Microencapsulation market accounted for US$ 9.4 billion in 2020 and is estimated to be US$ 25.7 billion by 2029 and is anticipated to register a CAGR of 11.9%.
The report "Global Microencapsulation Market, By Technology (Spray, Emulsion, and Dripping), By Core Material (Pharma & Healthcare Drugs, PCM, Food Additives, and Fragrances), By Application (Pharma, Household, Agrochemicals, and Textiles), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.
Key Highlights:
· In October 2020, Lubrizol Life Science Health (LLS Health) launches ASTAGILE™ microcapsules, its new sustainable, organic-certified, astaxanthin (Haematococcus pluvialis), microencapsulated with spirulina. The two ingredients have been uniquely combined in a patent-pending product designed to promote mental agility and support healthy ageing for young and senior adults.
· In November 2020, Lubrizol introduces novel spirulina microencapsulated astaxanthin for healthy aging.
Analyst View:
The increased number of various biotechnology and biopharmaceutical companies that utilize filtration systems including membranes, capsules, cartridges, and other products are driving the growth of the overall pharmaceutical membrane filtration technologies market. In addition, the rapid adoption of innovative treatment therapies such as monoclonal antibodies, therapeutic proteins, and vaccines has resulted to create a positive impact on market growth. Moreover, companies are heavily investing in R&D to improve existing product portfolios. For instance, in 2016, AstraZeneca, a foremost healthcare company invested around USD 5,890 million in R&D. Moreover, in 2018, GE Healthcare and the Swedish Government opened an innovation center in Sweden —Testa Center—to support the commercialization of advanced biopharmaceuticals.
The increasing prevalence of chronic and infectious diseases globally is influencing the growth of the pharmaceutical industry. According to the data published by the Pharmaceutical Industry and Global Health in 2017, the global pharmaceutical industry was valued at US$997 billion in 2014. Further, a surge in production and research activities has increased the demand for membrane technologies which is anticipated to boost the growth of the pharmaceutical membrane technology market over the forecast period.
Key Market Insights from the report:
The global microencapsulation market accounted for US$ 9.4 billion in 2020 and is estimated to be US$ 25.7 billion by 2029 and is anticipated to register a CAGR of 11.9%. The market report has been segmented on the basis of technology, core material, application and region.
· Depending upon technology, the spray segment is projected to grow at highest CAGR over the forecast period. This is due to the benefits offered by the microencapsulation process, which includes high production capacity, high recovery efficiency, the simplicity of the process, cost efficiency, and process safety. Spray technologies are widely used in the large-scale manufacturing of food and pharmaceutical grade microencapsulation.
· In terms of core material, the pharmaceuticals & healthcare drugs segment accounted for the largest market size in the market during the forecast period.
· By application, the pharma segment estimated for highest share for controlled drug delivery, to mask the bitter taste or smell in drugs and to provide targeted delivery.
· By region, the market for microencapsulation in the North American region is dominating the market by the growing demand and awareness about value-added products for various areas such as nutrition, food, healthcare, and personal care. Due to this awareness and increased demand, companies are focusing on manufacturing functional products with novel technologies such as microencapsulation.
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Competitive Landscape:
The prominent player operating in the global microencapsulation market includes BASF, Royal FrieslandCampina, Syngenta Crop Protection, Koninklijke DSM, Givaudan, Firmenich, Symrise, International Flavors & Fragrances, Sensient Technologies, Lycored Corp.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
