The global bakery toppings market is slated to expand at 2.8% CAGR and top a valuation of US$ 1.8 Bn by the end of 2032, as per detailed industry analysis by Persistence Market Research.
The ever-changing archive of bakery ingredients is aiding bakery producers to create new baked products by keeping the focus on health, taste, and label claims. Toppings such as frosting, icing, and glazing are some of the bakery ingredients that are widely used by bakery product manufacturers to add nutritional content along with the value-addition of sensory properties in the final product.
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The clean label trend is already popular among millennials, and now, this trend is spanning across the entire consumer goods spectrum. This trend also indicates consumer desire for the purity and authenticity of bakery products. Nowadays, consumers are seeking bakery toppings that add flavor and texture to bakery products without adding unnecessary and obnoxious chemical additives to the finished product.
Changing government regulations are also prompting baked product manufacturers to modernize their ingredients and formulations. These new formulations also facilitate manufacturers to stay in line with latest and emerging trends. Incorporation of fruits into fillings and toppings aids manufacturers to address changing consumer demands and dietary guidelines. Fruit juices, which are used for making of icing or glazing, provide functional benefits along with sweetness to baked goods and snacks.
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Key Takeaways from Market Study
- The market for bakery toppings is expected to expand at CAGRs of 2.6% and 1.6% in Latin America and Middle East & Africa, respectively, through 2032.
- Market share of South Asia & Pacific and East Asia is 10.0% and 10.2%, respectively, in 2022.
- The Middle East & Africa bakery toppings market is currently pegged at 24,314 tons.
- By application, cakes & pastries hold the highest market share.
“Manufacturers of bakery toppings can gain substantial profits by emphasizing on nutritional bakery toppings with special focus on fruit-based topping solutions,” says a Persistence Market Research analyst.
Competitive Landscape
Manufacturers involved in the production of bakery toppings are increasing their product offerings through new launches in regions across the world. These new product offerings helps companies to increase their consumer base as well. Companies are also focusing on global expansion in order to cater to growing demands of consumers.
- In 2019, Associated British Foods Plc announced its joint venture with Yihai Kerry Arawana Holdings Co., Ltd., which is a subsidiary of Wilmar International Limited in China.
- Cargill Incorporated is strategizing on escalating its business through investments in product innovation and development. The company is focusing on targeting different end-use markets across the world through its wide range of offerings.
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Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global bakery toppings market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
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