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Microencapsulation Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends
Microencapsulation Global Market Report 2024
According to The Business Research Company's, The microencapsulation market size has grown rapidly in recent years. It will grow from $10.47 billion in 2023 to $11.74 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to pharmaceutical industry demand, food and beverage industry application, agricultural sector for crop protection, expansion in fragrance industry, increased use in agrochemicals.
The microencapsulation market size is expected to see rapid growth in the next few years. It will grow to $17.69 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to growth in nutraceuticals industry, expanding applications in functional foods, increasing adoption in textile innovations, rising interest in controlled release agrochemicals, application in self-healing materials. Major trends in the forecast period include technological integration in personal care, customized encapsulation for cosmeceuticals, application in 3d printing, collaborations for cross-industry applications, innovation in encapsulated agricultural inputs.
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Market Drivers and Trends:
Rising consumer demand for functional food is expected to propel the growth of the microencapsulation market going forward. Functional foods are defined as processed foods that give medical or health advantages as well as illness risk reduction. Microencapsulation is a method that aid in the improvement of functional meals. This process entails coating functional ingredients with food-grade and biodegradable materials to protect them from degradation and improve their bioavailability and stability. It is also used to overcome drawbacks associated with the use of certain ingredients in food fortification, such as phytosterols. Additionally, changing consumer preferences have also boosted the demand for functional foods. For instance, in July 2022, according to a report published by the Food and Drink Federation, a UK-based organization that represents and consults food and drink manufacturers, the processed food and drink industry turnover grew from $130 bn in 2020 to $139 bn in 2021 by 3.4% since 2020 which accounts for 20% of the total UK manufacturing. Therefore, the rising consumer demand for functional food is driving the growth of the microencapsulation market.
Major companies operating in the microencapsulation market are focused on developing advanced technologies, such as Natural microencapsulation technology, for sustainable fragrance in cosmetics. Natural microencapsulation technology refers to the process of encapsulating active ingredients, such as fragrances or nutrients, within natural matrices. For instance, in November 2021, Sozio, a France-based fragrance creation firm, launched Cosmocaps, a natural microencapsulation technology that encapsulates perfume in a vegetable matrix composed of natural waxes. The technology, certified as 100% natural and COSMOS certified, offers controlled release and continuous diffusion of fragrance on the skin, providing nourishing emollient properties to formulations. Cosmocaps are versatile and suitable for various cosmetic bases, including rinse-off or leave-on formats, as well as natural bases.
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Major Key Players of the Market:
BASF SE; Balchem Corp.; Encapsys LLC; AVEKA Group; Givaudan SA; International Flavors & Fragrances Inc.; Symrise AG; Capsulae Corp.; Reed Pacific Pty Ltd.; Microtek Laboratories Inc.; TasteTech Ltd.; GAT Microencapsulation GmbH; Bayer AG; Royal FrieslandCampina NV; Koninklijke DSM NV; Syngenta AG; Ronald T. Dodge Co.; MikroCaps d.o.o; Firmenich Incorporated; Evonik Industries AG; Southern Research Co. Inc.; Glatt Air Techniques Inc.; Butler University; LycoRed Group; 3M company; Cargill Inc.; Ingredion corporation; Watson Inc.; CoreRx Inc.; Aphios Corporation
Microencapsulation Market 2024 Key Insights:
• The microencapsulation market size will grow to $17.69 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%.
• Consumer Appetite For Functional Foods Ignites Growth In The Microencapsulation Market
• Advanced Technology For Sustainable Fragrance In Cosmetics
• North America was the largest region in the encapsulation market in 2023
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