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Food Coating Market: Growth Opportunities and Recent Developments

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Food Coating Market: Growth Opportunities and Recent Developments

February 26
14:38 2020
Food Coating Market: Growth Opportunities and Recent Developments

MarketsandMarkets™
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 USD 3.62 billion and USD 2.31 billion, respectively, by 2023, at a CAGR of 5.8% and 3.7% from 2018 to 2023.

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 driven by factors such as rising demand for meat & seafood, poultry, bakery products, and confectionery products, growing demand for processed & convenience food, increased focus on production efficiency, processing time, and quality of food products, growing demand for innovative food coating products due to changing consumer trends.

Food Coating Market

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Growing investment opportunities in the development of new food coating technology.

There has been a growing awareness among consumers for various food trends due to globalization. Food manufacturing companies have also been expanding their presence across the globe due to the liberalization of trade. New and untapped markets are being explored by food manufacturers, wherein even domestic players are developing their product offerings to meet the rising competition in the market. For instance, manufacturers in China, India, and Japan have developed their own food coating equipment that are as good as the imported equipment or the equipment supplied by the market leaders in coating technology. To get an edge over competitors in both domestic and international markets, companies are focusing on innovating their food coating technology offerings through innovative technologies, such as electrostatic coating, which offers 98% coating of all products, making it an even more efficient coating than traditional flavorings methods.

Infrastructure and regulatory challenges in developing countries.

Due to the presence of major manufacturers of food coating equipment and ingredient manufacturers, markets in countries such as the US, the UK, Germany, and France have become saturated and extremely competitive; the growth of the food processing industry in developed economies compel manufacturers to identify untapped potential markets and clients in emerging markets. To expand their consumer base, ingredient and equipment manufacturers look forward to expanding in different geographies; however, factors such as regulations, infrastructure, investments, and economic environmental act as challenges. Furthermore, food coating and equipment manufacturers, require substantial investments to set up a new manufacturing unit in a developing country. Apart from internal investments in facilities, manufacturers also need to spend heavily on the development of an efficient supply chain network and on the storage of raw materials and finished goods. Inadequately developed infrastructure in countries such as Brazil, India, and Argentina and the lack of government support to foreign entities in countries such as China emerge as key challenges faced by both ingredient and equipment manufacturers, thus hampering the growth of the food coating market. Although low raw material prices and labor costs benefit food processors, the investment costs for infrastructural development is a major challenge for these companies.

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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