(I-BusinessNews.Com, February 29, 2020 ) The report “Food Coating Market by Ingredient Type (Batter, Flours), Application (Bakery, Snacks), Equipment Type (Coaters & Applicators, Enrobers), Form (Dry, Liquid), Mode of Operation (Automatic, Semi-Automatic), and Region – Global Forecast to 2023″, The food coating ingredients and equipment markets were valued at USD 2.60 billion and USD 1.87 billion, respectively, in 2017 and are projected to reach a value of USD 3.62 billion and USD 2.21 billion by 2023, at a CAGR of 5.8% and 3.7%, respectively, from 2018 to 2023. Some of the major factors driving market growth includes rising demand for meat, seafood, poultry, bakery products, snacks, and confectionery products, growing demand for processed and convenience food, and increased focus on production efficiency, processing time, and quality of food products.
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Rising costs of production due to fluctuating ingredient prices is a major restraint for the market.
Rising prices of ingredients and their subsequent fluctuations have emerged as key restraints in food coating. The high cost of ingredients has led to high production cost, which further hinders the chances of adoption of new coating technologies by the manufacturer due to the resultant lower margins and longer time taken to attain breakeven point for food manufacturers. The food coating equipment must thus offer cost effectiveness in terms of output and ingredient usage to make up for the rising ingredient prices and make it easier for food manufacturers to achieve economies of scale. For instance, the prices of cocoa beans and sugar, which are the major ingredients used in coating confectionery, chocolates, and snacks increased continuously between 2013 and 2016, leading to high cost of the end product, which, in turn, leads manufacturers to focus on cutting cost, rather than investments on new technologies or equipment in their manufacturing facilities.
Growing investment opportunities in the development of new food coating technology.
There has been a growing awareness among consumers for various food trends due to globalization. Food manufacturing companies have also been expanding their presence across the globe due to the liberalization of trade. New and untapped markets are being explored by food manufacturers, wherein even domestic players are developing their product offerings to meet the rising competition in the market. For instance, manufacturers in China, India, and Japan have developed their own food coating equipment that are as good as the imported equipment or the equipment supplied by the market leaders in coating technology. To get an edge over competitors in both domestic and international markets, companies are focusing on innovating their food coating technology offerings through innovative technologies, such as electrostatic coating, which offers 98% coating of all products, making it an even more efficient coating than traditional flavorings methods.
Meat & seafood segment is estimated to account for the largest market share in the food coating market, by application in 2018
On the basis of application, the meat & seafood segment is estimated to account for the largest market share in 2018. The growing demand for crunchy & crispy products is stimulating the growth for breaded products in the meat & seafood industry, which shows a positive outlook for the growth in demand for breading applicators in the food coating equipment industry. Further, the fast-growing economy, retail chains expansion, product competition in terms of taste & appearance, along with new product innovations in the meat & seafood industry, are expected to accelerate the demand for equipment in the food coating industry
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North America region is expected to dominant the food coating ingredient market during the forecast period.
The North American region is expected to dominate the food coating market during the forecast period. The region is backed by superior food coating technologies and utilizes automatic equipment for coating food ingredients. Consumers in the US and Canada majorly consume salty snacks such as potato chips, which need dry coating. Apart from this, these countries consume frozen food that requires a coating for extended shelf life. Consumers in this region opt for cereal as breakfast options which also require coating. The US is also a huge market for confectionery products.
This report includes a study of marketing and development strategies, along with the product portfolios of the leading companies. It includes profiles of leading companies such Marel (Iceland), GEA Group (Germany), Bühler AG (Switzerland), JBT Corporation (US), TNA Australia Pty Limited (Australia), Clextral (France), Dumoulin (France), Spice Application Systems (UK), Cargill (US), Kerry Group (Iceland), Tate & Lyle Plc (UK), Newly Weds Foods (US), PGP International (US), Archer Daniels Midland Company (US), Ingredion Incorporated (US), and Bowman Ingredients (UK).
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