The present invention relates to the use of a mixture of modified starch and protein for encapsulating oxygen sensitive agents, wherein the modified starch is a starch derivative containing a hydrophobic group or both a hydrophobic and a hydrophilic group which has been further enzymatically hydrolyzed by an exo-enzyme. The encapsulated materials have a high level of active agent and retention and provide excellent oxidation resistance. Further, the encapsulated materials are useful in a variety of products, including food products.