San Francisco, Sept. 9, 2015 (GLOBE NEWSWIRE) — The global food coating ingredients market is expected to reach USD 4.44 billion by 2022, according to a new study by Grand View Research, Inc. Growing demand across several application segments, including confectioneries, bakery products and meat & poultry products is expected to drive the global food coating ingredients market over the forecast period. Increasing penetration of processed food and ready-to-eat food particularly in North American and European countries is expected to fuel the market growth. Increasing disposable income along with willingness to spend coupled with population growth in emerging markets has driven confectioneries and fast food serving restaurants including McDonalds & KFC. Restrictions regarding food additives and preservatives are expected to remain a key challenge for market participants. Stringent food safety regulations imposed by European Union and FDA are also expected to hinder the market growth.
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Sugar & syrups emerged as the leading product segment and accounted for 30.2% from 2015 to 2022. Growing demand for bakery and confectionery products across the globe is expected to remain a key driving factor for this segment over the forecast period. Cocoa & chocolates is expected to witness the highest growth of 6.8% from 2015 to 2022.
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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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For the purpose of this study, Grand View Research has segmented the global food coating ingredients market on the basis of product, application and region:
Food Coating IngredientsProduct Outlook (USD Million, 2012 – 2022)
- Cocoa & chocolates
- Fats & oils
- Salt, spices & seasonings
- Batter & crumbs
- Sugar & syrups
Food Coating Ingredients Application Outlook (USD Million, 2012 – 2022)
- Bakery products
- R.T.E. cereals
- Snacks & nutritional bars
- Fruits & vegetables
- Meat & poultry products
Food Coating Ingredients Regional Outlook (USD Million, 2012 – 2022)
- North America
- Asia Pacific
- Middle East & Africa
- Central & South America
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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