According to the report, the Asia-Pacific food coatings market generated $562.5 million in 2020, and is projected to reach $1.27 billion by 2030, witnessing a CAGR of 8.2% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Increase in prominence of fast-food restaurants, also called as the quick service restaurants (QSRs), such as McDonalds, Wendy’s, Burger King, Subway, and others drives the growth of the Asia-Pacific food coatings market. Moreover, increase in focus on R&D activities in the food industry supplements the market growth. However, the harmful effects of fast food on the health of humans restrain the market growth. On the other hand, the emergence of innovative products such as sugar-free food coatings, gluten-free, and non-GMO (genetically modified organism) food coatings products provides opportunities in the coming years.
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Covid-19 Scenario:
Supply chain disruptions, unavailability of workers, lack of tourism activities, shutdown of hotels & restaurants, volatility in demand-supply presented several challenges during the Covid-19 pandemic for the food coatings market in Asia-Pacific.
Lockdown and quarantine measures posed transportation challenges and created shortage of raw materials. This negatively impacted the market.
However, the market is expected to recover post-pandemic as manufacturing activities and the demand from end users has get back on track.
The report offers detailed segmentation of the Asia-Pacific food coatings market based on type, application, form, end user, and country.
Based on type, the predust segment accounted for the highest share in 2020, contributing to nearly one-fourth of the total share, and is projected to continue its leadership status during the forecast period. However, the batters segment is expected to witness the highest CAGR of 10.4% from 2021 to 2030.
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Based on application, the meat and seafood product segment contributed to the highest share in 2020, accounting for around one-third of the total share of the Asia-Pacific food coatings market, and is projected to maintain its lead position during the forecast period. However, the snacks segment is estimated to manifest the fastest CAGR of 9.7% from 2021 to 2030.
Based on end user, the restaurants segment held the highest share in 2020, accounting for nearly three-fifths of the total market share, and is expected to continue its dominance in terms of revenue by 2030. However, the bakery chains segment is estimated to portray the largest CAGR of 9.7% during the forecast period.
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Leading players of the Asia-Pacific food coatings market analyzed in the research include DPS/Dutch Protein & Services B.V., McCormick & Company, Inc., Kerry, Inc., TNA Australia Pty Limited, Continental Mills, Inc., Cargill, Bowman Ingredients, Dumoulin, GEA Group, Bühler AG, and JBT Corporation.
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