Pune, India, April, 2019 /press release/- Market Research Future (MRFR) announces the publication of its research report Global Caramel Market, 2018–2025.
Caramel as an ingredient is widely used in various industries such as bakery and confectionery, beverages, dairy and frozen desserts, convenience foods, pet foods, and snacks. It is used as a filling, topping, glaze, color, and flavor, as well as decoration. The growth of the application industries is a major determinant fueling the growth of the global caramel market. The surging demand for bakery and confectionery products, beverages, dairy products, frozen desserts, and pet food is boosting the consumption of caramel in these industries, which is driving market growth.
Based on region, the global caramel market has been classified as North America, Europe, Asia-Pacific, and the rest of the world.
Asia-Pacific is expected to be the largest market for caramel and is projected to register the highest CAGR of 5.9% during the forecast period. China is one of the leading markets in the region, accounting for the largest market share, during the review period. There is an increasing demand for various new and innovative food & beverage products due to rapid urbanization and rising per capita disposable incomes. The increasing consumption of beverages and snacks in the region is also expected to drive market growth. In addition to this, manufacturers are investing in R&D to create innovative products to satisfy the increasing demand in the region.
Europe accounted for a significant share of the global caramel market in 2017. Germany, France, the UK, and the Netherlands are major contributors to the growth of the European market. The established food & beverage industry in the region is expected to offer profitable growth opportunities to suppliers owing to the surging demand for caramel in the various segments of the industry.
North America held a prominent share of the global caramel market in 2017 and the regional market is projected to grow at a moderate pace during the forecast period. Caramel has gained widespread popularity in North America, with the US being the major contributor to the regional market growth. Manufacturers of beverages, dairy and frozen desserts, bakery and confectionery products, and pet food are shifting preferences toward natural sweeteners and flavors such as caramel. Moreover, the growing demand for organic and non-GMO food ingredients by consumers is contributing to the growth of the caramel market in North America.
The market in RoW accounted for the least share in 2017 and is estimated to register a CAGR of 5.8% during the forecast period. The increasing demand for natural coloring and flavoring in various segments of the food & beverage industry in South America is contributing to the growth of the market in the region.
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The global caramel market has also been segmented by function, form, and application.
By function, the global caramel market has been classified as colors, flavors, toppings, fillings, and others. The colors segment accounted for the majority market share in 2017, whereas the toppings segment is expected to be the fastest-growing during the forecast period. The global caramel market has also been segregated, on the basis of form, into solid & semi-solid and liquid. The liquid segment dominated the market in 2017; however, the solid & semi-solid segment is projected to register a higher growth rate during the review period. Based on application, the market has been categorized as bakery & confectionery, beverages, dairy & frozen desserts, snacks, and others. The bakery & confectionery segment garnered the largest market share in 2017; however, the snacks segment is expected to register the highest growth rate during the forecast period of 2018 to 2025.
Some of the key players in the global caramel market are Cargill, Incorporated (US), Kerry Group PLC (Ireland), Bakels Worldwide (Switzerland), Barry Callebaut AG (Switzerland), Nigay SAS (France), Sethness Products Company (US), Metarom Group (France), Puratos NV/SA (Belgium), Göteborgsfood Budapest Ltd (Hungary), and Martin Braun Backmittel and Essences KG (Germany).