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Fillings and Toppings Market Report 2024 - Trends, Growth & Industry Insights
Fillings and Toppings Market Report
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According to The Business Research Company's, The fillings and toppings market size has grown strongly in recent years. It will grow from $13.28 billion in 2023 to $14.21 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to limited editions and seasonal offerings, marketing strategies, packaging evolution, plant-based options, convenience focus.
The fillings and toppings market size is expected to see strong growth in the next few years. It will grow to $19.08 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to health and wellness trends, flavor exploration, clean label movement, plant-based revolution, customization and personalization. Major trends in the forecast period include digitalization in marketing, collaborations and limited editions, packaging innovations, sugar reduction strategies, functional ingredients.
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Market Drivers and Trends:
The increase in e-commerce and online food delivery is expected to propel the growth of fillings and toppings market going forward. These platforms offer convenience, customization options, and global exposure, allowing businesses to showcase unique fillings and toppings, cater to changing consumer preferences, and capitalize on direct-to-consumer sales. The visual appeal, dynamic inventory management, and data-driven insights from online channels contribute to increased demand for premium and customized fillings thereby driving growth in the industry. For instance, in July 2022, according to Zomato Ltd. , an India-based food delivery company, In the fiscal year 2022, Zomato fulfilled 535 million orders, marking a substantial 124% increase compared to the previous fiscal year, FY21. Therefore, the increase in e-commerce and online food delivery is driving the growth of fillings and toppings market.
Major companies operating in the fillings and toppings market are developing new flavours to sustain their position in the market. For instance, in October 2022, Puratos, a Belgium-based food products manufacturing company launched new colored and flavored compound and compound fillings. The company launched Carat Cover Classic for coating, ganache, garnishing, and enrobing, offering flavors like Mango, Strawberry, Orange, and Pineapple. The Carat Supercrem range provides smooth flavorings such as Mango, Strawberry, Orange, Pineapple, Roasted Almond, and Pistachio, suitable for various applications, including cookies, donuts, mousse cups, and pralines.
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Major Key Players of the Market:
Cargill Incorporated, Tate & Lyle PLC, AAK AB, Zentis GmbH & Co. KG, Archer Daniels Midland Company, Barry Callebaut AG, Associated British Foods plc, AGRANA Beteiligungs-AG, Ashland Global Holdings Inc., Bake'n Joy Foods Inc., Olam International Limited, Ingredion Incorporated, Hanan Products Co. Inc., PreGel S.p.A., Stewart Ingredient Systems Inc., Kerry Group plc, Taura Natural Ingredients Limited, Dawn Food Products Inc., WILD Flavors and Specialty Ingredients Inc., Puratos Group NV, Sensient Technologies Corporation, The Hershey Company, The Kraft Heinz Company, The Schwan Food Company, Fruit Fillings Inc., Wawona Frozen Foods, General Mills Inc., Nestle S.A., Hormel Foods Corporation, J.M. Smucker Company
Fillings and Toppings Market 2024 Key Insights:
• The fillings and toppings market size is expected to see strong growth in the next few years. It will grow to $19.08 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• Surging Confectionery And Bakery Industries Propel Growth In Fillings And Toppings Market
• Product Innovations Transforming The Fillings And Toppings Market
• Europe was the largest region in the fillings and toppings market in 2023
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