Global Cakes Frosting & Icing Market size is estimated to reach $11.3 billion by 2027, growing at a CAGR of 4.8% during the forecast period 2022-2027. Frosting and Icing can be delineated as a mixture of milk, sugar, egg whites, glucose sugar, and flavorings like buttercream. It is frequently taken into account during the preparation of confectionery items like cake. However, there exists a mild difference between both terms that frosting is a thick layer surrounding the cake which provides desired shape to it, whereas, icing is a shiny decoration of flowy material. Boiled icing, buttercream frosting, cream cheese frosting, whipped cream frosting, and meringue frosting are the most renowned forms of frostings and icings in the confectionery industry. Frosting and icing hold utmost importance in the confectionery industry as “The impression is the Last Impression.” Most people make instant purchases if the product is aesthetically bewitching. Moreover, the layer of frosting acts as a shield and seals the freshness and moisture, therefore, enhancing the overall shelf life of the cakes. Nevertheless, icing and frosting extend flavor richness to various confectionery items. The global cakes frosting & icing market outlook is exceptionally enchanting as demand is sky-rocketing. Proliferating trend of celebrating special moments like festivals, birthdays, and marriage anniversaries, changing taste and preferences of people, expanding western influence in middle-income countries, availability of a variety of flavors, and rising disposable income are the factors set to drive the growth of the Global Cakes Frosting & Icing Market for the period 2022-2027.
Global Cakes Frosting & Icing Market Segment Analysis-By Distribution Channel
The Global Cakes Frosting & Icing Market based on the distribution channel can be further segmented into offline, online, and others. The offline segment held the largest share in 2021. The growth is owing to easy excess to people owing to far-reaching presences of physical bakery stores and supermarkets. Ordering frosting and icing material online may take a couple of days before reaching you, therefore, most people prefer making an instant purchase from a local bakery or supermarket outlet. On another hand, online buying of such products isn’t congruent with the lifestyles of busy shoppers as it is too time-consuming. People may be able to buy in bulk but the product will be delivered separately. Nevertheless, local bakeries extend the option of buying fresh and better-quality frostings for home-usage. However, the online segment is estimated to be the fastest-growing segment with a CAGR of 5.5% over the forecast period 2022-2027. This growth is owing to pandemic restrictions that are keeping people from making purchases in person. Nevertheless, taking shortcomings like delayed deliveries, many online platforms have started offering conveniences of same-day delivery which is alluring customers to make online purchases. On another hand, the growing digitalization and eventful lifestyles of people can be considered as the biggest driver driving the growth of the respective segment.
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Global Cakes Frosting & Icing Market Segment Analysis-By End User
The Global Cakes Frosting & Icing Market based on end-user can be further segmented into Confectionery and bakery facilities, Food services, and Households. The confectionery and bakery facilities segment held the largest share in 2021. The growth is owing to the predominant demand for products such as pastries, cakes, desserts, etc. Moreover, up-to-the-minute marketing approaches are being implemented by market players to lure as many customers as they can. On another hand, elevating disposable income owing to economic prosperity and shifting tastes and preferences of people owing to rapid urbanization have their fair contribution to respective segment’s growth. Nevertheless, the confectionery and bakery segment is estimated to be the fastest-growing segment with a CAGR of 5.9% over the forecast period 2022-2027. This growth is owing to swelling confectionery consumption owing to the availability of tons of different flavors. Also, the elevating trend of celebrating special occasions with cakes has its fair share toward the growth frosting and icing market in the respective segment. Furthermore, owing to online purchasing options and closed foodservice outlets, the majority of the demand has been diverted toward confectioneries and bakeries.
Global Cakes Frosting & Icing Market Segment Analysis-By Geography
The Global Cakes Frosting & Icing Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. Europe held the largest share with 41% of the overall market in 2021. The growth in this segment is owing to the factors such as heavy per capita sweet consumption of European countries. According to a report, Switzerland was one of the biggest chocolate consumers with 8.8 kg per capita consumption in 2021. Nevertheless, In the last few years, the per capita chocolate consumption of Germany has reached over 18 pounds (8.1 kg). Also, full-fledged economies of European countries have ensured massive GDP per capita and comfortable lifestyles to residents. However, Asia-Pacific is expected to be the fastest-growing region over the forecast period 2022-2027. This growth is owing to the budding population and improving quality of life. In addition to that, owing to accruing wealth of Asian nations like China and India, the overall income of the middle class is witnessing a rise which is likely to fuel the growth of the frosting and icing market in the Asian continent. Moreover, rising western influence is another preeminent growth factor.
