London, April 29, 2021 (GLOBE NEWSWIRE) — According to a new market research report titled “Microencapsulation Market by Coating Material (Polysaccharides, Proteins), Technology [Physico-Mechanical (Spray Drying, Coextrusion); Physico-Chemical; Chemical], Application (Pharmaceutical, Food), Core Material, and Core Form – Global Forecast to 2027” published by Meticulous Research®, the microencapsulation market is expected to grow at a CAGR of 11.7% from 2020 to 2027 to reach $17.31 billion by 2027.
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Microencapsulation is a complex technique that involves the creation of shells, whether natural or synthetic, where particles of active ingredients and fragrances are stored and remain protected from the environment. Many products contain active substances that require encapsulation for increased stability. Microencapsulation acts as an important tool for pharmaceutical, food, and home and personal care, among other industries, enabling protection and controlled release of several active agents.
The growth of the microencapsulation market is mainly attributed to the growing demand for pharmaceutical and agrochemical products, rising demand for functional food products, strong growth in the cosmetic industry, growing demand for microencapsulated fragrances due to their wide applications across the home care and personal care industries, and rising R&D investment for improving process efficiency. However, the high production cost of some microencapsulation processes and stringent regulatory requirements are the key factors expected to restrain the future growth of this market.
The microencapsulation market has been segmented into core material [pharmaceutical & healthcare drugs; food, feed, and nutraceuticals (vitamins and minerals, enzymes, organic acids, prebiotics and probiotics, sweeteners, flavors and colors, amino acids and proteins, essential oils, other core materials); fragrances; agriculture inputs; phase change material; and other core material]; core form (liquid, solid, gas); coating material (polysaccharides, polymers, proteins, lipids & waxes, gums & resins, and others); technology/method [physico-mechanical methods (spray drying, fluidized bed spray coating, coextrusion, spray chilling or congealing, other physico-mechanical methods); physico-chemical methods (coacervation or phase separation methods and other physico-chemical methods); chemical methods (in-situ polymerization and interfacial polymerization); and other microencapsulation methods]; application/industrial sector (pharmaceutical, home and personal care, food, feed, and nutraceuticals, agrochemical and others); and geography. The study also evaluates industry competitors and analyses the market at a country level.
The Impact of COVID-19 on the Microencapsulation Market
As a measure to control the spread of COVID-19 and to avoid its associated consequences, governments across the globe have announced partial or complete lockdowns. This has had a significant impact on many industries globally, hitting hard in terms of reduced manufacturing and distributions across the globe.
Home and personal care and agrochemicals are a few of such industries where manufacturers are facing disruptions in raw material supply because of the coronavirus pandemic. Also, imports and exports in many countries have either been restricted or delayed since the outbreak, creating hurdles for personal care, agrochemicals, industrial, and other product suppliers. This has led to a decrease in demand and revenue for many players operating across these industrial sectors. For instance, Shiseido (Japan), a cosmetic industry player, registered an 18.9% decline in revenue for 2020. Likewise, Kao Corporation registered a decline of 13.8% in its operating profit for the first half of 2020 due to reduced sales across personal care business due to the COVID-19 pandemic. Therefore, the decreased demand and revenue across personal care, agrochemicals, and other industrial sectors during the COVID-19 pandemic has a retaliative impact on the demand for microencapsulation technology from these industries.
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The impact on some home care products, like surface disinfectants & hand sanitizers; nutraceutical & dietary supplements; and some pharmaceuticals was completely inverse with a significant surge in demand during 2020. The consumer purchasing of all types of consumer-packaged goods (healthcare, food and beverages, general merchandise, and home care) experienced unprecedented growth, in some countries reaching gains as high as 96%.
Sales of vitamin and mineral supplements have increased significantly during the pandemic, which has boosted the revenue for the consumer goods multinationals, such as Nestlé, Procter & Gamble, and Reckitt Benckiser. For instance, in the U.S., the CPG sale was ~18% higher in June 2020 than the previous year. Similarly, the demand for vitamin products has sharply increased by 44% during the six weeks ending April 5, 2020, up from the same period in 2019. The increased demand for these products was mainly attributed to the growing focus on health and immunity. The highest surge in demand is observed for microencapsulated dietary supplements, as it provides strong immune function and decreases the health threat possibility.
Moreover, the COVID-19 outbreak highlights the need to prevent the spread by decreasing the risk of contamination. Disinfectants and other home cleaning products play a key role in doing so. The cleaning and disinfection of homes and clothes have gained priority as people look to protect themselves and their families. People have more than doubled the frequency of cleaning their homes and changing the way they wash their clothes. The demand for microencapsulation in the manufacture of home care products has increased. Some of the related examples of the impact on sales, product prices, and production in this category are as follows:
- The sales of hand sanitizers in the U.K. have seen a year-on-year growth of 255% in February. Simultaneously, British shoppers purchased 7% more liquid hand soaps and spent 10% more on household cleaners than in February 2019.
