRFR)’s extensive study reveals that the global micro-encapsulation market is expected to surge at an exceptional CAGR of 11.22%, surpassing the value of USD 212,761.2 million during the forecast period (2017-2023) (Get a Free Sample Report). Extensive use in various industries such as pharmaceutical & healthcare products, food & beverages, household & personal care products to enhance product functionality fuels the market growth. The market players serve the urge to respond to these new opportunities by expanding their global presence and services.
Moreover, shifting focus towards healthier lifestyle and changing dietary preference marks the market expansion in the region. The Microencapsulation Market will also note a dramatic growth on the back of growing food additives industry where it extensively used for the production process. Also, rising disposable income and strong economy have led to the surge in the market. Continuous product innovation also gives way to market growth.
However, high cost associated with the microencapsulation process may undermine the market growth. On the other hand, rise in demand to enhance product functionality, increasing demand from agrochemicals sector, reduced application cost and growth in research and development activities are inevitably triggering the market growth in the coming years.
Key Players: The key players in the global micro-encapsulation market include Symrise AG (Germany), Balchem Corp. (U.S.), Syngenta AG (Switzerland), BASF SE (Germany) and LycoRed Ltd. (Israel) and others.
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Micro-Encapsulation Market Research Report- Forecast till 2023
Regional Analysis: Globally the North American region has the upper hand and dominates the global market. The region is projected to surge at a CAGR of 10.86% during the forecast period. The growing awareness along with demand for fortified food products, growing demand from the pharmaceutical industry for numerous applications, and the advent of new technologies have driven the market growth in the region.
MRFR notes that Asia Pacific is anticipated to grow at the highest growth rate during the forecast period. In the region, China holds the major market share and will reach valuation of USD 1,042.5 million during the assessment period. The regional market has picked up immense speed since the demand from the food & beverages industry has quadrupled in the past few years. The other factors triggering the market growth are emerging economies, technological advancements, and rapid industrialization.
Market Forecast The Europe region also represents a noteworthy market share on account of reduced labour price combined with the high development of pharmaceutical, food processing, and detergent & cleaners’ industry. Moreover, expanding utilization of electronic display equipment such as mobile phones, and tablets could potentially build the use of electronic inks further driving the market development in the region. Adding to this is the growing prominence of functional foods along with the positive market viewpoint of cutting-edge phase change materials (PCM) would spur the demand of microencapsulation in Europe.
By region, the global micro-encapsulation market is segmented based on North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
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Micro-Encapsulation Market Research Report- Forecast till 2023
Market Segmentation: The global micro-encapsulation market is segmented based on technology, coating material, and application.
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By technology, the market is segmented based on atomization, liposome entrapment, spray, and pan coating.
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By coating material, the market is segmented based on polysaccharides, proteins, lipids, and resins.
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Various applications in the global micro-encapsulation market are home and personal care, agriculture, pharmaceuticals & healthcare and industrial & chemical.
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Micro-Encapsulation Market Research Report- Forecast till 2023