The Asia-Pacific food coatings market generated $572.01 million in 2017, and is projected to reach $1.08 billion by 2030, witnessing a CAGR of 8.0% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Surge in disposable income, rise in fast-food outlets, and growth of retail network in emerging economies drive the growth of the Asia-Pacific food coatings market. However, health concerns associated with fast food items and fluctuations in cost of raw materials restrain the market to some extent. On the other hand, product innovations and improvements in product quality present new opportunities in the upcoming years.
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The outbreak of the COVID-19 pandemic led to global lockdown and temporary closure of all hotels and restaurants, which impacted the Asia-Pacific food coatings market negatively.
Moreover, complete lockdown had restricted the online food delivery service which further affected the market growth.
Supply chain disruption, lack of availability of worker, lack of tourism, demand supply volatility had also hampered the growth of the food coatings market.
The report offers detailed segmentation of the Asia-Pacific food coatings market based on type, application, form, and country.
Based on application, the meat & seafood product segment held the highest market share in 2020, holding around one-third of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the snacks segment is estimated to register the highest CAGR of 10.0% from 2021 to 2030.
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Based on form, the dry segment held the largest market share in 2020, holding nearly three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the liquid segment is estimated to register the highest CAGR of 10.5% from 2021 to 2030.
Based on country, China contributed to the highest share in terms of revenue in 2020, holding more than one-fourth of the total market share, and is estimated to continue its dominant share by 2030. However, India is projected to manifest the fastest CAGR of 12.6% 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., Kerry Inc., McCormick & Company, Inc., Continental Mills, Inc., TNA Australia Pty Limited, Bowman Ingredients, Cargill, Bühler AG, Dumoulin, GEA Group, and JBT Corporation.
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