Caramel Ingredients Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Caramel Ingredients Market Analysis
The caramel ingredient market is projected to register a CAGR of 7.8% during the forecast period (2022-2027).
During the COVID-19 outbreak, the market for caramel ingredients recorded steady growth as the people worldwide preferred nutritional and packaged food and beverage commodities. The piling up of surplus food commodities was not limited to the staples. Consumers purchased large amounts of snacks, processed foods, and juices amid the lockdown, increasing the global demand for caramel ingredients. However, a major challenge for the caramel ingredient market during COVID-19 was the constantly fluctuating raw material prices due to several obstructions, such as transportation and government restrictions.
Rising consumer indulgence in bakery products and increasing snacking habits are boosting the bakery and confectionery industries, thus increasing the demand for associated ingredients, including caramel. However, caramel is the most common ingredient widely preferred by consumers. Thus, it is used in confectionery products such as salted caramel chocolates, sweets, and cereal bars.
The confectionery segment obtained a major share in the market due to the wide-ranging applications of caramel as a topping and filling in food products like chocolates and candies. Several major companies are partnering with other firms to expand their product portfolios and end-user base. These firms are investing in R&D to produce caramel ingredients appropriate for an extensive range of food commodities and beverages by fulfilling the standards of regulatory authorities. This factor is further boosting the caramel ingredient market globally.
Caramel Ingredients Market Trends
This section covers the major market trends shaping the Caramel Ingredient Market according to our research experts:
Increased Application of Bakery Ingredients in Developing Regions
The consumption of bakery ingredients is rising, along with the increasing consumer indulgence in bakery products. As caramel is one of the most widely used colorants, it is applied across a broad range of applications, including cereals, cookies, certain bread, deli meats, and beverages, like tea, coffee, soda, and alcoholic beverages. Such applications are attracting consumers and contributing to the overall sales volume of the products. Additionally, consumer demand for additive-free, non-GMO, clean-label, and health-promoting baked goods has augmented the sales of bakery products. However, caramel popcorn is trending as it is the most famous snack consumed at sports events, movie theatres, food festivals, music shows, and other places worldwide. Thus, this segment is accelerating the market's growth.
North America Dominates the Market
The emerging economies of North America represent large untapped potential for the development of bakery ingredients, including caramel, owing to the rising disposable incomes, urbanization, and the trend of following healthy diets. North America dominates the caramel ingredient market, accelerating growth due to technological advancements in the food and beverage industry. However, with the increasing consumption of confectionery commodities, convenience food products are boosting the demand for caramel, thus fuelling the caramel ingredient market in North America. Hence, major manufacturers are constantly innovating and widening their product portfolios to meet the dynamic consumer demands by increasing their production. Consumers are interested in a diverse variety of foods with superior tastes that are safe and nutritious, including caramel-flavored food items.
Caramel Ingredients Industry Overview
The caramel ingredient market is highly competitive, with the presence of many small players. To combat such fierce competition, the medium and small-sized companies are adopting strategies, such as consolidation activities and entering long-term contracts with client companies. The key players in the caramel ingredient market include Cargill Incorporated, Kerry Inc., Sensient Technologies Corporation, Sethness Caramel Color, and Puratos Group. Advanced distribution network and manufacturing expertise give an upper edge to the manufacturers to expand their range of products worldwide.
Caramel Ingredients Market Leaders
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Cargill Incorporated
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Sensient Technologies Corporation
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Sethness Caramel Color
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Kerry Inc.
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Puratos Group
*Disclaimer: Major Players sorted in no particular order
Caramel Ingredients Market News
- In 2021, Big Train, a brand of Kerry Group, released new dairy-free caramel latte flavors in its Big Train product family of hot and cold beverage mixes with 'GanedenBC30' probiotic, used by foodservice operators. This innovation aims to meet the consumer demand for healthy products.
- In 2021, British Bakels launched a new Chocolate Millionaires Caramel PF, the latest addition to the True Caramel range. This new product provides all the versatile qualities of traditional Millionaires Caramel with a chocolatey twist. The company launched the product to expand its True Caramel range and boost the growth of caramel ingredients globally.
- In 2019, Barry Callebaut announced the launch of its latest chocolate innovation, Caramel Aura. This newest addition to Barry Callebaut's caramel collection offers a premium and decadent flavor experience with the inclusion of specialized ingredients in combination with the fine-tuned processing, which delivers a creamy, warm, memorable, and flavor-forward caramel experience.
Caramel Ingredients Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Powder
5.1.2 Liquid/Syrup
5.2 Application
5.2.1 Bakery
5.2.2 Confectionery
5.2.3 Beverages
5.2.4 Dairy and Frozen Desserts
5.2.5 Other Applications
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 Spain
5.3.2.2 United Kingdom
5.3.2.3 Germany
5.3.2.4 France
5.3.2.5 Italy
5.3.2.6 Russia
5.3.2.7 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 Rest of the World
5.3.4.1 South America
5.3.4.2 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Cargill Incorporated
6.4.2 Sensient Technologies Corporation
6.4.3 Kerry Inc.
6.4.4 Puratos Group
6.4.5 Sethness Caramel Color
6.4.6 Bakels Worldwide
6.4.7 Nigay
6.4.8 DDW the Color House
6.4.9 Martin Braun KG
6.4.10 Alvin Caramel Colours (India) Private Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON MARKET
Caramel Ingredients Industry Segmentation
Caramel is a confectionery commodity used for flavoring, filling, and topping in the food and beverage industry. The caramel ingredient market is segmented by type, application, and geography. The report offers market size and forecast in value (USD million) for the above segments.
| Type | |
| Powder | |
| Liquid/Syrup |
| Application | |
| Bakery | |
| Confectionery | |
| Beverages | |
| Dairy and Frozen Desserts | |
| Other Applications |
| Geography | |||||||||
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Caramel Ingredients Market Research FAQs
What is the current Caramel Ingredient Market size?
The Caramel Ingredient Market is projected to register a CAGR of 7.80% during the forecast period (2024-2029)
Who are the key players in Caramel Ingredient Market?
Cargill Incorporated, Sensient Technologies Corporation, Sethness Caramel Color, Kerry Inc. and Puratos Group are the major companies operating in the Caramel Ingredient Market.
Which is the fastest growing region in Caramel Ingredient Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Caramel Ingredient Market?
In 2024, the North America accounts for the largest market share in Caramel Ingredient Market.
What years does this Caramel Ingredient Market cover?
The report covers the Caramel Ingredient Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Caramel Ingredient Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Caramel Ingredient Industry Report
Statistics for the 2024 Caramel Ingredient market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Caramel Ingredient analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
