Caramel is a confectionery product obtained by heating sugar. It has a medium to dark orange color and is used as an agent for flavoring, topping, coloring, decoration, and glazing in various food and beverage applications, such as bakery and confectionery, beverages, snacks, dairy and frozen desserts, and pet food. The growth of the global caramel market is driven by the growing applications and the functional diversity of caramel. Caramel, as an ingredient, is widely used in bakery and confectionery, beverages, dairy and frozen desserts, convenience foods, pet food, snacks and other applications.
The rise in the number of applications primarily fuels the growth of the global caramel market. An increase in demand for bakery and confectionery products, beverages, dairy products, frozen desserts, and pet food, boosts the consumption of caramel in the above-mentioned industries, adding to the market growth. However, the rising awareness regarding the ill-effects of excessive caramel consumption, hampers the market growth. The increase in demand for natural and organic products, especially in Europe and North America, opens the avenues for the sale of natural ingredients such as caramel. Therefore, the rising demand for natural and organic products is an opportunity for the market players.
The global caramel market is segmented into North America, Europe, Asia-Pacific, and RoW. Asia-Pacific is estimated to retain its dominance throughout the forecast period of 2018–2025. The region is estimated to reach USD 1,027.6 million by the end of 2025 with the highest CAGR of 5.9%. China is one of the leading markets in the region, accounting for the largest market share, during the review period. There is an increase in demand for various new and innovative food & beverage products due to urbanization and the rising per capita disposable income. In addition to that, manufacturers are investing in research and development to introduce innovative products for meeting the demand in the region.
On the basis of function, the global caramel market has been segmented into colors, toppings, fillings, flavors, and others. The colors segment held the largest revenue share of 31.25% in 2017. However, the toppings segment is projected to witness the highest CAGR of 5.8% during the review period.
On the basis of application, the global caramel market has been segmented into bakery & confectionery, beverages, dairy & frozen desserts, snacks, and others. The snacks segment is expected to register the highest CAGR of 6.0% during the forecast period 2018–2025.
On the basis of form, the global caramel market has been segmented into solid & semi-solid and liquid. The liquid segment held the larger revenue share in 2017.
Some of the leading market players in the global caramel market are Cargill, Incorporated (US), Kerry Group PLC (Ireland), Bakels Worldwide (Switzerland), Barry Callebaut AG (Switzerland), Nigay SAS (France), Sethness Products Company (US), Metarom Group (France), Puratos NV/SA (Belgium), G?teborgsfood Budapest Ltd (Hungary), and Martin Braun Backmittel and Essences KG (Germany).
- Food & beverages manufacturers
- Caramel manufacturers
- Raw material suppliers
- Retailers and wholesalers
- E-commerce companies
- Traders, importers, and exporters
- Among functions, the colors segment is expected to account for the major market proportion during the forecast period. However, the toppings segment is projected to exhibit the highest CAGR of 5.8% during the during period.
- Among applications, the bakery & confectionery segment held the largest revenue share with 34.36% in 2017. However, the snacks segment is expected to register the highest CAGR of 6.0% during the forecast period.
Regional and Country Analysis of Caramel Market Development and Demand Forecast to 2025:
As per the MRFR analysis, the Asia-Pacific caramel market is estimated to reach USD 1,027.6 million by 2025 and register a CAGR of 5.9% during the forecast period 2018–2025.
The reports also cover country-level analysis:
- North America
o Rest of Europe
o Australia & New Zealand
o Rest of Asia-Pacific
- Rest of the World
o Middle East
o South America