Market Definition:
Coatings and fillings is an application of a layer of any substance on the food products, which adds taste, texture, and flavor and also improves the appearance of the product. Chocolate, hazelnuts, caramel, fruit, vanilla, and others are some of the commonly used flavors in coatings and fillings. They are applicable in various industries such as bakery and confectionery, dairy and frozen desserts, sweet and savory snacks, beverages, and others. Moreover, they are applicable in different forms such as liquid, powder, granular and chunks, and others.
Market Scenario:
Coatings and fillings are gaining popularity in various industries for its attribute of adding taste, texture, and flavor to the food products. The major role of coatings and fillings to improvise the appearance of the food products is attracting huge population, which is boosting the growth of the market. Changing lifestyle, increasing disposable income, and changing consumption pattern are some of the major factors contributing to the growth of the coating and fillings market.
High inclination towards baked and confectionery products in developing countries is further boosting the growth of the coatings and fillings market. The high content of fat and calories in coatings and fillings is restraining the growth of the market among obesity and diabetes population. However, sugar-free and natural flavoring innovations made in this market has paved an opportunity for the growth of the coatings and fillings market. All these factors are projected to contribute to the estimated CAGR of 5.9% of coatings and fillings market during the forecast period 2017-2023.
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Key Players:
Some of the key players profiled in the global coatings and fillings market are Cargill, Incorporated (U.S.), Archer Daniels Midland Company (U.S.), Domson Ltd (U.K.), DuPont Nutrition & Health (Denmark), Barry Callebaut (Switzerland), Belgostar (Belgium), Tate & Lyle (U.K.)
Key Findings:
Currently, the key players are making huge investments in innovation and expansion of their coatings and fillings business
High inclination towards organic fruit flavors in coatings and fillings
Intended Audience:
Bakery industry
Beverage industry
Dairy industry
Food processing industry
Traders, importers, and exporters
Segments:
On the basis of flavor, the market is segmented into chocolates, hazelnuts, caramel, fruit, vanilla, and others. Among all, chocolate is dominating the market owing to the health benefits associated with it such as improved blood flow and reduction in the risk of heart-related disease. Moreover, the rich and robust texture adding an attribute of chocolate is boosting the demand for chocolate. However, fruit and hazelnuts are projected to witness a substantial growth in the coming years owing to the wide range of flavors provided along with different health benefits.
Based on the form of coatings and fillings, the market is segmented into liquid, powder, granular and chunks, and others. The liquid form of coatings and fillings is witnessing high growth based on its ease of application. However, granular and chunks are expected to witness moderate growth over the estimated period.
On the basis of application, the market is segmented into bakery and confectionery, dairy and frozen desserts, sweet and savory snacks, beverages, and others. The bakery and confectionery segments are dominating the market owing to high inclination of the population in developed countries towards baked and confectionery products. However, the dairy and frozen desserts are likely to witness substantial growth over the estimated period.
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Regional Analysis:
The global coatings and fillings market is segmented into North America, Europe, Asia Pacific and rest of the world (RoW). Europe is dominating the market followed by North America. Technological advancements and continuous innovations are some of the major factors driving the coatings and fillings market in Europe. In North America, the U.S. is prominent in consumption of coatings and fillings.
Asia Pacific is projected to witness a substantial growth over the forecast period owing to changing the lifestyle of the population in developing countries such as China and India. Moreover, increasing application of coatings and fillings in the various product line is expected to boost the growth of the market in rest of the world.
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