Global Cakes Frosting & Icing Market Drivers
Rapid urbanization and augmenting purchasing power are Anticipated to Boost Product Demand
Growing urbanization around the globe has its reasonable share in the growth of the global cakes frosting & icing market. As people are abandoning the countryside and migrating toward cities in hope of better lives, their living standards are rising and ultimately, they are making more demand for such items. For instance, the total urban population of the world in 2021 was 4.46 billion (more than 50%). Nevertheless, the figure is likely to cross 6.5 billion by the year 2050. On another hand, owing to proper industrialization in urban areas, it becomes easy for people to earn a living and undergo such purchases. In addition to that, globalization is accruing economic prosperity not just in first-world countries but in the developing world too and is anticipated to be an impactful driver driving the growth of the respective market.
Expansion in research and development, the escalating trend of celebrations, and mergers and acquisitions are Expected to Boost Product Demand
Heightened research and developmental activities of major players in their quest of developing novel flavors are providing fairgrounds for the growth of the global cakes frosting & icing market. On another hand, owing to rapid modernization, the overall lifestyles of people have changed. In recent times, many people enjoy celebrating special occasions like birthdays, promotions, marriage anniversaries, and many more with confectionery items like cakes. Besides, expanding mergers and acquisition activities in order to gain a competitive edge over the competitors in the respective industry is another factor driving the market. Some of the major transactions in the respective market are covered in the undermentioned recent developments sections.
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Global Cakes Frosting & Icing Market Challenges
Rising inflation, curbing demand owing to hampered manufacturing, and health hitches are Anticipated to Hamper Market Growth
The prices of commodities in the market are sky-rocketing owing to factors like vulnerable supply chain but heavy demand, limited oil production by oil-producing countries such as Saudi Arabia. Therefore, high inflation rates are keeping many middle-class and low-income consumers from buying such items. On another hand, there are several health hitches pertaining to excess use of these confectioneries-associated products such as tooth decay, diabetes, obesity, and heart diseases which are said to challenge the growth of the respective market.
Global Cakes Frosting & Icing Industry Outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in this market. Global Cakes Frosting & Icing top 10 companies include:
CSM Bakery Solutions
March 31, 2021, Michigan, United States-based well-known bakery manufacturing company “Dawn Foods” publicized that it has successfully acquired Poland-based fruit bakery manufacturer “JABEX.” The amount of the transaction wasn’t disclosed by the fir. Nevertheless, the transaction extended Dawn Foods a better reach in the European continent by strengthening its portfolio.
October 15, 2020, Georgia, United States-based bakery ingredient’s supplier “CSM Baker”, which is also recognized as “Brill Bakery Solutions” announced that the company has successfully sold its Europe-based business of bakery ingredients to “InvestinIndustrial Group”, an investment firm. The financials of the transaction were kept undisclosed by the company.
October 26, 2018, Illinois, United States-based “Conagra Brands” a company that operates in packaged goods business announced the successful acquisition of New-jersey, United States-based food company “Pinnacle Foods.” A payment of $10.9 billion was made by Conagra in order to wrap up the acquisition. Moreover, the acquisition successfully included brands like Glutino, Evol, Ducan Hines, and Vlasic to Conagra’s business portfolio.
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Geographically, the Europe Cakes Frosting & Icing Market accounted for the highest revenue share in 2021. However, Asia-Pacific is poised to grow with the fastest CAGR over the period 2022-2027.
Broadening demand for exotic flavors and swelling trend of conferring gifts is said to be a preeminent driver driving the growth of the Global Cakes Frosting & Icing Market. reduced demand and supply owing to adversely affected manufacturing activities and associated health complications are said to reduce the market growth.
Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Global Cakes Frosting & Icing Market report.
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