Increasing popularity of fast-food restaurants majorly boosts the growth of the Asia-Pacific food coatings market. China and Japan are the largest consumers of food coatings, owing to the presence of large urban population base and surge in the number of quick-service restaurants (QSRs) such as McDonalds, Burger King, Wendy’s, Subway, and Dunkin’ Donuts. These outlets rely on the use of food coatings such as batter, breading, oven coating, predust, and others to improve taste and enhance the visual appeal of the served food items, thereby fueling the market growth. In addition, growth of retail chains in India, China, Thailand, Vietnam, and others leads to large-scale usage of food coatings as well as beef, pork, poultry, seafood, and other meat products. Food coating serves as an important ingredient used during cooking fried and crusted meat, which further increases its demand; thereby, driving the growth of the Asia-Pacific food coatings market.
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Asia-Pacific Food Coatings Market by Type, Application, Form, and End User: Opportunity Analysis and Industry Forecast, 2021–2030,” The Asia-Pacific food coatings market size was valued at $562.5 million in 2020, and is projected to reach $1,275.9 million by 2030, registering a CAGR of 8.2% from 2021 to 2030.
Growth of retail chains in India, China, Thailand, Vietnam, and others leads to large-scale usage of food coatings as well as beef, pork, poultry, seafood, and other meat products. Food coating serves as an important ingredient used during cooking fried and crusted meat, which further increases its demand; thereby, driving the growth of the Asia-Pacific food coatings market.
The global coronavirus pandemic has created a number of challenges for exporters in the developing and developed countries. Challenges for engaged stakeholders in the food coating market are likely to prevail owing to widespread restrictions across the continent. Supply chain disruption, lack of availability of worker, complete shutdown of hotels & restaurants, lack of tourism, demand-supply volatility has negatively affected the Asia-Pacific food coatings market opportunities. Moreover, restriction on the movement of goods along with quarantine and lockdown measures imposed by governments are key challenges food coatings players are facing during this pandemic.
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Key findings of the study
By type, the predust segment was the highest contributor to the market in terms of value, and is estimated to grow at a CAGR of 4.7% from 2021 to 2030.
By application, the meat & seafood segment accounted for the highest Asia-Pacific food coatings market share in 2020, growing at a CAGR of 7.2% from 2021 to 2030.
By form, the dry segment accounted for the highest market share in 2020, growing at a CAGR of 7.5% from 2021 to 2030.
By country, China occupied the maximum share in the market in 2020 and is expected to be the dominating country during the Asia-Pacific food coatings market forecast period.
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