The global Caramel market has been rising continually, mainly due to the high consumption of caramel flavored products. Caramel is used as a flavor, color, topping decoration, and glazing agent in various food beverages products such as bakery confectionery, beverages, snacks, dairy frozen desserts, and pet food. The huge popularity and the growing urbanization and changing consumption patterns of convenience foods are key driving forces behind the growth of the market.
According to a leading research firm, Market Research Future (MRFR), the global caramel market is poised to reach USD 3.4 Billion by 2030. In its recently published analysis, MRFR also asserts that the market would register a CAGR over 5.90% throughout the review period (2023 to 2030). The rising demand for on-the-go and convenience products is also pushing up the growth of the market. The growth in the application industries predominantly drives market growth. Moreover, the functional diversity of caramel is also fueling the growth of the market.
Some of the largest consumer industries of caramel such as bakery confectionery products and the diary desserts sectors have been experiencing some consolidation and are currently undergoing significant changes in product marketing and distribution. This consolidation has been spurring the number of production capacities of caramel.
New product introductions, such as salted caramel flavored ready-to-drink, premium milkshakes by Dairy brand Jude (the UK) and salted caramel-flavored cold brew coffee in a can by Baileys Irish Cream, an Irish whiskey and cream-based liqueur brand have led to increasing the size of the market. Additionally, among several factors that have been defining recent changes in product consumption include significant advancements in production technology.
On the other hand, spreading awareness about the adverse effects of consuming caramel excessively, is a key factor impeding the growth of the market. Factors, such as the rising cost of production energy, raw material cost, and other manufacturing costs alongside the rapid changes in the production process and technology are hampering the growth of the market. The rising demand for natural and organic products is expected to support the market growth, offering lucrative opportunities to market players.
Global Caramel Market - Segments
The report is segmented into four market dynamics to widen the scope of understanding,
By Function : Colors, Toppings, Flavors, and Fillings, among others.
By Form : Solid Semi-Solid and Liquid, among others.
By Application : Bakery Confectionery, Beverages, Dairy Frozen Desserts, and Snacks, among others.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Caramel Market - Regional Analysis
The Asia Pacific region leads the global Caramel Market Insights with the highest market share. In 2017, the region accounted for a market share of 34.07% and is further projected to grow at a CAGR of 5.9% throughout the forecast period. China, among other major markets in the region, accounts for the largest revenue share and would continue to do so in the future as well. Whereas the Indian caramel market is projected to register the highest CAGR during the forecast period (2018 to 2025). The rapidly growing food beverages industry in rapidly developing countries like India, Japan, and China is a key driving force substantiating the regional market growth.
The caramel market in North America takes the second lead. The popularity of caramel flavor is a key factor driving the growth of the regional market. High consumption of caramel flavored products in the burgeoning bakery and confectionary industry are projected to allow the region to generate high revenue pockets in the global caramel market. A large number of production units and consumers in the region alongside, the increasing the consumer inclination towards convenience foods and bakery dairy desserts drive market growth.
The European caramel market is too growing lucratively, majorly due to the popularity of caramel products. High consumption of caramel-flavored products, especially in Germany, the UK, and Russia are supporting the market growth in the region. Furthermore, the improving economy in the region has been enabling Europe to generate a substantial revenue pocket in the global caramel market, fostering the sales in the food beverages industry.
Global Caramel Market - Competitive Analysis
Highly competitive, the global Caramel Market Outlook appears to be fragmented due to the presence of many players with the international and regional market. To gain a competitive advantage, mergers acquisitions, brand reinforcement, collaboration, expansion, and innovation/ product launch remain key trends for leading players. Mergers and acquisitions activities that characterized the caramel market over the past few years have also impacted producers of caramel products.
Major Players:
Players leading the global caramel market Include Kerry Group PLC (Ireland), Cargill, Incorporated (US), Bakels Worldwide (Switzerland), Nigay SAS (France), Barry Callebaut AG (Switzerland), Sethness Products Company (US), Puratos NV/SA (Belgium), Metarom Group (France), Martin Braun Backmittel, Göteborgsfood Budapest Ltd (Hungary), and Essences KG (Germany), among others.
Industry/ Innovation/ Related News:
July 04, 2019 ----- DuPont Nutrition Biosciences (the US), a business unit of DowDuPont Specialty Products Division, announced the divestment of its natural colors business to DDW, Inc. (the US), a leading global manufacturer of edible food flavors, natural and caramel colors, coloring foods, and burnt sugars for food and beverage products.
Selling the business is in line with DuPont’s portfolio management strategy for high return opportunities. The acquisition strengthens the global reach of DDW, adding technical and manufacturing capabilities in several core natural colors.
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