Global Caramel Market 2020 is all set to accrue a growth rate of 5.6% from 2016 and 2025 (appraisal period), claims Market Research Future (MRFR). MRFR also adds that the global market could potentially touch USD 2,940.9 million by 2025. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Top Drivers and Restraints
Owing to the worldwide lockdown due to the COVID-19 outbreak, demand for non-edible items like toilet paper, disinfectants, hand sanitizer and paper goods has mounted but sales of edible products like bakery and meat products have gone down, while the supply has also got hit given the shortage of labor. In addition, the shutdown of logistics facilities following the pandemic has slowed down the caramel market’s growth, as the supply and demand gap has widened more than expected. Another factor deterring the market growth following the onset of SARS-CoV-2 is the lack of raw materials available in the market.
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However, as the lockdown is being lifted, and shops reopening, sales of bakery items has picked up once again. This has favored the sales of caramel and caramel-based products, with many people lining up to hoard these items for emergency. As a result, the rising demand from the household segment for caramel has benefitted the market immensely, even as the novel coronavirus continues to ravage the food and beverage industry worldwide. Besides, the growing market for confectionery goods and flavored candies among the youth and children is also expected to boost the revenue generation in the target market.
Furthermore, rising urbanization rate, consumers’ evolving buying pattern with regard to food items, and the surge in disposable income can also boost the market growth in the following years. The rise in R&D/research and development activities to come up with new products like tea-infused chocolates and java pop coffee soda also elevates the global market position.
For instance, in August 2020, Marco Sweets and Spices launched five new ice cream flavors, one of which is caramel. The said caramel flavor is a mix of sweet and spicy, combining the flavors of caramel Aleppo pepper, chile de árbol as well as peanut butter.
Top players listed in the report are Sethness Products Company (US), Martin Braun Backmittel and Essences KG (Germany), Cargill Incorporated (US), Kerry Group PLC (Ireland), Bakels Worldwide (Switzerland), Barry Callebaut AG (Switzerland), Nigay SAS (France), Metarom Group (France), Göteborgsfood Budapest Ltd (Hungary), Puratos NV/SA (Belgium) and more.
Global Caramel Market can be considered for Function, Form and Application. Colors, fillings, toppings, flavors, and others are the function-based key segments listed in the report. It is presumed that the colors segment could take the lead and hit USD 913.3 million by 2025-end, while the toppings segment can procure the highest advancement rate of 5.8% between 2020 and 2025. The escalating sales of confectionery items and ice cream have boosted the demand for caramel to be used as topping.
Form-wise, the market caters to solid & semi-solid as well as liquid. In 2020, the liquid segment claimed the leading position, while the solid & semi-solid segment will most likely obtain the better growth rate given its ease of use and the low cost of storage, transportation, and packaging.
Beverages, snacks, bakery & confectionery, dairy & frozen desserts, and more are the key applications of caramel. In 2020, the highest gaining segment belonged to bakery & confectionary and the snacks segment is touted to achieve the fastest CAGR over the evaluation period.
Caramel market can be regionally considered for Europe, North America, APAC/Asia Pacific, and RoW/the rest of the world.
As of 2020, APAC has been the market leader and is also on track to advance at the highest rate of 5.9% in the coming years. The impressive market growth in APAC is the result of the evolving food buying patterns and the increasing sales of confectionery as well as bakery products. A recent trend has been the significant demand for organic and natural caramel ingredients such as organic salted caramel, organic caramel sauce and organic caramel syrup, from which the regional market is anticipated to benefit significantly over the ensuing years.
The same year, the second in lead was North America, thanks to the massive growth of the food and beverage industry in the United States and Canada. Manufacturers of confectionery items, beverages and frozen desserts are increasing using caramel as a natural flavor and sweetener, which is leading to growth of the target market in the region. The hectic and busy lifestyle of people in the region has strongly influenced their eating and cooking habits, which has only worked in favor of the caramel market’s favor.
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