Press release
Sugar Toppings Market 2024-2033: Global Outlook, Business Statistics, Latest Trends And Major Players
Sugar Toppings Market Share
According to The Business Research Company's, The sugar toppings market size has grown strongly in recent years. It will grow from $15.44 billion in 2023 to $16.84 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to increased bakery and confectionery industry, consumer preference for sweet flavors, innovations in food decoration, convenience and ready-to-use products, retail and foodservice expansion.
The sugar toppings market size is expected to see strongly grown in the next few years. It will grow to $23.06 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to health-conscious consumer choices, clean label and natural ingredients, global culinary diversity, e-commerce and online platforms, functional ingredients and nutritional enhancement. Major trends in the forecast period include flavor innovation and variety, clean label and natural ingredients, health-conscious alternatives, texture and format innovation, packaging innovations for convenience.
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Market Drivers and Trends:
Increasing demand for baked goods is expected to propel the growth of the sugar toppings market going forward. Baked goods refer to a product made from a dough or batter that is baked. Sugar toppings are used to flavor and brighten baked foods such as cakes, cookies, and desserts. For instance, according to the government of Canada, the body responsible for the federal administration of Canada, the retail sales of baked goods are anticipated to rise at a CAGR of 2.2% from 2022 to 2026, reaching US$75.8 billion in 2026. Therefore, the increasing demand for baked goods is driving the sugar toppings market.
Product innovation is a key trend in the sugar toppings market. Major companies operating in the sugar toppings sector are focused on developing new products to meet customer demand. For instance, in October 2021, Conagra Brands, Inc., a US-based consumer packaged goods holding company, launched Reddi-whip Zero Sugar Whipped Topping. The uniqueness of the product includes a whipped topping made with real cream with zero grams of sugar, zero carbs, and 15 calories per serving and gluten-free product.
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Major Key Players of the Market:
The Hershey Company; The Kraft Heinz Company; The J.M. Smucker Company; W. T. Lynch Foods Ltd.; Baldwin Richardson Foods Co.; Pinnacle Foods Inc.; Monin Inc.; R.Torre & Company Inc.; Sudzucker AG; Coansa SA Industries & Comercio; Paulaur Corporation; British Sugar plc; Tereos International; Mitr Phol Group; Watson Incorporated; Quaker Oats Company; Regal Food Products Group plc; Girardelli Chocolate Company; CK Products LLC; Cargill Inc.; Tate & Lyle plc; Ingredion Inc.; Ajinomoto Co. Inc.; Kerry Group; Domino Sugar Corporation; Imperial Sugar Company; Zydus Wellness Ltd.; Nordic Sugar A/S; Shree Renuka Sugars Ltd.; Bannari Amman Sugars Limited
Sugar Toppings Market 2024 Key Insights:
• The sugar toppings market size will grow to $23.06 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.
• Rising Demand For Baked Goods Ignites Growth In The Sugar Toppings Market
• A Breakthrough In Sugar Toppings Market Innovation
• Europe was the largest region in the sugar toppings market in 2023
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