Global Encapsulated Flavors and Fragrances Market size exceeded USD 6 billion in 2017 and will witness over 4.5% CAGR from 2018 to 2024 by when food & beverages segment of the industry is anticipated to be valued at more than USD 5.2 billion.
Sellbyville, DE -- (SBWIRE) -- 02/07/2019 -- Global Encapsulated Flavors and Fragrances Market is estimated to exceed USD 8 billion by 2024; according to a new research report by Global Market Insights, Inc. Growing packaged food & beverages demand owing to the shifting consumer preference for sustainable and convenient food will propel encapsulated flavors and fragrances industry growth. Rising demand for encapsulated ingredients in confectionary products such as candies, chewing gums, chocolates and bakery products will stimulate the product penetration.
Effective distribution channel along with improved health benefits is strengthening the encapsulated flavors and fragrances demand in confectionery applications. Accurate and efficient release of flavoring agents coupled with protection of the core phase from chemical reactions are among key factors driving the encapsulated flavors and fragrances growth.
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Increasing product demand from personal care & cosmetics products such as shampoos, anti-aging products, soaps and creams will drive the overall market share. In addition, rising demand for authentic and recognizable essences in various end user industries, including dairy & frozen products will supplement the business growth. Growing financial support from the government for research and development will further boost the market growth.
Fluctuating raw material prices will have a direct impact on the product price trend. In addition, higher cost of encapsulation technologies and lack of availability of food grade materials are hindering the business size. Stringent government regulations concerning the consumer's safety are further expected to hamper the industry growth from 2018 to 2024.
Fragrance blends market accounted for 18% of the demand in 2017. Increasing consumer preferences along with growing retail sector and technological advancements has propelled the product demand. Introduction of various innovative products particularly in cosmetics, toiletries and home care products has flourished the business expansion. Physical process segment is expected to be valued at over USD 5.5 billion in 2017. Atomization, fluid bed coating, extrusion and emulsification are the various methods covered under this category. Cost effectiveness, feedstock variability, flexibility and high production capacity are enhancing the use of atomization in the encapsulated industry.
Micro-encapsulation process held over 41% of the overall market share in 2017. Potential application in a variety of products and increasing health conscious consumers has projected to propel the business growth. Moreover, increasing R&D investments for process efficiency to expand market penetration are driving the industry size. Food & beverages segment is expected to be valued over USD 5.2 billion by 2024. Increasing population along with rising disposable income of consumers has enhanced the product penetration. Growing usage of ready to eat food due to the busy schedule of the people will positively support the revenue generation.
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Europe encapsulated flavors and fragrances market is anticipated to witness revenue share of over 26% by 2024. The regional growth can be credited to the changing lifestyle of the people coupled with increasing inclination towards fast food. Symrise AG, Firmenich Incorporated, FrieslandCampina Kievit, Cargill Incorporated, Ingredion Incorporated and Tate & Lyle PLC are among the key identified encapsulated flavors and fragrances manufacturers. Agreements, technological advancements, new product launches, merger & acquisition and product portfolio expansion are the key strategies adopted by industry participants to strengthen their foothold. Other considerable companies include Aveka Inc, Nexira SAS, Mane, Synthite Industries Ltd, Sonarome, Sensient Technologies Corporation and Lycored Group.