Sugar Toppings Global Market Report 2024

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 observed in the historic period can be attributed to several factors including the expansion of the bakery and confectionery industry, consumer preferences favoring sweet flavors, innovations in food decoration techniques, the popularity of convenient and ready-to-use products, and the continual expansion of retail and foodservice sectors.

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%. Anticipated growth in the forecast period is expected to stem from health-conscious consumer preferences, the demand for clean label and natural ingredients, global culinary diversity, the rise of e-commerce and online platforms, and the emphasis on functional ingredients for nutritional enhancement. Key trends projected for this period encompass innovation and variety in flavors, continued emphasis on clean label and natural ingredients, the popularity of health-conscious alternatives, advancements in texture and format innovation, and packaging innovations geared towards convenience.

The sugar toppings market is poised for growth, driven by the escalating demand for baked goods. These toppings, used to enhance the flavor and appearance of baked foods like cakes, cookies, and desserts, are expected to ride the wave of increasing retail sales of baked goods. According to the Canadian government, the retail sales of baked goods are projected to experience a 2.2% compound annual growth rate (CAGR) from 2022 to 2026, reaching an estimated value of US$75.8 billion by 2026. This upsurge in baked goods consumption directly fuels the demand for sugar toppings.

The surge in demand for processed food and beverages serves as a significant driver for the sugar toppings market. The consumption of processed food and beverages, driven by factors like convenience, evolving lifestyles, and affordability, has witnessed substantial growth. Sweetening components like sugar toppings play a crucial role in these products, enhancing taste, texture, and shelf life. Notably, data from the United States Department of Agriculture revealed a notable increase in the total value of US processed food exports, soaring to $38 billion in 2022 from $34.24 billion in 2021. This escalating utilization of processed food and beverages directly influences the growth trajectory of the sugar toppings market. Innovation remains a key trend in shaping the sugar toppings market landscape. Leading companies in this sector are actively developing novel products to cater to evolving consumer preferences. For instance, Conagra Brands, Inc., in October 2021, introduced Reddi-whip Zero Sugar Whipped Topping - a keto-friendly whipped topping made from real cream, boasting zero grams of sugar, zero carbs, and a mere 15 calories per serving. This gluten-free product addresses the growing demand for healthier and low-sugar options in the market.

Major players in the sugar toppings market are investing in organic product development to maintain their competitive edge. Inspired by nature, these offerings blend coconut flower sugar - a sweetener derived from coconut palm flowers - with organic chocolates. Herza Chocolate GmbH & Co. KG introduced these organic chocolates in February 2021, harnessing the unique malty taste reminiscent of caramel from coconut sugar. With a blend of eight distinctive chocolate flavors, these products present consumers with a subtle yet delightful taste experience, emphasizing a harmonious fusion of coconut sugar and chocolate.

In May 2021, Cargill, a US-based company that primarily deals in food and agribusiness, acquired Leman Decoration group for an undisclosed amount. The acquisition greatly expands Cargill's decorating options, allowing the cocoa and chocolate division of the corporation to better serve upscale consumers in Europe and other parts of the world. Leman Decoration Group is a Belgium-based company that manufactures inspiring cake decorations in chocolate, sugar, and marzipan.

Major companies operating in the sugar toppings market report are 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.

Europe was the largest region in the sugar toppings market in 2023. The regions covered in the sugar toppings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the sugar toppings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of sugar toppings are dry and wet. These are of organic and conventional nature and are used for several applications, including bakery, confectionery, dairy, Ready-To-Eat snacks, convenience food, packaged foods, and are sold through various sales channels, including retail, groceries, industrial, and food services.

The sugar toppings market research report is one of a series of new reports provides sugar toppings market statistics, including sugar toppings industry global market size, regional shares, competitors with a sugar toppings market share, detailed sugar toppings market segments, market trends and opportunities, and any further data you may need to thrive in the sugar toppings industry. This sugar toppings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The sugar toppings market consists of sales of granulated sugar, confectioners' sugar, fruit sugar, baker's special sugar, superfine sugar, cane sugar, coarse sugar, and sanding sugar. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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