Caramel
is a confectionery product used as a flavoring, filling and topping
in food and beverage variety. It is prepared by heating a different
kind of sugar at a defined temperature. Caramel ingredients are
available in various forms, types and used in a variety of
applications. Considering its usefulness the market players of
caramel ingredient are more focused towards expansion, new launch and
development of varieties in caramel ingredient. The trend of fancy
food eating, decoration on cake & ice-cream as well as fusion in
traditional dishes developed the concept of caramel ingredient. Among
different forms of caramel ingredient, granular and powdered form are
growing widely in confectioneries. As the trend of packaged food is
emerging intensely therefore due to longer shelf life, powdered and
granular form of caramel ingredient are preferred over others.
Furthermore, acceptance of caramel ingredient in daily life for an
average living population raised when trend of dining outside has
increased, because of which food manufacturer started focusing on
making their food products more appealing and tempting to the
consumer with the help of caramel ingredient. Also, busy lifestyle
has changed cooking and eating habits globally; people prefer frozen
bakery product and ready to eat product over traditional slow cook.
Caramel
Ingredient Market: Drivers & Restraints
Caramel
ingredients have a variety of applications in food and beverage
industry. Among all the applications caramel ingredient is widely
used in confectionery. Owing to consumer’s taste preference, the
demand for confectionery products and for making confectionery
product, use of caramel ingredient; fuel the market growth of caramel
ingredient worldwide. Growth in disposable income and adoption of
urban lifestyle are some other factors considered for driving caramel
ingredient market globally.
Significant
growth is noticed in beverage industry which include alcoholic and
non-alcoholic products. Caramel ingredients such as liquid and
powdered caramel colors and caramelized sugar syrups are used in
manufacturing non-alcoholic and alcoholic beverage such as tea,
lemonade, fruit drink, powdered drink mixes, beer, etc., This propel
market of caramel ingredient as well. As an opportunity, caramel
ingredient can capture the huge prospective market by targeting
untapped countries or economically developing countries.
Although
the overall caramel ingredient market is growing significantly,
restraints such as a rise in the price of raw material which lead to
a subsequent increase in the price of caramel ingredient. Another
restraint, switch in eating habits among consumer by adopting healthy
eating while minimal using confectionery products can hinder caramel
ingredients’ market growth.
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Caramel
Ingredient Market: Segmentation
The
caramel ingredient market is segmented as per its form, type, and
applications.
On
the basis of its form, the caramel ingredient market is segmented
into:
- Solid
- Liquid
- Granular
- Powder
On
the basis of its type, the caramel ingredient market is segmented
into:
- Color
- Topping
- Flavor
- Fillings
- Others
On
the basis of application, the caramel ingredient market is segmented
into:
- Bakery
- Dessert
- Confectionery
- Beverage
- Alcoholic
- Non-alcoholic
- Ice-cream
- Sauces
- Malted food
- Breakfast cereals
- Others
Caramel
Ingredient Market: Regional Outlook
Based
on the geographies, caramel ingredient market is segmented into seven
regions - North America caramel ingredient market, Latin America
caramel ingredient market, Eastern Europe caramel ingredient market,
Western Europe caramel ingredient market, Asia Pacific Excluding
Japan caramel ingredient market, Japan caramel ingredient market and
the Middle East & Africa caramel ingredient market. Among the
regions mentioned above, North America is leading the market of
caramel ingredient in terms of value and volume followed by Eastern &
Western Europe. The above-mentioned regions are in this market for a
very long run; therefore, their growth rate is gentle whereas Asia
Pacific excluding Japan is projected to be the fastest growing region
in upcoming years. Most of the known brands in caramel ingredient
market are investing in Asia-Pacific countries such as China, India
because of cheap labor and raw material cost.
Global
Caramel Ingredient Market: Key Players
Few
of the market players accounting for global caramel ingredient agents
market includes Nestle, Mars Inc., Kerry Group, Bakels Worldwide,
Cargill Incorporated, Göteborgsfood Budapest ZRT, Sensient
Technologies Corporation, Ferrero, Martin Braun KG, Puratos Group,
Haribo, Metarom, Sethness Caramel Color, Nigay, DDW The Color House.
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