(I-BusinessNews.Com, February 20, 2019 ) The Food Coating Market is projected to reach 5,936.3 USD Million by 2023 at a CAGR of 4.98% from 2018-2023. The food coating ingredients and equipment markets are estimated to be valued at USD 2.73 billion and USD 1.93 billion, respectively, in 2018 and are projected to reach a value of USD 3.62 billion and USD 2.31 billion by 2023, respectively, at a CAGR of 5.8% and 3.7% from 2018 to 2023. The market is primarily driven by factors such as 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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The cocoa & chocolate segment is estimated to account for the largest share of the food coating market, by ingredient type, in 2018.
On the basis of ingredient type, the cocoa & chocolate segment is estimated to account for the largest share of the food coating market in 2018 followed by fats & oils. The rapidly increasing demand for chocolate products from multiple food applications such as bakery products, confectionery products, and convenience food are expected to accelerate the demand for cocoa & chocolate food coating. This growth can be seen in emerging regions such as Asia Pacific, where, due to economic growth and improved income levels, people are demanding more premium food and ready meals. These factors have fueled the growth of this segment.
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.
Semi-automatic segment is projected to grow at a higher CAGR among the two modes of operation in the food coating equipment market from 2018 to 2023.
On the basis of mode of operation, the semi-automatic mode of food coating equipment is projected to grow at a higher CAGR. Unlike fully automatic equipment which requires high capital investment, semi-automatic equipment enables small- and medium-scale manufacturers to achieve high yield with consistent quality and without compromising on production efficiency. Developing countries such as India, Vietnam, Indonesia, and China have several small and medium manufacturers of coated food who utilize semi-automated equipment. However, with the advancement in technologies and the ease of operation provided by fully automatic systems, the market size for semi-automatic systems is comparatively smaller than that of the former.
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North America is estimated to dominate the food coating ingredient market in 2018.
North America is expected to continue its dominant presence in the food coating ingredients 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 coating for an extended shelf life. Consumers in this region opt for cereal as breakfast options where coating is applied. The US is also a huge market for confectionery products. These factors have fueled the growth of the food coating market in North America.
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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