The effect of water content on the glass transition temperature of Swiss cheese bioaroma microencapsulated with a spray dryer was determined using differential scanning calorimetry (DSC) while mass loss was determined by thermogravimetric analysis (TGA). The sorption isotherm behavior was assessed at 15–45°C. Data were fitted with different sorption models. The bioaroma microparticles were produced via spray drying in a matrix with a 1:1 ratio (w/w) of maltodextrin 20DE and modified corn starch (Capsul). The isotherms displayed Type II behavior, and the best fit was obtained by the Guggenheim–Anderson–de Boer (GAB) model (coefficient of determination R² ≥ 0.98). The DSC analysis showed that the increased equilibrium moisture content caused a significant reduction in the Tg of the microparticles. The samples stored at intermediate humidity showed thermal stability and the samples with equilibrium moisture content of 17.92% showed a lower mass loss.