Pune, India -- (SBWIRE) -- 10/05/2018 -- Market Overview:
Caramel is used as an ingredient in wide range of food products owing to which the market is growing at an incremental pace of development on the global stage. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on 'Global Caramel Market Research Report- Forecast to 2023' that the market will demonstrate a striking CAGR % while achieving good growth rapidly in the forecast period.
Caramel is obtained by heating a mixture of milk, glucose syrup, and vegetable fats at suitable temperature. Heating gives the brown color to the finished product and regulates the moisture content. Caramel gives distinct color, taste, and flavor to the food products due to which it is used as an ingredient by wide range of industries such as bakery & confectionery, ice cream and frozen desserts, and beverages industry. Also, the product is available in variety of forms which makes it convenient to use. Caramel can give different textures to the food products such as soft and chewy, thereby propelling the demand for the product.
Due to busy and hectic lifestyle, consumers are increasingly opting for "out-of-home" desserts which propel the growth of caramel market. In addition, the demand for the product is expected to grow exponentially in Asia Pacific region owing to increasing disposable income and growing urbanization. Furthermore, growing trend of food decoration and gifting culture are adding fuel to the market growth. The key players are introducing new and innovative caramel products to attract consumer's attentions which is expected to spur the demand for the product during the forecast period. However, the cost of raw material is highly susceptible to commodity price fluctuation which might hinder the growth of the market.
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Latest Industry Updates:
Jan 2017 Zeelandia Group acquires James Fleming & Co. Ltd. The acquisition is a part of company's growth strategy as the company aims to expand its business in European market.
Oct 2016 Mars launched Caramel Chocolate candies. The candies are filled with caramel and covered with milk chocolate. Through this product launch, the company aims to strengthen its product portfolio.
Apr 2015 The Hershey Company launched new Hershey's Caramel which is a combination of Hershey's chocolate with creamy caramel. Through this product launch, company enhanced its product portfolio.
Global Caramel Market - Competitive Analysis:
Caramel market offers huge growth opportunities for the market players. Market players are extensively investing on R&D and marketing activities to leverage on current market trends. For instance, Mars launched Caramel Chocolate candies which are filled with caramel and covered with milk chocolate. Industry players are focusing on production innovation by offering unique flavors to meet the consumer demand along with integrating the supply chain to cut down the production cost. The growth potential in the market has attracted new market players to enter in the caramel segment. The increased internet penetration and social media buzz has allowed the industrial players to use these forums and create an awareness and expand the customer base.
The key players profiled in caramel market report are Cargill, Inc. (U.S.), Kerry Group (Ireland), Sensient Technologies Corporation (U.S.), Puratos Group (Belgium), Sethness Caramel Color (U.S.), DDW the Color House (U.S.), Bakels Worldwide (Switzerland), Nigay (France), and Metarom group (France) among many others.
Market Segments:
The global caramel market has been divided into function, form, application, and region.
On The Basis Of Function: Colors, Toppings, Fillings, Flavors, and Others
On The Basis Of Form: Solid, Liquid, and Others
On The Basis Of Application: Bakery & Confectionery, Food & Beverages, Dairy & Frozen Desserts, Snacks, and Others
On The Basis Of Region: North America, Europe, Asia Pacific, and ROW.
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Regional Analysis:
The global caramel market is segmented into North America, Europe, APAC, and Rest of the World (RoW). Global caramel market is highly dominated by Europe as it is the leading producer of caramel and also consumption of the product is high. APAC is fastest growing region due to changing lifestyle and improved disposable income in that region. The consumption of caramel in developing counties like India, Brazil and China is expected to grow in upcoming years.