Caramel Market Overview:
As per the analysis of Market Research Future (MRFR), steady growth is anticipated in the global caramel market over the forecast period of 2023-2030.
Caramel Market Size was valued at USD 2.3 billion in 2022. The Caramel Market Share is projected to grow from USD 2.4 Billion in 2023 to USD 3.4 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.90% during the forecast period (2023 - 2030).
Caramel adds distinct color, flavor, and taste to food items which makes it desirable for use in various bakery, confectionery, beverages, ice creams, and other edible items. Caramel is widely used in the food industry. Caramel is no longer limited to the traditional confectionery sector and has spread across various food products as a popular ingredient. The diversity of uses of caramel across the food industry is a key factor in boosting the growth of the global caramel market.
The diverse flavor profile of caramel makes them suitable for a number of applications in food items. Beverages account for a large part of the application of caramel. They are used in soft drinks to add color and eye appeal and also helps in protecting flavors.
Lately, caramel has gained many mentions in print media. Various F&B giants are adding caramel products to their menu which has spurred the market for caramel.
New food & beverages are increasingly being launched with caramel with unique caramel flavor profiles. In addition, due to the growing popularity of caramel flavor, caramel is now being used in nutrition products to cater to a sophisticated target market which further boosts the growth of the market. However, volatility in the price of raw materials is expected to be a restraint to the growth of the global caramel market.
Segmentations:
The global caramel market has been segmented based on form, type, and application.
By form, the global caramel market has been segmented into solid, liquid, granular, and powder. The solid segment is dominating the market as it finds high acceptance among caramel manufacturers.
By type, the global caramel market has been segmented into colors, toppings, fillings, flavors, and others. The toppings segment is expected to dominate the market over the forecast period.
By application, the global caramel market has been segmented into bakery, confectionery, beverages, desserts, snacks, and others. The bakery segment is expected to exhibit maximum growth over the forecast period.
Regional Analysis:
North America, Europe, Asia-Pacific (APAC), Latin America, and the Middle East & Africa (MEA) are the key markets for caramel.
North America accounts for the most significant share of the global caramel market. Developed Food & beverage industry where caramel finds massive application. In the US, caramel is a trendy flavor and is used in various hot drinks, bakery items, cereals, savory snacks, and ice cream.
Europe too is a strong market for caramel and currently accounts for almost 28% share of the global Caramel Market Trends. High demand from the bakery and confectionery industry drives the market in Europe.
APAC is expected to exhibit exponential growth over the forecast period. Western influence on the food industry, urbanization, and expanding bakery & confectionery industry in the region provides lucrative opportunities for growth of the APAC market.
Competitive Landscape:
Alpha Baking Co. (USA), DDW the Color House (U.S.), Metarom Group (France), The Warrell Corporation (U.S.), Bakels Worldwide (Switzerland), NIGAY SAS (France), Goetze's Candy Company Inc, (U.S.), Sethness Caramel Color (U.S.), Puratos (Belgium), and Dallas Caramel Company (U.S.) are the key players in the global caramel market.
Industry Updates:
• In December 2018, Baskin-Robins introduced a new caramel cappuccino cheesecake ice-cream as a part of its December holiday flavor.
• In November 2018, Starbucks locations across Europe added a salted caramel brownie frappuccino to its holiday drinks menu.
• In November 2018, Aldi, a Germany-based supermarket chain, introduced a salted caramel & baked apple gin liqueur to its gin selection.
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