The interest in using essential oils for biotechnological and biomedical applications has been increasing because of their unique properties, such as their roles as preservatives, antioxidants, antimicrobial agents, and therapeutic agents, with oregano oil being a notable example. However, the bioactivity and stability of oregano oil can be compromised because of its volatile nature and external factors like exposure to light, heat, or oxygen. To protect oregano oil from these adverse effects and enhance its potential, microencapsulation has been employed. Nevertheless, studies evaluating the economic feasibility of this process are still limited. In this context, this study combines an environmental impact assessment by applying the life cycle assessment (LCA) methodology and an economic evaluation of three different scenarios (A, B, and C) for the production of oregano oil microparticles by a spray dryer. In Scenario A, only modified starch was used to prepare the emulsion; in Scenario B, the modified starch was replaced with gum arabic; and in Scenario C, the gum arabic, maltodextrin, and modified starch were combined. The results indicated that Scenario B presents the best environmental performance for all impact categories analyzed (global warming, fossil resource scarcity, mineral resource scarcity, terrestrial acidification, freshwater eutrophication, and marine eutrophication). However, the composting of bio-waste end-of-life presents better environmental performance for the other scenarios (A and C). In Scenario B, the process with the lowest production cost per gram of microcapsules is the most promising for meeting the demands of the aspects analyzed.