Increasing Consumption of Confectionery Products and Meat & Poultry Products to Surge Demand
In the past few years, the consumption of confectioneries such as pastries, fondant, and candies among others been increasing at an unprecedented level. This surge is attributed to increasing demand from children as well as other populations. Especially, the chocolate-coated product demand is at its wildest level among the children population. Such coatings also increase the shelf life of the product. The traditional process of coating involved manually dipping along with a time-consuming process. Today; however, the technology is increasing swiftly intended to increase production and less time-consuming processes to meet the untapped demand for confectioneries products.
Moreover, the increase in the total store is bolstering the market growth. The changing trend towards snacking and ready-to-eat foods is anticipated to further propel the food coating market growth. The number of supermarkets and hypermarkets is increasing along with the changing trend of shopping. Nowadays, People are preferring supermarkets and hypermarkets more, leading to an increase in the sale of confectioneries products and Meat & Poultry Products. Thus, increasing demand for such products is compelling the market players to increase production and invest heavily in R&D for better technology. Thus, further increasing the demand for the food coating market.
What will be the market by 2028?
Our report on the food coating market has covered the study of the latest development and investment in the market. The market drivers, restraints, and opportunities have been delivered for the forecast period, which drives from 2021 to 2028 with 2020 as the base year.
Additionally, the report covers the value chain analysis, regulatory analysis, market attractiveness analysis, and Porter’s five forces analysis, for the food coating market along with historical & descriptive analysis, and forecasts & predictive analysis. The global food coating market is valued at USD 2.85 billion in 2020 and is expected to reach USD 4.65 billion in 2028 with a CAGR of 6.2%.
Some of the key players in the food coating market include Clextral, Kerry Group, Ingredion Incorporated, Cargill, Newly Weds Foods, Archer Daniels Midland Company (ADM), PGP International, Tate & Lyle PLC, Bowman Ingredients, Marel, Tate & Lyle PLC, GEA Group, JBT Corporation, TNA Australia Pty Limited, Bühler AG, Dumoulin, Spice Application Systems, among others.
North America is anticipated to dominate the food coating market, owing to booming demand for meat & poultry products and confectioneries in the region. Asia Pacific is projected to grow at the fastest CAGR over the forecast period. The market growth in this region is attributed to increasing demand for confectioneries products, meat & poultry products along with the large base of consumers. China in the Asia Pacific is estimated to hold the largest share of the region.