Frosting and Icing Market to Register Unwavering Growth During in Global by 2025
Frosting and icing are used for decorating baked goods such as pastries, muffins, and cakes. Frosting is a fluffy and thick coating of butter or cream on the cakes and icing is a thin and sugary glaze on cakes and pastry that hardens on cooling. The basic frosting and icing consists of sugar, butter, and milk or water with different flavors such as chocolate, fruit juice or extracts, and others.
Growing demand for cakes and pastries is one of the major factors driving growth of global frosting and icing market. According to the Agriculture and Agri-Food Canada, the sales value of cakes in U.K. increased at an average of 2% each year between 2012 and 2017, with an increase of 1.5% over CAGR (2007-2012). Furthermore, increasing number of bakeries, owing to growing urbanization, rising income, results in growing food industry, is fueling growth of frosting and icing market. According to India Brand Equity Foundation (IBEF), in 2016, the food processing industry in India ranks fifth in terms of consumption, production and exports and was valued at US$ 258 billion in 2015.
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However, health concerns such as increasing obesity is restraining the market growth. According to the Centers for Disease Control and Prevention (CDC), in 2017, 36.5% of the adults in the U.S. had obesity, which negatively affected growth of the market. To overcome this, various manufacturers are focusing towards introducing new products with low fat content. For instance, in 2016, Cargill Inc., launched Regal Cake and Icing Shortening containing 20% less fats, as compared to palm shortenings.
On the basis of product type, the buttercream frosting is expected to show a significant growth in the frosting and icing market over the forecast period, owing to its consistency and ease of use. Furthermore, most of the manufacturers are developing new buttercream frosting & icing products, which is projected to drive growth of frosting and icing market. For instance, in November 2015, Dawn Food Products Inc. offered premium buttercream frostings for cake decorators with variety of flavors such as vanilla and chocolate, which enabled decorators to design unique confections with control and intricacy.
Online retail segment is significantly gaining traction in both developed and emerging economies, as it offers a wide range of branded products through a single website and offers free delivery. According to the Coherent Market Insights, the global online retail market was valued at US$ 2,171.22 billion in 2016 and is expected to reach US$ 9,572.96 billion by 2025.
North America dominated the global frosting and icing market in 2016. The consumption of cakes and pastries and other confectionery treats is associated with many events throughout the year such as birthdays, occasions, Easter, thanksgiving, Christmas, and other celebrations. The sales of confectionery products in the U.S. was observed to be high during such events. Also, the urban population is more inclined towards consumption of confectionery products compared to its rural counterparts. According to the U.S. Census Bureau, over 80% of the population resided in urban areas in 2017. According to the UN sources, urban population in Canada is 82.3%. These factors are expected to contribute to the market growth in this region. Asia Pacific is expected to witness a highest CAGR over the forecast period. According to Agricultural & Processed Food Products Export Development Authority (APEDA), in 2014, the bakery industry in India was one of the largest section in processed food industry and witnessed a CAGR of more than 15%.
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Key players are focused on adopting various organic and inorganic growth strategies such as mergers and acquisitions, joint ventures and partnerships, and product or technological innovations to retain position in the frosting and icing market. For instance, in April 2014, Renshaw Fondant Icing launched colors such as powder blue, raspberry pink, and dusky lavender to its range of ready to roll icing, tropical coral, and emerald green. Also, in May 2013, the architectural team in Los Angeles developed a 3D printed sculpture technology to design and print original sugar sculptures. This technology converts sugar into a sculptural and structural element that is used to sweeten the food. Some of the leading players operating in the global frosting and icing market include CSM Bakery Solutions, Wilton Brands LLC, Rich Products Corporation, General Mills, Inc., Dawn Food Products, Inc., Lawrence Foods, Inc., Macphie of Glenbervie Ltd, JF Renshaw Ltd, and Fruit Fillings Inc. among others.
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