Market Introduction
The Asia Pacific region comprises of countries such as Australia, China, India, Japan, South Korea, and other Asian countries. The demand for encapsulated ingredients is fueled by increasing application in various industries such as food and beverages, pharmaceutical and nutraceuticals, personal care products, agrochemicals etc. The trends such as health, nutrition and wellbeing are driving consumer behavior for food that supports longer and healthier lives. In the Asia Pacific region, the demand for functional food and dietary supplements is increasing among the population. Moreover, there is a high demand for controlled-release agrochemicals which will boost the encapsulation market. In Asia Pacific region, the consumer demand for longer lasting fragrances in their everyday products continues to grow in all categories. The high demand for fragrance encapsulation in various personal care products including hair care products offers lucrative opportunities for the market growth in the region. The players operating in the region anticipate many opportunities for fragrance encapsulation with the growing consumer demand for longer lasting fragrances. In Asia Pacific region, there is an increasing adoption of technological advancement. The various companies are investing significantly in the development of current encapsulation technology. Also, players are investing in high growth markets. For instance, in 2019, Givaudan opened its newest fragrance encapsulation center in Singapore. This investment will support the company's growth ambitions in the region. The facility is strategically located to offer an excellent environment for pursuing scientific research and business opportunities while being centrally located within Asia. Givaudan is significantly investing in the development of new biodegradable capsules for personal care products. Such developments will further contribute for the growth of the encapsulation market in the Asia Pacific region.
The COVID-19 outbreak is wreaking havoc on the economic growth of Asia Pacific. The severity of the impact is entirely dependent on the transmission of the novel coronavirus. Government bodies across Asia Pacific are considering limiting the spread by imposing lockdowns, which is slowing down the import and export activities, leading to a shortage in raw material supply and labor. This factor has severely affected the encapsulation market across the region, which created a decline in the product supply. However, the increase in vaccination doses and the gradual decline in the number of daily COVID-19 positive cases are driving the market in 2021. The growth of the encapsulation market is expected to stabilize in the region by 2022. Further, the rising FDI in automotive and construction industries in China and India is expected to contribute to the overall market growth.
Market Overview and Dynamics
The encapsulation market in Asia Pacific is expected to grow from US$ 11,727.90 million in 2021 to US$ 30,765.74 million by 2028; it is estimated to grow at a CAGR of 14.8% from 2021 to 2028. Development of advanced technologies; numerous companies operating in the encapsulation market have made substantial investments in advanced technologies to promote the development of microencapsulation and nanoencapsulation. Modern technologies are being developed to tap niche markets. For instance, pharmaceutical companies are developing medicines for brain tumors that work through specifically operated drug delivery systems. Further, companies operating in the encapsulation market are focused on the development of new products which can display product properties, including different phase temperature change options and improvement in latent heat storage capacity. In addition, there is a growing demand for encapsulated products from the energy sector, primarily for products that can endure high-temperature ranges. Such factors are expected to provide significant growth opportunities for the market players in Asia Pacific encapsulation market during the forecast period. This is bolstering the growth of the encapsulation market.
Key Market Segments
Based on coating material, the Asia Pacific encapsulation market is segmented into polymers, gums and resins, lipids, carbohydrates, and lipids. In 2020, the carbohydrates segment held the largest share Asia Pacific encapsulation market. Based on technology, the Asia Pacific encapsulation market is segmented into spray technology, emulsion technology, dripping technology and others. In 2020, the spray technology segment held the largest share Asia Pacific encapsulation market. Based on by application, the Asia Pacific encapsulation market is segmented into pharmaceuticals and nutraceutical, food and beverages, personal care products, agrochemicals, and other. In 2020, the pharmaceutical and nutraceutical segment held the largest share Asia Pacific encapsulation market.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the encapsulation market in Asia Pacific are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Balchem Inc.; BASF SE; DSM; Encapsys, LLC; FrieslandCampina; Givaudan; Legris Industries Group; Lycored; Microtek Laboratories, Inc; and TasteTech among others.
Reasons to buy report
ASIA PACIFIC ENCAPSULATION MARKET SEGMENTATION
By Country
Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 11,727.90 Million |
| Market Size by 2028 | US$ 30,765.74 Million |
| CAGR (2021 - 2028) | 14.8% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Coating Material
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
The Asia Pacific Encapsulation Market is valued at US$ 11,727.90 Million in 2021, it is projected to reach US$ 30,765.74 Million by 2028.
As per our report Asia Pacific Encapsulation Market, the market size is valued at US$ 11,727.90 Million in 2021, projecting it to reach US$ 30,765.74 Million by 2028. This translates to a CAGR of approximately 14.8% during the forecast period.
The Asia Pacific Encapsulation Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Encapsulation Market report:
The Asia Pacific Encapsulation Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Encapsulation Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Encapsulation Market value chain can benefit from the information contained in a comprehensive market report.
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