Icing Sugar Market size is 7.1 billion by 2019, growing at a CAGR of 6.77% during the forecast period 2020-2025. Icing sugar also known as powdered sugar or confectioner’s sugar, is made by finely grinding granulated sugar until it is a very fine powder. Moreover, it is a well-known sweetener which has become favorite for centuries. It is a combination of crystallized sucrose which is extracted from sucrose or sugarcane. When, the moisture declines the juice has a natural sucrose that starts to crystallize. It attracts moisture becoming hydroscopic. The baked goods have sugar which maintains moisture and make them supple as well as soft. White sugar is also known as refined sugar. The rising demand among health-conscious consumers and the subsequent demand for health products consisting of low fat, low cholesterol, low sugar, new flavors, and the introduction of technological advancement are fueling its market growth. In addition, a rapid increase focusing on processed food among consumers has triggered its market growth. Furthermore, the players in the Icing Sugar market are focusing on developing new products in order to meet with the growing demand for bakery and confectionary industry.
By Form – Segment Analysis
By Form the Icing Sugar Market is segmented into Extra Fine, Coarse Grained and Decoration. The Extra Fine held the largest market share in 2019 owing to its wide range of application in the production of bakery and confectionary products. Extra Fine sugar is a premium functional powdered sugar with very fine particles. Its fine texture gives end products a silky-smooth finish and creamy mouthfeel. Also, decoration segment is projected to witness growth at fastest CAGR 7.17% in forecast period 2020-2025.They are widely used in covering cakes and adding decorations to them. Buttercream icing is ideal for cake fillings and crumb coating as it does not set as hard as royal icing but works fine for all types of cakes. Thus, increase in demand for decoration in cakes using Icing Sugar is likely to accelerate rapidly soon.
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By Application- Segment Analysis
By Application, the Icing Sugar is segmented into Bakery and Confectionary, Dairy Products, Beverages, Desserts and Others. Bakery & Confectionary segment held the largest market share in the year 2019 by the virtue of its enormous application in various food service industry as well as retail sectors. Advancements in technology including ready-to-bake or ready-to-thaw is set to propel the adoption of innovative Icing Sugar in the future, in turn projected to drive the industry demand. Moreover, in July 2020 Tate & Lyle PLC a global provider of food and beverage solution and ingredients launched Sweetener-Vantage Expert System, a set of new and innovative sweetener solution design tools, which are designed to help formulators create sugar-reduced food and drink using low calorie sweeteners.
Geography- Segment Analysis
Europe contributed to the largest market share of 37.1% in 2019 owing to the presence of large dominant icing sugar companies in the region including Associated British Foods and Couplet Sugars. Technological advancement along with the growing innovation in these regions have highly supported the growth of regional market. North America Icing Sugar market is another dominant market owing to increasing innovation and demand in chocolate and confectionary products. North America based key players including American Crystal Sugar holds extensive distribution network in the region and internationally enabling the North America market to capture substantial share in the global market.
Drivers –Icing Sugar Market
Growing Consumption of Bakery Products across the Globe
The rising consumption of bakery products across the globe is a significant factor driving the Icing sugar market during the forecast period 2020-2025. Increasing demand among the younger generation for bakery products such as bread, cakes, and pastries cookies is triggering its market growth. Furthermore, the increasing health-conscious population and the demand of low-calorie in bakery items is compelling companies to develop more products. This has further led to the developments of new products in the eventually resultant to its market growth.
Rising Demand of Icing Sugar for Chocolate and Confectionary Products
Rising demand of icing sugar for chocolate and confectionary products is a major factor driving the Icing Sugar Market during the forecast period 2020-2025.Changing lifestyle and the preference towards chocolates and other bakery products is contributing to its market growth.
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Challenges – Icing Sugar Market
High Calorie Intake Leading to Weight Gain
Some of the factors that may impede the growth of Icing Sugar Market are the high calorie intake leading to unhealthy weight gain during the forecast period 2020-2025.Moreover, gaining too much weight by eating sugary food increases the risk of hypertension, diabetes and certain types of cancer. In addition, high sugar-intake also contribute to increased risk of heart disease. These are the key factors restraining its market growth in the upcoming years.
Icing Sugar Market Industry Outlook
Product Launches, Merger & Acquistion, joint ventures and R&D activities are key strategies adopted by the players in Icing Sugar Market. Icing Sugar Market top 10 companies are Associated British Foods Plc, Blue Birds Foods India Ltd, Couplet Sugars, Crusty International, Dhampure Speciality Sugar Ltd, Pacto Industries Ltd, Sbec Sugar Ltd, Sudzuker AG, Tate Lyle Plc and Weilkfield Foods Pvt Ltd.
July 2018: KCG and Mitr Phol launched icing sugar to meet pastry demand.
The Extra Fine held the largest market share in 2019 owing to its wide range of application in the production of bakery and confectionery products.
Bakery & Confectionary segment held the largest market share in the year 2019 by the virtue of its enormous application in various foodservice industry as well as retail sectors.
Europe contributed to the largest market share of XX% in 2019 owing to the presence of large dominant icing sugar companies in the region including Associated British Foods and Couplet Sugars.
The growing consumption of bakery products across the globe is a significant factor driving the Icing Sugar market during the forecast period 2020-2025.
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