Market Research Report
North America Food Coating Ingredients Market Growth, Trends and Forecasts (2020 - 2025)
|North America Food Coating Ingredients Market Growth, Trends and Forecasts (2020 - 2025)|
Published: June 1, 2020
Mordor Intelligence Pvt Ltd
Content info: 80 Pages
Delivery time: 2-3 business days
The North America food coating Ingredients market is forecasted to witness a CAGR of 4.89% during the forecast period (2020 - 2025).
Increasing Application for Compound Chocolate in the North American Market
The global retail sales of chocolate are increasing, and the United States is expected to be one of the leaders in the market, in terms of absolute consumption during the forecast period. Therefore this factor is expected to increase the application of coating ingredients such as cocoa and chocolates, particularly the compound chocolate in the market, as it leverages the benefits of low production cost and increased functionalities in the final products thus, driving the North American food coating ingredients market.
The raw materials play a key role in gaining higher revenue in the compound chocolate market. Vegetable fats, which are the raw materials used in the production of compound chocolate, are far less expensive than cocoa butter. Thus, manufacturers prefer to use compound chocolate over regular chocolate to reduce their overall production costs, thereby increasing the overall share for cocoa and chocolates in the coating ingredient market in North America.
Increasing Demand of Fats and Oils in Mexico Driving the Market
The increasing demand for fats and oils in Mexico is primarily driven by the growth in the livestock sector and stable population growth. Thus, oil manufacturers are expanding their production facility in Mexico to cater to the growing demand. For instance, Cargill recently invested 16 million USD to launch a new production line of soybean and other oils in Hidalgo, Mexico, to placate food industry requirements in the country. Therefore, this factor is expected to facilitate the increase in the application of food coating ingredients such that fats and oils in Mexico further.
The market is highly competitive due to the presence of global as well as regional players in the North America food coating ingredients market. However, these companies are strategically expanding their presence and entering in partnerships with local players to increase market penetration. Cargill, Archer Daniels Midland Company, Barry Callebaut etc., are some of the major players operating in the market.