Albany, NY -- (SBWIRE) -- 05/30/2018 -- The growth of the global pharmaceutical industry and rising demand for functional foods has driven the microencapsulation market, states Transparency Market Research in its latest report. The report is titled "Microencapsulation Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020" and is available for sale on the company website. According to the report, the worldwide market for microencapsulation is likely to grow from US$4.77 billion in 2013 to US$9.13billion in 2020, developing at a healthy CAGR of 9.7% from 2014 to 2020.
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The global microencapsulation market is also driven by the increasing acceptance of cleaning agents and specialty detergents and the prospective demand from the paints and coatings industry. However, need for extensive research to choose core materials and the appropriate technology is anticipated to impede the growth of the microencapsulation market.
On the basis of application, the microencapsulation market is categorized into household products, pharmaceuticals, food additives, agrochemicals, and others such as commodity and specialty chemicals for industries. Accounting for more than 65% of the microencapsulation market in 2013, pharmaceuticals formed the largest application segment. Microencapsulation in the pharmaceuticals industry allows for targeted drug delivery and release, sustained and controlled release of active ingredients, and masking of chemicals odors. Microencapsulated dietary supplements, nutrients, food enzymes, preservatives, and prebiotics help improve the texture, taste, shelf life, and nutrient content of food products. The demand for antimicrobial cleaning agents and fragrant detergents, and changing consumer preferences toward prebiotics and dietary supplements is expected to make household products and food additives the fastest developing application segments by the end of the forecast period.
By region, the global microencapsulation market is segmented into North America, Europe, Asia Pacific, and Rest of the World. North America and Europe together held 70% of the global microencapsulation market in 2013, driven by advanced healthcare industries, large-scale usage of microencapsulation technology in pharmaceutical and biotechnological research, and increased acceptance of functional food additives.
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However, growing consumer awareness regarding the benefits of microencapsulation technology, rise in purchasing power, rapid growth of industries such as surfactants, pharmaceuticals, and food, and changing dietary and retail preferences are likely to boost the microencapsulation market in Asia Pacific and Rest of the World. The report indicates that the Asia Pacific region is expected to develop at a 10.5% CAGR owing to rising demand from numerous applications, making it the most rapidly growing regional market for microencapsualtion.