The growing consumption of processed food is expected to boost the growth of the market, states Fortune Business Insights, in a report, titled “Meat Coating Ingredients Market Size, Share & Industry Analysis, By Type (Spices &Seasonings, Salts, Fats & Oils, Batters & Crumbs, Flour, and Starches), By Application (Fresh Meat and Poultry Products, Frozen Meat Products) and Regional Forecast, 2020-2027.” The growing demand for innovative food products coupled with the rising population can have an excellent impact on the market.
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The report on the meat coating ingredients market accentuates:
- A profound study of the industry
- Vital facts and figures
- Insightful data about dominant regions
- Policies adopted by governments
- Market overview with future insights
- Key policies implemented by companies
Market Driver:
Acquisition of Hasenosa by Kerry Group to Stimulate Growth
The increasing partnership and collaboration of major companies can have a major impact on the global market. For instance, in April 2018, Kerry Group, a public food company headquartered in Ireland acquired a Spanish-based seasoning and coatings company Hasenosa. Hasenosa produces a range of value-added coatings along with marinades and sauces for meat and other foods such as gluten-free breadcrumbs. The growing consumer inclination towards convenience food can boost the healthy growth of the market. The rising working population and rapid urbanization are expected to enable speedy expansion of the market. Moreover, the growing demand for ready-to-eat meat products is expected to stimulate the growth of the market. In addition, the increasing knowledge about the benefits of meat consumption can have a tremendous impact on the market. Likewise, the shift towards protein-rich food such as pork and beef is expected to stimulate the growth of the market.
However, the increasing vegan trend owing to the high health risks of red meat consumption is expected to hamper the growth of the market in the forthcoming years. The stringent government regulations regarding the quality of coating ingredients are expected to further dampen the growth of the market.
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Regional Analysis:
High Production of Meat to Boost Growth in Asia Pacific
The market in Asia Pacific is expected to hold the largest market share during the forecast period owing to the presence of major meat-producing companies in the region. China is the largest producer as well as consumer of pork. Moreover, the surging food and beverage industry is expected to contribute to the growth of the market in Asia Pacific. The rapid economic development, changing customer dietary habits & preferences, and high demand for flavourful meat products are factors expected to boost the market in the region. North America is expected to observe a rapid growth rate during the forecast period owing to the high consumption of beef in the U.S. The increasing utilization of meat coating ingredients in the processing of beef and other meat variants can have an excellent impact on the market. The increasing consumption of convenience food and ready-to-cook meals among consumers is expected to foster the healthy growth of the market. The surging work population coupled with hectic lifestyles can spur demand for ready-to-eat, which, in turn, is expected to boost the growth of the market in the region.
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The Report lists the key Companies Operating in the Global Meat Coating Ingredients Market:
- Food Ingredients & Specialities BV.
- Kerry Group Plc.
- Archer Daniels Midland Company
- Cargill
- Incorporated
- Bowman Ingredients
- Bühler AG
- AGRANA Beteiligungs-AG
- Hiltfields Ltd.
- Food Ingredients Inc.
- Advanced Food Systems Inc.
Key Development:
February 2020: Bowman Ingredients Company, a major leader in food coatings for customers in the global food processing industry announced that it has invested £8m in a new European manufacturing facility to expand its global presence and increase its production capacity to meet the consumers increasing demand in Europe.
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