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.
China food coating ingredients market revenue by product, 2012-2022 (USD Million)
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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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