The latest market report published by Credence Research, Inc. “Caramel Ingredients Market – Growth, Future Prospects and Competitive Analysis, 2017 – 2025,” the global caramel ingredients market was valued at US$ 1,898.9 Mn in 2016, and is expected to each US$ 3,437.3 Mn by 2025, expanding at a CAGR of 7.7% from 2017 to 2025.
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The global caramel ingredients market has witnessed a significant rise in strategic mergers and collaborations among tea vendors. Such growth strategies are focused at augmenting their service portfolio. Large scale caramel ingredients companies in countries such as Asia Pacific, North America, and Europe are increasingly indulging in caramel manufacturing due to availability of resources, desire to reduce costs and growing need to focus on core competencies. With further expansion and consolidation activities taking place in the industry, steady growth of the global caramel ingredients market is anticipated to continue through the forecast.
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One of the major factors driving the market for caramel ingredients is the increasing application scope of caramel ingredients. Caramel ingredients are among the oldest and most widely-used food colorings, the same substance that makes colas brown and gives beers their amber gold. Furthermore, there is a trend of food decoration that is increasingly being adopted by the consumers influencing the market for caramel ingredients. The market is also driven by high demand for caramel ingredients from confectionery and beverages end use owing to changing consumer preferences. The overall caramel ingredients has a potential of around US$ 1,898.9 Mn in 2016. The demand for caramel from ice creams & desserts end use application is projected to increase due to the introduction of new and distinct flavors in ice creams & desserts because of changing consumer lifestyles. Given the wide array of applications the demand for caramel ingredients is projected to witness significant growth over the forecast period.
Considering the competition, this market is characterized by presence of over 1,000 market players, of which small-scale players are the largest in number. However, to tackle such fierce competition, it is lately observed that mid-sized and small-sized corporations are adopting strategies such as consolidation activities and entering in long-term contracts with client companies.
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