Global Microencapsulation Market: Snapshot
Owing to the increasing requirement of household products and functional foods, the microencapsulation market is expected to boost during the forecast period. Rise in development of the pharmaceuticals industry is presumed to drive demand for microencapsulation. Microencapsulation of active ingredients like optical brighteners, antimicrobial agents, and fragrances in cleaning agents and detergents produce quality.
There is lot of capital investment required for research and development of best-suited shell materials and this may act as a restraining factor in the growth of the microencapsulation market. Despite its capital-intensive nature and requirement, the rate of purchasing power of consumers have increased. With this, the requirement for fortified food products and high performance detergents also extended. Moreover, probiotics, preservatives and food enzymes, dietary supplements, microencapsulated nutrients enhance the taste, nutrient content, texture and shelf life of food products. This in turn is expected to drive demand for global microencapsulation market.
The global microencapsulation market is presumed to be worth a US$9.13 bn by 2020. Technological innovations coupled with development of raw materials are the key factors anticipated to give new approaches for expansion of the market in the years to come.
Pharmaceuticals Contributing More Revenue Generation Owing to Achieving Targeted Drug Delivery
Based on segmentation by application, three important classifications of the global microencapsulation market are pharmaceuticals, household products, agrochemicals and food additives. As per the report, pharmaceuticals was the largest application segment and had a substantial share in the market in the recent past. This is because pharmaceuticals that utilizes microencapsulation helps to achieve sustained release of drugs for a long time, masks chemical odors. It also helps to achieve targeted drug delivery.
North America Contributing Larger Share to Dominate Microencapsulation Due to Growing Healthcare Awareness
The global microencapsulation market is studied on the basis of key geographies North America, Asia Pacific, Europe and Rest of the world. In the field of pharmaceuticals, there was large-scale usage of microencapsulation technology. This was due to advanced and progressive healthcare industries in the regions of Europe and North America.
Not only that, there was widespread consumer acceptance of functional food additive and household products in these regions. This reflected high geographic share of application of microencapsulation technology in both the regions. Therefore both North America and Europe collectively accounted for more share in the microencapsulation market.
Apart from that, Asia Pacific is anticipated to increase the usage of microencapsulated products due to the growing awareness about health and welfare among individuals in its developing nations of India, China and Japan. The Rest of the world is also looking forward to contribute to the market with rising power to purchase and by changing the dietary and retail preferences of its consumers.
To further fuel the demand for microencapsulation in developing regions, manufacturing companies that include food and surfactant, and pharmaceuticals are likely to grow rapidly.
Some of the key players in the global microencapsulation market are Reed Pacific and Aveka Inc., Lipo Technologies, GAT Microencapsulation GmbH, GAT Microencapsulation GmbH, and Microtek Laboratories. Clients across various application industries are provided with customized microencapsulation solutions by these companies. To provide optimum benefits to clients and enhance their functionality, these companies microencapsulate a wide range of active ingredients within shells. Leading companies like Nestle, 3M, P&G, Bayer CropScience and BASF utilize this technology to microencapsulate active ingredients like agrochemicals, adhesives, food additives, vitamins and fragrances.
- Household products
- Food additives
- Others (Specialty and commodity chemicals for industrial markets, etc)
- North America
- Asia Pacific
- Rest of the World (RoW)