Microencapsulation Market Future Growth Prospect by Forecast to 2023
The Global Microencapsulation 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). 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.
The global micro-encapsulation market is segmented based on technology, coating material, and application. By technology, the market is segmented based on atomization, liposome entrapment, spray, and pan coating. By coating material, the market is segmented based on polysaccharides, proteins, lipids, and resins. Among these, the pharmaceuticals & healthcare segment accounts for approximately 65.0% market share followed by personal care accounting for 9.4% of the global micro-encapsulation market.
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Global Key Players and Competition Analysis
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.
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.
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