Market Definition:
A large variety of desserts and confections can be made with caramel, and given the confection’s popularity across the world, the market for caramel is expected to grow. Market Research Future has performed an in-depth analysis of the global caramel market for the assessment period from 2018 to 2023. Research findings suggest the growth of the market at a healthy pace during the assessment period. Caramel is a confectionery product that is enjoyed across the world in some form or the other. Caramel is made using the process of caramelization which occurs when sugar is heated at a particular temperature.
Market Scenario and Key Restraints:
Notably, the market is challenged by the increasing health consciousness among consumers looking to cut sugar out of their diets. Additionally fluctuating raw material prices are expected to have a negative impact on the market. However, the market’s promise is likely to outweigh the restraints.
Caramel has a number of uses as it can be made to provide a variety of textures in food products. Popular forms of caramel include thick caramel sauces, brittle, hard candy, and soft & chewy candy to name a few. Caramel and caramel products can also easily be recognized by the color which normally ranges between light to dark amber. Applications of caramel can be found in chocolates, confectionery, and desserts. The growing popularity and demand for premium chocolates are driving the demand for caramel as it is often added to chocolates as it is a classic and popular combination. Moreover, many market players actively invest in product development. For example, Kit Kat recently launched new flavors which include salted caramel. Innovative product offerings which include caramel are increasingly entering the market. Caramel also has several applications in food decorations, in its hot stage before it solidifies, caramel can be worked with to create a variety of shapes. It’s flexibility in terms of food decorations make it a popular choice for decoration in the foodservice industry. Another vital factor driving the growth of the global caramel market includes the substantial use of caramel in ice creams and frozen desserts, which are witnessing high demand. Promising growth opportunities are on the horizon for the market due to the innovative product offerings being made available across the globe.
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Competitive Landscape:
Leading market players that have been included in MRFR’s competitive assessment include Sethness Caramel Color (U.S.), Metarom Group (France), DDW the Color House (U.S.), NIGAY SAS (France), Goetze’s Candy Company Inc, (U.S.), Dallas Caramel Company (U.S.), Bakels Worldwide (Switzerland), The Warrell Corporation (U.S.), Puratos (Belgium), and Alpha Baking Co. (USA).
Industry News:
In August 2018, Nestle UK added a new flavor to its KitKat range, new salted caramel fudge flavor. The new KitKat bar is a combination of crispy wafer with salted caramel fudge flavored topping.
Segmentation:
The global caramel market has been segmented, in MRFR report, on the basis of form, type, application, and region. Form of caramel has been segmented into liquid, solid, granular, and powder. The solid caramel segment has captured the largest share of the market as it is a highly popular form among manufacturers of caramel.
Types of caramel include toppings, colors, fillings, flavors, and others. The toppings segment is expected to a larger share than the other segments, thus dominating the global caramel market.
Applications of caramel have been segmented to include confectionery, bakery, beverages, desserts, snacks, and others. Bakery applications are a major use of caramel and as such the segment is the most significant.
Regional Analysis:
The main regions that have been studied in the global caramel market include Europe, Latin America, North America, Asia Pacific, and the Middle East and Africa. The North American market has captured the largest share among all regions and is expected to dominate the global caramel market. The US is the leading country-level market in the region and is responsible for the regions considerable market size. Caramel is immensely popular in the region and is used in a number of snacks, confectionery items, and bakery items. Many popular sweet snacks tend to have a caramel variant in the region.
Europe is another significant market which has acquired roughly 28% of the global market. However, it is the Asia Pacific market which is growing at the highest CAGR during the assessment period. The growing disposable income of the consumers in the region’s rapidly emerging economies is a key factor for the growth of the caramel market.
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