- Similarly, with the growth in COVID-19 cases in Italy, the country registered a 29% growth in the sales of hand soap in February 2020.
- The rising demand for hand sanitizers has significantly increased the prices of hand sanitizers and cleaning agents at outlets across the globe, including supermarkets and online retail markets. For instance, in the U.K., a Defendol hand gel retailing at GBP 3.49 (USD 4.46) in stores are being sold for GBP 109.99 on Amazon. The price growth has also been observed in Italy. One of the Italian sellers on Amazon has increased the price of four three fluid-ounce bottles of sanitizer to EUR 60 (USD 66.77), while ten fluid-ounce bottles of Purell are being sold for EUR 80 on eBay.
Therefore, strong demand for pharmaceuticals, dietary supplements, food and beverages, and home care products due to COVID-19 will support the growth of the microencapsulation market, as millions of tons of microcapsules are manufactured and added to these products to preserve and release active ingredients. Thus, considering the overall impact of COVID-19 across all industrial sectors using microencapsulation technology, the growth rate of the market has significantly declined in 2020 even if this market is registering a positive growth in total.
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Based on core material, the pharmaceutical and healthcare drugs segment is expected to witness the highest demand through 2027. The high demand of this segment is mainly attributed to the cost-effectiveness as compared to other technologies, particle size reduction for high solubility, and controlled and sustained release of drugs. Also, microencapsulation helps in masking odor and taste.
Based on core form, in 2020, the liquid segment accounted for the largest share of the overall microencapsulation market. Liquid core active substances involve oils, pigments, solvents, perfumes, and agrochemicals, among others. These liquid core materials have the property of getting easily dissolved and dispersed, which needs microencapsulation requirements for their enhanced timely delivery and better performance.
Based on the coating material, the polysaccharides segment commanded the largest share of the overall microencapsulation market in 2020. Polysaccharides can be obtained from abundant renewable sources and are typically nontoxic, making them valuable for food and pharmaceutical formulations. Further, starch is the most consumed polysaccharide in the human diet as it is generally regarded as safe material and is therefore listed in the GRAS list of the USFDA.
Based on technology/method, the physico-mechanical methods segment accounted for the largest share of the overall microencapsulation market in 2020. The large share of this segment is mainly attributed to the wide range of benefits offered by these technologies, including high production capacity, high recovery efficiency, cost-effectiveness, and simplicity of the process with safety.
Based on application, the food, feed, and nutraceutical segment is expected to witness the highest CAGR during the forecast period, owing to the increasing use of encapsulation ingredients in the F&B industry, strong growth in dietary supplements, and increasing awareness about functional food products.
The report includes an extensive assessment of the key strategic developments by leading market participants in the industry over the past four years. The microencapsulation market has witnessed several mergers and acquisitions, expansions, partnerships, agreements, and collaborations in recent years. The key players operating in the microencapsulation market are Givaudan S.A. (Switzerland), International Flavors & Fragrances, Inc.(U.S.), Encapsys, LLC (U.S.), Reed Pacific Pty Limited (Australia), Firmenich Incorporated (Switzerland), Symrise AG (Germany), Ingredion Incorporated (U.S.), MikroCaps d.o.o (Slovenia), Koehler Innovative Solutions (Germany), Koninklijke DSM N.V. (Netherlands), Sensient Technologies (U.S.), Evonik Industries AG (Germany), Capsularis (France), and Micropore Technologies Limited (U.K.), among others.
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Scope of the Report:
Microencapsulation Market, by Core Material
- Pharmaceutical and Healthcare Drugs
- Food, Feed, and Nutraceuticals
- Vitamins and Minerals
- Organic Acids
- Prebiotics and Probiotics
- Flavors and colors
- Amino Acids and Proteins
- Essential Oils
- Other Food, Feed, and Nutraceutical Industry Core Materials
- Agriculture Inputs
- Phase Change Materials
- Other Core Materials
Microencapsulation Market, by Core Form
Microencapsulation Market, by Coating Material
- Lipids and Waxes
- Gums and Resins
- Other Coating Material
Microencapsulation Market, by Technology
- Physico-mechanical Methods
- Spray Drying
- Fluidized Bed Spray Coating
- Spray Chilling or Congealing
- Other Physico-mechanical Methods
- Physico-chemical Methods
- Coacervation or Phase Separation Methods
- Other Physico-chemical Methods
- Chemical Methods
- In-Situ Polymerization
- Interfacial Polymerization
- Other Microencapsulation Methods
Microencapsulation Market by Application/Industrial Sector
- Pharmaceutical Industry
- Home and Personal Care Industry
- Personal Care Industry
- Skincare Products
- Haircare Products
- Deodorants and Perfumes
- Other Personal Care Products
- Home Care Industry
- Laundry Detergents and Fabric Conditioners
- House Cleaning Agents
- Other Home Care Products
- Personal Care Industry
- Food, Feed, and Nutraceutical Industry
- Agrochemical Industry
- Other Industrial Sectors
Microencapsulation Market by Geography
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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