The invention describes a process for the preparation of a granular delivery system particularly useful for the controlled release of flavoring or perfuming ingredients. The process includes the steps of forming a concentrated, highly viscous emulsion of the active compound to be encapsulated, blending the latter with a hydrophilic polymer in an extruder and shaping it into a granular free flowing solid at usual storage temperatures. The process of the invention is particularly appropriate for the encapsulation of volatile molecules as it avoids any dehydration step before or after extrusion.