Encapsulation Market Business Overview and Global Development Trends 2028
The encapsulation market was valued at US$ 31,494.66 million in 2020 and is projected to reach US$ 80,071.65 million by 2028; it is expected to grow at a CAGR of 12.5% from 2021 to 2028. The encapsulation enables the controlled release of encapsulated materials in predetermined environments, which is an essential property in medicinal drugs and pesticides. Ingredients in various products are encapsulated for multiple reasons, including isolating active ingredients from chemical effects of oxidizing and evaporation.
Based on application, the encapsulation market is segmented into pharmaceuticals and nutraceutical, food and beverages, personal care products, agrochemicals, and others. The pharmaceuticals and nutraceutical segment held the largest share of the market in 2020. Encapsulation technologies are extensively used by pharmaceutical and nutraceuticals companies to mask the bitter taste or smell of drugs and to provide their targeted and controlled delivery. The development of drugs based on these biomolecules is expected to boost the demand for encapsulation for effective and targeted delivery of the active ingredients. The pharmaceutical sector is also greatly influenced by encapsulation technologies due to the benefits achieved by the manufacturers. Along with the encapsulation of drugs, other active ingredients such as peptides, proteins, and DNA/RNA molecules are also encapsulated to meet the market demand for value-added products.
The convenience food sector consists of food products designed to reduce preparation time for the end user. The convenience food sector has witnessed a substantial increase in demand in the past decade globally, and it is expected to increase significantly during the forecast period. The changing fast-paced lifecycle of individuals globally is the primary factor driving the demand for convenience food. Further, the growing urban population worldwide has also contributed significantly to driving the need for convenience food products. For instance, according to data from the United Nations, 51.1% of the global population lived in urban cities in 2009, and it grew to 55.7% in 2019. Such factors are expected to drive the demand for convenience food, thereby boosting the encapsulation market growth.
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In 2020, North America held the largest share of the global encapsulation market and Asia-Pacific is estimated to register the fastest CAGR in the market over the forecast period. The demand for encapsulation is expected to increase in the Asia Pacific region due to various factors such as the growth in the pharmaceutical industry and increase in demand for functional products. Growing foreign direct investments and investments in the research and development of encapsulation products has further boosted the growth of the market in the region. Further, the availability of skilled labor along with the lower cost of raw materials has attracted many international and global players to expand their businesses across the region.
The companies in this market have been continuously focusing on strategies such as product developments, plant expansions, and mergers and acquisitions to expand their footprint worldwide and fulfil the growing demand of the market.
Some of the major key players operating in the global encapsulation industry includes
Encapsys,
Lycored
Tastetech
Givadan
Balchem, INC
FrieslandCampina
DSM
Microtek Laboratories, INC
Legris Industries Group
BASF SE
The major players in the encapsulation industry are focusing on strategies such as mergers and acquisitions and research and development to increase the geographical presence and consumer base globally.
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