Frosting & Icing Market - Forecast(2023 - 2028)

Frosting & Icing Market Overview

The Frosting & Icing Market Size is estimated to reach $11.6 billion by 2028 and it is poised to grow at a CAGR of 5.1% over the forecast period of 2023-2028. Frosting and icing are used to embellish baked goods including cakes, muffins and pastries. Cakes and pastries are covered in icing, a thin, sweet glaze coating that hardens as it cools. Cakes are also covered in frosting, a thick and dense butter or cream covering. The primary components for frosting and icing are sugar, butter and milk or water. These ingredients can be flavor-added with things like chocolate, fruit juice or extracts and other things. Increasing demand for bakery products is a major factor propelling the demand for frosting products and is also anticipated to drive the growth of the Frosting & Icing Market size. An increase in bakeries, rising demand for cakes and pastries and an expansion of the food sector are some of the factors driving the Frosting & Icing Industry forward in the projected period of 2023-2028.

Frosting & Icing Market Report Coverage

The report: “Frosting & Icing Market Forecast (2023-2028)" by IndustryARC, covers an in-depth analysis of the following segments in the Frosting & Icing Market.

Key Takeaways

• Geographically, North America held a dominant market share in the year 2022. Customers in North America seek meals that would satisfy their dietary needs while also being quick and easy to prepare to owe to their busy lifestyles.
• The Frosting & Icing Market is driven by rising demand for cakes and pastries in the bakery industry. However, Regular consumption of bakery products may have a harmful impact on people's health, which is impeding the Frosting & Icing Market growth.
• A detailed analysis of the strengths, weaknesses, opportunities and threats will be provided in the Frosting & Icing Market Report.

Frosting & Icing Market: Market Share by Region (%), 2022.

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Frosting & Icing Market: by Product Type

The Frosting & Icing Market based on product type can be further segmented into Buttercream Frosting, Cream Cheese Frosting, Royal Icing, Ganache, Dusting and Boiled or Cooked Icing. The buttercream Frosting segment held a dominant market share in 2022 for Frosting & Icing Industry. Owing to its dependability and simplicity of usage, most manufacturers are also working on innovative buttercream frosting and Fondant icing products, which are anticipated to fuel market expansion for frosting and icing. The buttercream Frosting segment is also estimated to be the fastest growing with a CAGR of 5.7% over the forecast period of 2023-2028. According to the Renshaw survey report 2019, Buttercream scored an astounding 81%, proving that consumers continue to choose simple, creamy flavors. Nearly half of respondents picked sugar paste frosting, which was far behind in popularity. Nearly a third of respondents chose ganache and then the chocolate was the second choice. Owing to the varied characteristics of buttercream icing, the market for buttercream frosting will expand as a consequence of proper customer knowledge among food makers and food services regarding buttercream and whipped cream frosting.

Frosting & Icing Market: by Application Type

The Frosting & Icing Market based on Application type can be further segmented into Bakery, Restaurant and Household. The Bakery segment held a dominant market share in 2022 for Frosting & Icing Industry. One of the key reasons fueling the expansion of the world market for frosting and Fondant icing is the increase in demand for bakery products, mainly cakes and pastries that are covered with glaze. The bakery segment is also estimated to be the fastest growing with a CAGR of 5.9% over the forecast period of 2023-2028. According to Chron report 2021, there are about 6,000 independent retail bakeries and almost 3,000 commercial bakeries in the U.S. Owing to the essential foods for human nourishment have been baked goods for a very long time. They are largely sustaining in the present market owing to their ease, accessibility and nutritional composition.

Frosting & Icing Market: by Geography

Geographically, North America held a dominant market share of 41% in 2022 for Frosting & Icing Industry owing to customers in North America seeking meals that would satisfy their dietary needs while also being quick and easy to prepare to owe to their busy lifestyles. Asia-Pacific is estimated to be the fastest-growing region with a CAGR over the forecast period of 2023-2028. This is owing to the availability of a wide range of bakery products and whipped creams in the region. According to Glanbia plc report 2021, 74% of customers in the region buy bread, 57% of consumers buy waffles and 50% of consumers buy cakes and patisserie on a weekly basis. Bread consumption is high even though more people are substituting snacks for meals, which is one of the major factors driving the Frosting & Icing Market Share.

Frosting & Icing Market Drivers

Rising Demand for Cakes and Pastries is One of the Key Reasons Propelling the Growth of the Worldwide Frosting and Icing Market.

According to the United States Department of Agriculture (USDA) report 2021, currently, cakes make up 41% of all retail sales of baked products in China, with a value of $14 billion annually. Owing to consumers' shifting tastes for more sophisticated baked options, the bakery business has been seeing fresh gains. Cakes, pastries and other sweet foods are frequently consumed in conjunction with special occasions throughout the year, including birthdays, anniversaries, Easter, Thanksgiving and Christmas. The increasing demand for cakes and pastries in the bakery industry is driving the Frosting & Icing Market forward in the projected period.

The Market for Frosting and Icing is Expanding Owing to Increased Urbanization and Rising Affluence.

According to The World Bank Data report, approximately 4.4 billion people or 56% of the world's population, reside in cities. By 2050, approximately 7 out of 10 people will live in cities, with the urban population predicted to more than double its current level. Changing work habits of urban people demand convenience in food consumption. Consumers demand convenience and are willing to pay more, rather buy time than prepare food. Thus, the amount of processed foods consumption is increasing among the urban population, which is fuelling the growth of the Frosting & Icing Market.

Frosting & Icing Market Challenges

Regular Consumption of Bakery Products may have Harmful Impacts on People's Health, impeding Market Growth.

According to World Health Organization((WHO) report, more than 1.9 billion adults aged 18 years and older are overweight. Of these over 650 million adults were obese. Regular consumption of bakery products may have harmful impacts on people's health, including high cholesterol, diabetes and obesity. This rise in the harmful impacts owing to excessive consumption of bakery products is impeding the expansion of the world market for Frosting and Icing.

Frosting & Icing Industry Outlook

Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Frosting & Icing Market. The top 10 companies in the Frosting & Icing Market are:

1. Rich Products Corporation
2. General Mills, Inc.
3. Wilton Brands LLC.
4. Dawn Food Products, Inc.
5. Lawrence Foods, Inc.
6. Dixie's Icing
7. Macphie Ltd.
8. Oetker Group.
9. Cake Décor Ltd.
10. Conagra Brands, Inc.

Recent Developments

• On 25^th January 2022, Duncan Hines, a brand of Conagra Brands, Inc. introduced a new line of desserts with Dolly Parton, a renowned humanitarian, international icon and beloved GRAMMY Award-winning musician. Cake mixes and frostings from this new collection are based on some of Dolly's favorite childhood desserts, including coconut cake and banana pudding cake. 
• On 4^th September 2020, Pillsbury Baking, a subsidiary of General Mills, Inc. launched two new products under the Funfetti brand. Funfetti products include Funfetti Mermaid Pink Strawberry Frosting and Funfetti Llama Love Purple Vanilla Frosting. These new frostings make it even simpler for kids to express their creativity.
• On 26^th November 2019, Cake Décor Ltd., a cake decorations manufacturer launched colored writing Icings. The eight sparkling writing icings can be used to embellish and personalize baked goods including cakes, cupcakes and cookies. The new and enhanced recipe allows for precise decoration because it doesn't run and is simple to squeeze. 

Relevant Titles

Global Cakes Frosting & Icing Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2023-2028

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