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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Increased demand for confectionery products in emerging economies such as China and India are expected to drive the food coating ingredients market in the confectionery products industry. Further, with lifestyles becoming increasingly hectic, the consumption of bakery products is growing, as they are a convenient snacking option at a reasonable price. The wide-scale usage of enrobers as coating equipment in bakery products such as biscuits, cakes, donuts, bread, and other bakery products is expected to drive the food coating equipment market in this industry.
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. According to an article published by the National Confectioners’ Association, the confectionery market in the US is expected to reach USD 38.10 billion by 2020.
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The Asia Pacific region is projected to be the fastest-growing market for food coating ingredients. The region’s growing demand for processed food, improved manufacturing industry growth over the past decade and advancements in the food industry have provided new opportunities for the food coating ingredients market. An increase in processed and convenience food production and innovations in segments such as meat, snacks, and bakery & confectionery products drive the demand for coating ingredients in the Asia Pacific region. China and India are set to experience demand for these products during the forecast period.
The major restraining factor for the food coating equipment market is the rising prices of ingredients and their subsequent fluctuations and shift towards fresh food products. In developed countries such as the US, Germany, and the UK, the demand for new foods among consumers, changes in their eating habits, and food safety risks are affecting the food processing industry. The rise in the aging population in developed countries has also led to growing health concerns, owing to which they prefer fresh, farm grown, and less processed food products where no synthetic ingredients are used. These factors are expected to restrict the growth of the food coating market in the long run.
Some of the major companies in the food coating ingredients market include Cargill (US), Archer Daniels Midland Company(US), Kerry Group (Ireland) while the major players in the food coating equipment market include GEA Group (Germany), Marel (Iceland), and JBT Corporation (US). These have acquired a leading market position through the provision of a broad product portfolio, along with a focus on diverse end-use segments.