Global food coating ingredients industry
was valued at USD 2.75 billion in 2014 and is expected to witness growth owing
to its increasing demand across various application segments, including poultry
& meat products, confectioneries and bakery products. Organoleptic properties
of ready-to-eat, bakery & confectionery, fried products and processed food
have the ability to absorb nutritional content which can be derived by using
food coating ingredients.
Emerging
economies have been experiencing growth in the fast food and confectioneries
segment over the past few years. This can be attributed to rising population,
increasing disposable income of consumers and their willingness to purchase
services and products. This has resulted in substantial expansion of popular
food chains including KFC and McDonalds. The industry is estimated to reach USD
4.44 billion by 2022.
Sugar &
syrups emerged as the largest segment of the market accounting for 30.2% owing
to the growing demand for bakery & confectionery products across the globe.
In addition, its increasing use as a Class-I preservative is expected to propel
demand.
Cocoa &
chocolates is expected to witness significant gains at a CAGR of 6.8% from 2015
to 2022. Rising consumer awareness regarding the benefits of dark chocolate is
expected to fuel demand over the forecast period.
North
America food coating ingredients market contributed to 42.4% of the overall
revenue in 2014 owing to stable demand for ready-to-eat food particularly in
the U.S. North America and Europe are expected to witness significant growth
owing to rising demand for processed food as it is readily available and has a
longer shelf life as compared to raw products.
Asia Pacific
is expected to witness significant growth at a CAGR of 6.6% from 2015 to 2022
on account of increasing meat consumption along with growing demand for bakery
products primarily in developing countries including India and China. Changing
lifestyle has resulted in altering eating patterns of consumers, which has
resulted in a growing demand for ready-to-eat foods including processed and
frozen items over the past few years. This trend is anticipated to continue
over the forecast period, thereby propelling industry growth.
Key market
players include Ashland Inc.Archer Daniels Midland Company (ADM), Agrana
Beteiligungs-AG, Cargill Inc., Bowman Ingredients, E. I. DuPont DE Nemours and
Company, Dohler, Ingredion Inc. PLC, Kerry Group, PGP International, Lyle PLC
and Sensory Effects Ingredient Solutions and Tate& Lyle.
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Further key findings from the study suggest:
- Global food coating ingredients market size was valued at USD 2,752.8 million in 2014 and is expected to reach USD 4,441.6 million by 2022, growing at a CAGR of 6.1% from 2015 to 2022.
- Confectioneries were the leading application segment and accounted for 23.8% of total market revenue in 2014. Increasing disposable income levels coupled with changing consumer lifestyle particularly in Asia Pacific and Latin America is expected to drive this segment over the forecast period.
- North America food coating ingredients market was the leading regional market and accounted for 42.4% of total revenue in 2014. Stable demand for ready to eat food particularly in the U.S. is expected to drive this region over the next seven years. Asia Pacific is expected to register the highest growth of 6.6% from 2015 to 2022. Growing meat consumption coupled with increasing demand for bakery products particularly in India, China and Indonesia is expected to drive the regional market.
- Key market players include Archer Daniels Midland Company (ADM), Agrana Beteiligungs-AG, Bowman Ingredients, Ashland Inc., Cargill Inc., Dohler, E. I. DU Pont DE Nemours and Company, Kerry Group PLC, Ingredion Inc., PGP International, Inc., Sensoryeffects Ingredient Solutions and Tate & Lyle PLC.
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