The global sugar toppings market is growing at a moderate pace over the past five years, owing to increase in the demand for confectioneries and beverages. Currently, the global sugar toppings market is dominated by various key players, such as The J.M. Smucker Company (U.S.), The Hershey Company (U.S.), Pinnacle Foods Inc. (U.S.), The Kraft Heinz Company (U.S.), Baldwin Richardson Foods Company (U.S.), Monin Incorporated (U.S.), R. Torre & Company, Inc. (U.S.), W.T. Lynch Foods Ltd. (U.S.), Ghirardelli Chocolate Company (U.S.), CK Products LLC (U.S.), Quaker Oats Company (U.S.), and Regal Food Products Group Plc, (U.K.) among others.
Several new product developments/launches have been made in the past few years by various key companies, such as Monin Incorporated (U.S.), R. Torre & Company, Inc. (U.S.)., and The J.M. Smucker Company (U.S.) in the global sugar toppings market. The strategy of product innovations is among the key growth strategies adopted by the leading players operating in the global sugar toppings market to gain competitive edge over their competitors. Product innovations address the increasing demand for sugar toppings from the growing confectionaries, and hot and cold beverages industries. The key players in this market are also focused on carrying out increased research & development activities for product innovations. For instance, Monin Incorporated introduced falernum syrup, which is a mix of spices, lime, and almond. The company also introduced white peach, wild strawberry, and Morello cherry-flavored syrups. These can be used with both alcoholic as well as non-alcoholic drinks. The launch of these products has strengthened presence of Monin Incorporated in the fruit-flavored syrups market. Monin Incorporated also introduced pumpkin spice syrup. This syrup is made from real pumpkin juice and is used by bars, cafes, and restaurants.
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R. Torre & Company, Inc. (U.S.) is another company that is involved in launching new products in the global sugar toppings market. It launched Torani Sweet Heat Syrup which consists of peppers. It gives a spicy flavor to beverages. The company also introduced Torani Signature Syrups, which include natural syrups made from real ingredients. Various flavors available in this category include almond, blood orange, and caramel, among others. Moreover, R. Torre & Company, Inc. also launched Torani Salted Caramel and Torani Cinnamon Vanilla flavored syrups. Salted Caramel syrups offered by the company can be used with coffee.
The J.M. Smucker Company (U.S.) launched new flavors of syrups, such as cinnamon & brown sugar, pumpkin spice, and honey maple under its Hungry Jack brand.