The global food coating ingredients market valued $3.95 billion in 2021, and it is set to reach $6.87 billion by 2030, witnessing a CAGR of 6.35% during 2021–2030. This growth is primarily attributed to the rising demand for processed and ready-to-eat food in emerging economies.
Moreover, the rising demand for bakery & confectionery and meat & poultry products is expected to boost the market expansion in the coming years. Additionally, the shifting consumer inclination toward healthy eating habits results in the increasing demand for antibacterial and nutritious food coating ingredients, which, in turn, is propelling the growth of the food coating ingredient market.
The meat & poultry products category, based on application, is predicted to grow at a CAGR of 7.5% over the forecast period. The market is primarily driven by the growing popularity of meat & poultry products in North America. Food coatings can add delicious tastes and a crispy texture, along with offering protection from spoilage. Additionally, the rising consumption of crispy and fried chicken coated in batter and crumbs in emerging economies is predicted to drive the overall market.
For instance, an American consumes 274 pounds of meat annually on average, excluding seafood and shellfish. Meat consumption in the U.S. has registered a 40% rise since 1961. Despite the fact that American women consume about 30% less meat and over 40% less beef than men, the U.S. Department of Agriculture (USDA) found in 2017 that Americans are consuming more meat than recommended by national dietary standards.
The North American region held a revenue share of around 40% in 2021, and it is expected to grow at a significant rate during the forecast period. In this region, advanced food coating technologies are accessible; hence, food ingredients are coated using automated equipment. People in the U.S. and Canada prefer salty foods, such as potato chips, which need a dry covering. In addition, these nations consume frozen foods and cereals, both of which are designed keeping in mind a long shelf life. As a result, the rising demand for antimicrobial coatings, to prevent microbial colonization, will propel the sales of food coating ingredients.
The U.S. dominates the market for food coating ingredients owing to the increasing demand for bakery and other processed food products. Furthermore, the favorable government regulations promote the usage of edible chemicals for the production of antibacterial food coatings. The U.S. government has implemented several regulations on coating food products with antimicrobial agents due to the increasing focus on the safety of processed foods.
Cargill Inc., Kerry Group, Buhler AG, Archer Daniels Midland Company, Ingredion, Bowmen Ingredients, JBT Corporation, Tate & Lyle PLC, PGP International, and Marel are the key players in the market.