Food Coating Market is projected to reach 5,936.3 USD Million by 2023 at a CAGR of 4.98% from 2018-2023
LONDON, August 7, 2018 /PRNewswire/ -- 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 equipment and food coating ingredients markets are projected to grow at a CAGR of 3.7% and 5.8%, respectively.
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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, growing at a CAGR of 5.8% and 3.7% respectively, from 2018 to 2023. The market is primarily driven by factors such as rising demand for frozen breaded meat products, seasoned veggie chips with specialty flavors, along with premium confectionery products enrobed with chocolate and growing demand for processed and convenience food. However, rising costs of production due to increasing energy & labor costs and the growing demand for organic and fresh food products are some factors which are expected to restrict the growth of the food coating equipment market in the long run.
On the basis of application, meat & poultry is projected to be the fastest-growing segment in the food coating market during the forecast period.
Based on the application of food coating, the meat & poultry segment is projected to grow at the highest rate. The expected rise in production units in countries such as the US, a shift in the consumption patterns, and preference for premium and chocolate & bakery products along with rise in demand for frozen meat products, and rise in the number of quick-service restaurants in some developing countries of Asia such as India, Indonesia, and Thailand are supporting the growth of meat & poultry coating.
The automatic segment is projected to grow at the highest rate for the food coating equipment market during the forecast period.
One of the driving factors for the increasing use of automated food coating equipment is its ability to provide accurate coating.Automation of equipment in the food coating industry contributes to accurate coating, quick & reliable production processes, optimum utilization of time, reduced labor costs, and controlled operations.
With the incorporation of automatic machinery, food coating can be carried out for a large number of products with comparatively lesser manpower, since this equipment functions automatically.
North America and Europe are estimated to account for the largest share of the food coating ingredients and food coating equipment market, respectively in 2018
North America is expected to dominate the food coating ingredients market in 2018 and is projected to grow steadily over the next five years.The market for food coating ingredients in this region is driven by the flourishing food processing industry.
Additionally, the rise in health issues such as obesity and heart ailments in the region has prompted people to focus on eating healthy products such as breakfast cereals for diet management, in response to which food coating ingredient manufacturers have introduced their products with low sugar content and absence of allergens. Such factors have provided a boost to food coating ingredient manufacturers in North America.
Break-up of Primaries:
• By Company: Tier 1 – 20%, Tier 2 – 35%, and Tier 3 – 45%
• By Designation: C-level – 25%, and Director-level - 35%, Others - 40%
• By Region: North America – 15%, Europe –15%, Asia Pacific – 40%, and RoW – 30%
The key players profiled in this report are as follows:
• 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)
• Bowman Ingredients (UK).
Research Coverage:
The report segments the food coating market on the basis of ingredient type, ingredient form, application, equipment type, mode of operation, and region. In terms of insights, this research report has focused on various levels of analyses—competitive landscape and company profiles, which together comprise and discuss the basic views on the emerging & high-growth segments of the food coating market, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.
Reasons to buy this report:
• To gain a comprehensive overview of the food coating market
• To gain wide-ranging information about the top players in this industry, their product portfolios, and key strategies adopted by them
• To gain insights about the major countries/regions in which the food coating market is flourishing
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