No, it just needs to be stored in your pantry or shelves. I wouldn't store it any where that might get above 80F.
Frostings made with it may or may not need to be refrigerated. If it has butter or cream cheese then it probably should be refrigerated. Otherwise, the frosting should be fine at room temp for several days.
Michele
The powder itself does not need to be refrigerated. Whether or not the icing and cake need to be refrigerated depends on whether there are any unstable ingrediants in the cake, such as dairy or fillings with dairy or other parishable ingrediants.
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