The invention relates to an icing composition that consists of: 30-75 wt. % of fine carbohydrate particles containing at least 90 wt. % of crystalline carbohydrate, at least 90 wt. % of said fine carbohydrate particles having diameter of less than 50 μm; 15-50 wt. % of fat having a melting point of at least 20° C.; 0-30 wt. % water; and 0.1-30 wt. % of other edible ingredients; wherein the fine carbohydrate particles comprise: —50-100 wt. % of mannitol particles containing at least 90 wt. % mannitol; —0-50 wt. % of sugar particles containing at least 90 wt. % of one or more sugars selected from sucrose, glucose, fructose, lactose and maltose. The icing composition enables the preparation of iced bakery products that exhibit high freeze-thaw stability and that can suitably be stored for several days under ambient conditions without becoming stale. The invention further provides a method of preparing a bakery product that comprises applying the aforementioned icing composition onto a fully cooked bakery p
