Korea Personal Care Encapsulation Materials Market Report, published by Allied Market Research, states that the Korea market was valued at $25,268 thousands in 2016, and is projected to reach $59,880 thousands by 2023, growing at a CAGR of 10.9% from 2018 to 2023. The proteins segment is expected to witness the fastest CAGR during the forecast period.
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The major companies profiled in the report include Sumitomo Corporation, Biogenoci Co. Ltd., and Durae Corporation. Persperse Corporation is a key supplier of encapsulation materials in Korea. Sumitomo Corporation acquired Persperse Corporation as a part of its strategy to expand its presence in Korea.
Encapsulation is a technique in which tiny particles are protected by coating them to form small capsules. Encapsulation offers control of deposition of active ingredients. In addition, encapsulating unstable components in a lipid-based micro particle decreases volatility and prolongs protection of the treated skin. The technique is used to isolate components or other materials from potentially stressful conditions that can adversely affect the performance of a product. Encapsulation materials are used in a variety of applications such as food, pharmaceuticals, personal care & cosmetics, textiles, and others.
The Korean personal care encapsulating materials market is driven by high demand for personal care products such as anti-aging creams, shower and bath gels, and color cosmetics. Moreover, high standards of living, and rapid geriatric population have supplemented the demand for organic, natural, and functional cosmetics products. This upward trend is anticipated to continue during the forecast period, which is expected to boost the personal care encapsulating materials market in Korea. The export of cosmetics from Korea has grown in the recent years. High demand for personal care and cosmetics from international markets is expected to fuel the demand for encapsulation materials in Korea.
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Polysaccharides segment is expected to maintain its dominance in the Korea market during the forecast period. The lipids segment is anticipated to grow at the highest CAGR during the forecast period. Based on application, the color cosmetics and wrinkle creams segments are expected to contribute the maximum shares in the Korea personal care encapsulation materials market.
Key Findings of the Korea Personal Care Encapsulation Materials Market:
In terms of value, the lipids segment is expected to grow at a CAGR of 11.8% during the forecast period.
The color cosmetics and wrinkle creams application segments are expected to account for more than half of the total market by 2023.
The chitosan segment is projected to register a CAGR of 9.1% in terms of value during the forecast period.
The soy proteins and paraffin segments are expected to grow CAGRs of 12.0% and 12.4%, respectively, in terms of value during the forecast period.
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