(I-BusinessNews.Com, September 17, 2020 ) 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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The meat & sea food segment is estimated to account for the largest market in 2018 for both the food coating ingredient and equipment market.
On the basis of application, the meat & sea food segment is expected to account for the largest share. The market is mainly driven by the large scale usage in North America. Coating for meat & sea food products to protect them from spoilage. This allows the addition of savory flavors and crispy texture of meat and seafood products. In addition to this, America’s increasing consumption of crispy, fried chicken, coated with batter and crumbs is driving the market for this application steadily.
The semi-automatic mode of operation is expected to show the highest growth rate in the next five years.
The semi-automatic segment is projected to grow at the highest growth rate in the next five years. Semi-automatic food coating equipment is usually adopted by small- and medium-scale manufacturers, as their production scale is limited. Developing countries in the Asia Pacific and South American regions that have a large number of small and medium manufacturers of food processing products utilize semi-automated equipment. Limited investment capacity and high labor availability are the major drivers that have led to the use of semi-automated equipment in these regions.
Liquid coating is expected to account for the largest market share in the food coating ingredient market.
Liquid coating is used in formulations of bakery products, flavored nuts, ice cream coatings, granola bars, and confectioneries such as candy bars. Coatings include fat-based formulations that are melted and applied to solid food products such as nuts, cakes, doughnuts, cookies, sugar wafers, ice cream bars, and fruit pieces by manufacturers for the addition of flavors. For instance, liquid food coating ingredients such as batter are used in products such as chicken nuggets and wings. Batter coatings add color, flavor, texture, and extend the shelf life of these products, thus boosting the demand for liquid food coating ingredients in the region.
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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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