Compound Coating Market
The increasing pace of urbanization and the rising number of construction activities are driving the global market for compound coatings. The rising number of industrial applications and increasing number of construction activities in nations such as India, China, and some Southeast nations will help the overall growth of this market in the coming years. Consumers are looking for decision and straightforwardness in food items, driving the infiltration of sound choices further. Expanding per capita utilization of chocolates across the Asian district has been one of the great components prompting the market development of compound chocolates over the gauge time frame. Rising interest for cocoa margarine combined with expanding costs of cocoa spread has been to a great extent adding to the developing requirement for cocoa choices, like vegetable-based oils.
Compound coatings are for the most part utilized in the chocolate business for compound coating of formed confections and are generally utilized due to their appealing cost and their capacity to solidify without hardening. Additionally, compound coatings are generally utilized in the frozen yogurt industry and chocolate industry, where they enhance prepared-to-eat items. Developing well-aware customers have pushed the joining of sound fixings in the compound coating industry.
Globally, consumers are becoming more and more concerned about the food products they are consuming, which is pushing the penetration of healthy oils and fats across the globe. Demand for fats based on partially hydrogenated and fractioned vegetable oils has been rapidly growing in markets, such as the U.S., the U.K., Germany, France, Japan, China and other developed markets. Manufacturers are continuously looking for cheap and healthy alternatives, which is bringing innovation in the field of the compound confectionary market. Vegetable fats or compound coatings are produced from raw materials, such as palm oil, soybean oil, rapeseed oil, palm kernel oil and other oils. Cocoa butter is widely used as an essential ingredient in compound coating of chocolates. Compound coatings formulated with fat systems other than cocoa butter are called confectionary coatings or compound coatings. Compound coatings/chocolate coatings are a low-cost alternative to cocoa butter and deliver improved texture, taste and extended stability. The global compound coating market will grow due to escalating consumption of chocolates in Eastern Europe and the Asian region.
Reasons for Covering this Title
Today, consumers are seeking choice and transparency in food products, pushing the penetration of healthy alternatives further. Increasing per capita consumption of chocolates across the Asian region has been one of the prime factors leading to the market growth of compound chocolates over the forecast period. Rising demand for cocoa butter coupled with increasing prices of cocoa butter has been largely contributing to the growing need for cocoa alternatives, such as vegetable-based oils. Compound coatings are mostly used in the chocolate industry for compound coating of molded candies and are widely used because of their attractive price and their ability to harden without tempering. Also, compound coatings are widely used in the ice-cream industry and chocolate industry, where they add extra value to ready-to-eat products. Growing health-conscious consumers have pushed the incorporation of healthy ingredients in the compound coating industry. For example, in 2017, Cargill Incorporated added new coatings and fillings to its compound coating range, focusing mainly on four themes: healthy, sustainable and clean, premium and indulgent. These compound coatings are claimed to be healthier, with reduced sugar and high protein content. Developments likes these will push the market growth of compound coatings in near future. This growth, coupled with improvements in the availability of sustainable and clean label products across the globe, will lead to increasing demand for premium products in both developed and emerging markets, which has further strengthened the global compound coating market.
Global Compound Coating: Market Segmentation
On the basis of source, the global compound coating market has been segmented as –
- Palm Oil
- Coconut Oil
- Rapeseed oil
- Sunflower Oil
- Palm kernel Oil
On the basis of application, the global compound coating market has been segmented as –
- Muffins and Cakes
- Sports Bars
On the basis of flavor, the global compound coating market has been segmented as –
Likely Demand Intensity of Compound Coating in Top Chocolate Consuming Markets
Global Compound Coating Market: Key Players
Some of the key players operating in the global compound coating market are The Barry Callebaut Group, Cargill Incorporated, AAK AB, Caldic B.V., DDW The Colour House, Bunge Loders Croklaan, Palsgaard, The Archer Daniels Midland Company, Blommer Chocolate Company, INFORUM and Olam Internationa, among others.
- On July 2017, The Barry Callebaut Group expanded its protein product portfolio by launching its FortiPro Brand of protein compound coatings. This protein compound coating is available in various flavors, such as milk, and various colours, such as white and dark. This protein is used across several application areas ranging from confectionery to the bakery industry.
- In December 2014, The Barry Callebaut Group, one of the major manufacturers of chocolate and cocoa products, expanded its line of colored and flavored compound coatings, thereby delivering compounding solutions for industries, such as bakery, snack bars, ice cream and confectionary. The range also delivers new flavors and textures, such as mint, caramel, butterscotch, strawberry, blueberry and coconut to the global industry.
Opportunities for Market Participants
Consumers across the globe are increasingly looking for food products that are clean and healthy, which has been pushing the manufacturers across the globe to incorporate healthy ingredients into their products. The growing trend of use of protein within the confectionary market has been creating immense opportunities for the confectionery product manufacturers, which they can exploit by focusing on delivering high protein bars in the sports industry. All these factors will fuel the growth of market for compound coatings in near future. Furthermore, the growth in the overall confectionary market has been further pushing the incorporation of flavored compound coatings.
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.