Microcapsule Market Worth $13.4 Billion | A CAGR of 9.8% From 2021 to 2026
The market size of microcapsule is estimated at USD 8.4 billion in 2021 and is projected to reach USD 13.4 billion by 2026, at a CAGR of 9.8% from 2021 to 2026.
The microcapsule market is on course for intense growth across different end-user industry verticals such as pharmaceuticals & healthcare, food, household & personal care, textiles, agrochemicals, and others. Manufacturers, producing microcapsule, are taking initiatives, and making huge investments in product launches and various business partnerships to improve the quality of their products and to augment their microcapsule business segment revenue.
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COVID-19 Impact on the Global Microcapsule Market
The pandemic is estimated to have an impact on various factors of the value chain of the microcapsule market, which is expected to reflect during the forecast period, especially in the year 2020. The various impact of COVID-19 are as follows:
♦ Impact on Pharmaceuticals Industry
Microcapsules are extensively used in the pharmaceutical industry to treat renal diseases, cardiovascular diseases, colorectal cancer, inflammatory bowel disease, anemia, etc. Microencapsulated drugs are also being used for hormone therapy, gastrointestinal disorders, diabetes, pulmonary diseases, periodontitis, and hypertension. Although operational during the pandemic, the pharmaceutical industry also faces some challenges in terms of restricted raw material supplies and logistics.
♦ Impact on Food Industry
In the food industry, various minerals and vitamins are added to functional food products, such as cereals, dairy products, bakery products, yogurts, and infant food, to enhance their nutritional value. Omega-3 microcapsules are also extensively applied in food products, such as dairy, infant formulas, and commercial bread. However, these added compounds may change the original flavor and may cause an unpleasant taste. Thus, microencapsulation is used in food products for odor and taste masking. The application of microcapsules in the food industry also provides protection to the added vitamins and minerals against adverse conditions, such as temperature and humidity.
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The COVID-19 pandemic will create a positive impact on the demand for microcapsule in the food industry, as there is expected to be extensive growth in the demand for functional and nutraceutical food products during the forecast period.
