The global sugar toppings market size is expected to reach US$ 10.2 Bn by the end of 2029. According to a study by Future Market Insights (FMI), the market will show a steady rise at 5.30% CAGR between 2019 and 2029. According to the report, the demand for sugar toppings is increasing at a rapid pace due to an increasing retail sector, increased disposable income and a rising trend towards the gift of confectionery. The report offers a comprehensive overview of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate analysis of the market.
It includes in-depth insights into the sugar toppings market. Some of these are:
- Increasing demand from developing countries such as Brazil, China and India for sugar toppings is anticipating growth in the global market for sugar toppings.
- Rapid urbanization and accelerated population growth are expected to drive business growth.
- North America has gained significant market share worldwide.
- The latest industry trend is the launch of low-sugar toppings or zero-sugar toppings. This will build awareness among consumers who are health conscious.
- The Middle East is a very lucrative market and hopes to open up new possibilities in the years to come.
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“In order to gain competitive advantage, leading players are likely to focus on improving their online presence. This will in turn boost dependency on ecommerce as a distribution channel. Currently companies follow modern trade and retail channels for reaching their products to the market,” said a lead analyst at FMI.
Coronavirus Pandemic will Impact Growth Due to Supply chain Disruptions
The spread of the coronavirus pandemic is spreading exponentially across the world and the global economy has begun to see circumstances of being dire, harshly taking on businesses a toll. The way the markets recovered is somewhat surprising and was mainly associated with global markets. These events send shock waves across the rest of the energy and commodity markets, impacting trade flows and costs across supply chains and around the globe. All around the world has jitters to learn how badly the sugar industry would be affected by this blow too. The apprehension of CORONAVIRUS and lock-downs as a precautionary measure with role avoidance advisories-social or religious and public meetings will impact the intake of sugar toppings. The pandemic has triggered disruptions across sectors leading to slow speed in exports and imports.
Who is Winning?
Key market players of the global sugar toppings market are R. Torre & Company, Inc., The Hershey Company, The Kraft Heinz Company, The J.M. Smucker Company, W. T. Lynch Foods Ltd., Baldwin Richardson Foods Co., Pinnacle Foods, Inc., and Monin Inc.
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In addition to this, mergers and acquisition remains a popular strategy among market players. Companies intend to expand their regional footprint through strategic collaborations.
Get Valuable Insights into Sugar Toppings Market
Future Market Insights, in its new report, presents an unbiased analysis of the global sugar toppings market, covering historical demand data and forecast figures for the period between 2019 and 2029. The study divulges compelling insights into growth witnessed in the market. The global sugar toppings market is segmented on the basis of type and channel. Based on type, the market is segmented into dry sugar toppings, and wet sugar toppings. On the basis of the channel the market is segmented into industrial, grocery, and foodservice. Regionally, the market can be segmented into North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA.
About Food Market Division at FMI
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.