The Asia Pacific Sugar Toppings Market has been estimated at USD 1.31 Billion in 2022 and is projected to reach USD 1.91 Billion by 2028, at a CAGR of 7.92% during the forecast period from 2023 to 2028.
Toppings are mainly used by confectioners in the making of various confectionaries and other bakery items both as an ingredient and as a decorative item. It mainly consists of icing sugar, which is a finely ground sugar made by milling normal granulated sugar into a powdered state. It usually contains a small amount of anti-caking agent, to prevent clumping and improve flow. It is often lightly dusted onto baked goods to add a light sweetness and subtle decoration.
Drivers and Restraints:
The market for sugar toppings in Asia Pacific region is mainly driven due to increasing demand for confectionery ingredients containing sugar toppings in diverse industries, along with other factors like rising disposable income and growing retail market. But, the market growth can be hampered due to factors like raising health awareness among consumers due to which consumers are avoiding sugar products fearing diabetes and obesity.
Asia Pacific Sugar Toppings Market Segmentation Analysis:
Asia Pacific market for Sugar Toppings is segmented based on type and application. By type, the market is further sub-segmented into Dry Sugar Toppings (Dried Icing Sugar, Sprinkles, Flavored Sugars, Moisture Resistant Icing Sugar), and Wet Sugar Toppings (Beverage Sauces, Breakfast Syrups). By Channel, the market is further sub-segmented into Industrial, Grocery, Food service. Wet sugar toppings is the largest type segment in the sugar toppings market. The high growth of this segment is mainly attributed to the increasing demand of sugar toppings in hot and cold beverages. Industrial channel segment is the largest channel segment in the sugar toppings market. This large share is primarily due to growth in demand from bakeries.
Geographically, Asia Pacific market for Sugar Toppings is segmented into China, India, Japan, South Korea and Australia. The sugar toppings market in the Asia-Pacific region is projected to grow at the highest CAGR, due to the increased consumption of hot & cold beverages in the region, along with growing demand for confectionaries, such as cakes and cupcakes in the emerging economies like China and India.
Key Players in the Market:
Major key players in the Asia Pacific Sugar Toppings Market are
J.M. Smucker Company, The Hershey Company, Pinnacle Foods, Inc., The Kraft Heinz Company, Baldwin Richardson Foods Company, Monin Incorporated, R. Torre & Company, Inc., W.T. Lynch Foods Ltd., Ghirardelli Chocolate Company, CK Products LLC, Quaker Oats Company, Regal Food Products Group Plc., are the major players of Asia-Pacific Sugar Toppings market.
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