Asia-Pacific Food Coating Ingredients Market - Growth, Trends, and Forecast (2020 - 2025)
The AsiaPacific Food Coating Ingredients Market is projected to grow at a CAGR of 6.32% during the forecast period (20202025).
The market is mainly driven by the increasing demand from food industrial application, especially, confectionery, bakery, fried foods and readytoeat foods, contributing towards color, taste, and sweetness attributes to the food product being coated.
Apart from these, the requirement for antimicrobial coating is also compelling the food coating industry to introduce carious coating ingredients for food products.
Changing lifestyles and increasing disposable incomes of consumers in emerging economies of the AsiaPacific region like India and China is boosting the market sales.
Key Market Trends
Growing Demand for Convenience Foods
The shift in eating habit of consumers along with changing taste preference and limited availability of time owing to busy lifestyle is making consumers depend on ready to eat food products or foodservice outlets fuels the growth of this market. The increased demand for processed food in emerging regions is expected to be the key trend in the near future for food coating ingredients market. The rising popularity of outlets namely KFC and McDonald's, increasing per capita income and consumer’s willingness to spend in developing economies is likely to experience growing demand for food coating ingredient market in the future. Furthermore, the growing research and development for the production of plantbased coating ingredients with increased shelflife create an opportunity for the new entrants in the food coating ingredients market.
Increased Utilization in Confectionery
The consumption of confectioneries, such as wafer bars, fondant, pastries, and candies, has been increased significantly in recent years owing to the demand arising from children, especially chocolate coated products. These coatings also extend the shelflife of the product. Also, the process of enrobing was slow and involved manually dipping; however, with increased demand for these products has opened room for many technologically advanced techniques such as electrostatic coating, therefore, enhancing the production rate and meeting the demand of the consumers. Additionally, the increase in the total store has boosted the growth of the confectionery market. India and China specifically are the fastestgrowing region due to the robust demand for confectionery industries.
The Asia Pacific food coating ingredients is a fragmented market, with the leading companies driving the growth. Investments and expansions formed the most preferred strategy among the key players to attract and retain new customers . The players are focused on acquiring local players of emerging markets to expand their business and sustain the competition prevailing in the market. New product launches also helped major players in strengthening their product portfolio. Some of the prominent players in the market are Cargill, Incorporated, Archer Daniels Midland Company, Tate & Lyle PLC and Kerry Group.
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