Report : Asia Pacific Icing and Frosting Market Forecast to 2030 - Regional Analysis - by Type (Icing and Frosting), Category (Gluten-Free and Conventional), and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others)
At 5.5% CAGR, Asia Pacific Icing and Frosting Market is Speculated to be Worth US$ 1,828.36 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Asia Pacific icing and frosting market was valued at US$ 1,193.36 million in 2022 and is expected to reach US$ 1,828.36 million by 2030, registering a CAGR of 5.5% from 2022 to 2030. Culinary exploration and globalization and expansion of e-commerce are among the critical factors attributed to drive the Asia Pacific icing and frosting market growth.
Culinary exploration and globalization have emerged as significant drivers in the icing and frosting market, fostering a demand for diverse, exotic flavors that transcend traditional boundaries. The globalization of food preferences has led to increased exposure to a wide array of culinary influences from around the world. As consumers become more adventurous in their taste preferences, there is a growing demand for unique and international flavors in baked goods. This global culinary exploration directly influences the icing and frosting market, with consumers seeking innovative and premium options that reflect a fusion of diverse tastes and textures.
The multicultural composition of many societies contributes to a demand for icing and frostings that cater to various cultural preferences. As individuals from different cultural backgrounds interact and share culinary experiences, there is an increased desire for products that align with specific cultural tastes. This trend is evident in the icing and frosting market, where manufacturers are introducing a range of flavors inspired by various cuisines to appeal to a diverse consumer base. The emphasis on providing products that cater to different cultural palates drives innovation in the icing and frostings sector.
The availability of premium and exotic ingredients worldwide contributes to the globalization of flavors in the icing and frosting market. Consumers are increasingly seeking products that incorporate unique and high-quality ingredients sourced globally. This has prompted manufacturers to explore a variety of exotic flavors and textures, introducing a level of sophistication to icing and frostings that aligns with the discerning tastes of consumers engaged in culinary exploration. The fusion of global ingredients is meeting the demand for unique flavors and elevating the quality of products in the icing and frosting market.
On the contrary, the increase in sales of bakery products from restaurants and bakery stores hamper the growth of Asia Pacific icing and frosting market.
Based on type, the Asia Pacific icing and frosting market is bifurcated into icing and frosting. The frosting segment held 71.6% market share in 2022, amassing US$ 854.08 million. It is projected to garner US$ 1,267.97 million by 2030 to register 5.1% CAGR during 2022-2030.
In terms of category, the Asia Pacific icing and frosting market is segmented into gluten-free and conventional. The conventional segment held 74.1% share of Asia Pacific icing and frosting market in 2022, amassing US$ 884.46 million. It is anticipated to garner US$ 1,283.14 million by 2030 to expand at 4.8% CAGR during 2022-2030.
By distribution channel, the Asia Pacific icing and frosting market is divided into supermarkets and hypermarkets, specialty stores, online retail, and others. The supermarkets and hypermarkets segment held 53.4% share of Asia Pacific icing and frosting market in 2022, amassing US$ 637.04 million. It is projected to garner US$ 944.45 million by 2030 to expand at 5.0% CAGR from 2022 to 2030.
Based on country, the Asia Pacific icing and frosting market is categorized into Australia, India, China, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that the Rest of Asia Pacific captured 31.6% share of Asia Pacific icing and frosting market in 2022. It was assessed at US$ 376.84 million in 2022 and is likely to hit US$ 547.79 million by 2030, registering a CAGR of 4.8% during 2022-2030.
Key players operating in the Asia Pacific icing and frosting market are General Mills Inc, Dr. Oetker (UK) Ltd, Cake Craft Factory LLC, and Rich Products Corp., among others.
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