The microcapsule market is projected to grow from USD 8.4 billion in 2021 to USD 13.4 billion by 2026, at a CAGR of 9.8% from 2021 to 2026, owing to increasing demand from the pharmaceuticals & healthcare industry. The household and personal care industry is expected to register the highest CAGR from 2021 to 2026. The high growth of the household and personal care industry is due to the rising spending on personal care products by consumers across the world.
North America is the largest region in the microcapsule market. The market in this region is majorly driven by the growing demand and increasing consumer awareness about value-added products in various areas, such as nutrition, food, healthcare, and personal care. Therefore, companies focus on manufacturing functional and fortified products using novel technologies, such as microencapsulation.
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The key market players in the microcapsule market are BASF SE (Germany), Syngenta Crop Protection AG (Switzerland), Royal FrieslandCampina N.V. (Netherlands), Koninklijke DSM N.V. (Netherlands), Givaudan S.A. (Switzerland), Firmenich S.A. (Switzerland), Symrise AG (Germany), International Flavors & Fragrances (US), Lycored Corp. (Israel), and Sensient Technologies Corporation (US). These players have adopted expansions, acquisitions, product launches, investments, partnerships, joint ventures, mergers, collaborations, agreements, and divestments as their growth strategies to meet the growing demand for microcapsules.
BASF SE, is the leading player in the global microcapsule market. In August 2018, BASF SE’s animal nutrition division launched the Lucantin NXT product line in the European Union, which would be gradually followed in other countries. The carotenoid formulation of Lucantin NXT met the regulation (EC) No. 2017/962, which requires the withdrawal of ethoxyquin (EQ) as a feed additive. The product launch helped the company expand and strengthen its geographical footprint in the microcapsule animal nutrition market.
Another important player in the global microcapsule market is Givaudan S.A. In May 2019, Givaudan S.A. launched Spherulite R10, a microencapsulated stabilized retinol. This product is manufactured using a microencapsulation technology called spherulite technology that offers faster and superior anti-aging clinical efficacy than free retinol. The product development helped the company to enhance its position in the beauty industry on a global level.
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