Asia-Pacific Food Coatings Market to Reach $990.41 Mn, by 2025 at 7.1% CAGR, Says Allied Market Research
PORTLAND, Oregon, October 24, 2018 /PRNewswire/ --
Rise in per capita income, rapid growth of economy, and increase in fast food consumption would boost the growth of the Asia-Pacific food coatings market
Allied Market Research published a report, titled, Asia-Pacific Food Coatings Market by Type (Predust, Batter, Breadings, Specialty Crumbs, Oven Coatings, Tempura, and Others), Application (Meat & Seafood Products, Convenience & Ready Meals, Snacks, Baked Goods, and Others), and Form (Liquid, Paste, and Dry): Opportunity Analysis and Industry Forecast, 2018-2025. The report offers detailed analyses of the market dynamics, driving forces & opportunities, market size & estimations, key segments, and competitive landscape. According to the report, the Asia-Pacific food coatings market accrued $572.00 million in 2017 and is estimated to reach $990.41 million by 2025, growing at a CAGR of 7.1% from 2018 to 2025.
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Rise in per capita income, rapid growth of economy, and increase in fast food consumption drive the growth of the market. However, fluctuating prices of raw materials and health concerns related to fried food hamper the market growth. On the other hand, changes in lifestyle and increase in demand for meat & seafood products create new opportunities for the market players.
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Predusts segment to maintain its lion's share by 2025
Predusts segment accounted for more than one-fourth of the total market share in 2017, owing to the growing consumption of food items. This segment is expected to remain dominant throughout the forecast period. However, batters segment is expected to register the highest CAGR of 8.6% from 2018 to 2025, owing to its ability to avoid moisture loss during preparation of meat and fish. The research also analyzes segments including breadings, specialty crumbs, oven coatings, tempura, and others.
Meat & seafood segment to garner major share through 2025
Meat & seafood held the major share in the industry, contributing nearly one-third of the total market revenue in 2017. This is due to surge in disposable income, increase in urbanization, and rise in health consciousness. However, snacks segment would register the fastest CAGR of 8.2% from 2018 to 2025, owing to the presence of large population base and rise in the number of quick service restaurants (QSRs) such as McDonalds, Burger King, and others. The research also discusses application segments including convenience & ready meals, baked goods, and others.
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Dry form of coating to lead in terms of revenue by 2025
The dry form of coating segment contributed more than half of the total market share in 2017, owing to its high demand in various types of food. This segment is expected to remain dominant throughout the forecast period. However, the liquid form of coating would register the fastest CAGR of 7.8% from 2018 to 2025, owing to their demand in various types of sauces such as soya sauce for preparing noodles, Shushi, marinated chicken, pad Thai, and others.
China to remain dominant throughout the forecast period
China accounted for more than one-fourth of the total market share in 2017, owing to rise in consumption of seafood and meat. It will continue to contribute the highest share in terms of revenue by 2025. However, India would register the highest CAGR of 9.2% from 2018 to 2025, owing to increase in disposable income, rise in popularity of fast-food restaurants, and expansion of retail network.
Key Market Players
The key players analyzed in the report include Dutch Protein & Services b.v., McCormick & Company, Inc., Kerry Inc., TNA Australia Pty Limited, Continental Mills, Inc., Cargill, Bowman Ingredients, Dumoulin, Bühler AG, GEA Group, and JBT Corporation. They have adopted various strategies such as joint ventures, collaborations, expansions, mergers & acquisitions, partnerships, and others to gain a strong position in the industry.
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