Northrook, IL -- (SBWIRE) -- 01/13/2020 -- The global microencapsulation market was valued at USD 6.3 billion in 2018 and is projected to reach USD 11.8 billion by 2023, at a CAGR of 11.4% from 2018 to 2023. The demand for microencapsulation is increasing in various industries due to its wide applications. For instance, encapsulated food ingredients and drugs are used for effective functioning; to prevent product damage until consumption; and to protect the active ingredients from moisture, heat, or other extreme conditions, thus enhancing stability.

The North American region is projected to hold the largest market due to its increasing use of microencapsulation for the development of several products such as phase change materials, pharmaceutical & healthcare drugs, agricultural inputs, and food additives. The market in this region is driven by technological advancements in the microencapsulation industry.

The microencapsulation market, on the basis of application, mainly constitutes of seven segments— pharmaceutical & healthcare products, household & personal care products, food & beverages, agrochemicals, textiles, construction materials, and others. The food & beverage segment is projected to grow at a significant rate due to the growing consumption of fortified food & beverages owing to its nutritional values. Since consumers are becoming more health-conscious, they are demanding fortified food & beverages, which fuels the demand for microencapsulated food ingredients.

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The microencapsulation market, by core material, is segmented into pharma & healthcare drugs, food additives, fragrances, agriculture inputs, phase change materials, and others. The food additives segment is estimated to be the fastest-growing, due to its various applications such as nutrient retention, protection of taste or color, flavor enhancement, and food preservation through oxidation stability, which is also why most food & beverage manufacturers prefer the use of microencapsulated food additives.

The launch of advanced and cost-effective microencapsulated products; development of multi-functional microencapsulated materials; and the rise in awareness about the benefits of fortified food, coupled with the rising demand for functional products in various industries in the Asia Pacific and South American economies prove to be the opportunities for this market. The growing demand for a variety of microencapsulated food ingredients, the launch of advanced technologies for processing, and a favorable regulatory environment for microencapsulated products are some of the factors that drive growth in the microencapsulation market. The applications of microencapsulation are widespread across various industries such as nutrition & pharmaceutical, food & beverage, personal care & cosmetic, agrochemical, construction, textile, chemical, defense, and paper. This trend is driving the market growth since microencapsulation provides process efficiency by achieving desired results.

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The major players in the industry are focusing on expansions & investments, product & service launches, acquisitions, collaborations & partnerships, and joint ventures to increase their footprint in the microencapsulation industry.

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