The caramel ingredient market is showing significant improvement across the globe due to its associated product benefits. Caramel ingredients are preferred due to inclination toward baked foods since they have low fat content. Caramel ingredients also find wide applications in different products. Special economic incentives are given to companies to achieve improvement in health standards which leads to both social and economic welfare. Health standard norms and global acceptance are the key factors influencing the caramel ingredients market. The market has been segmented into different types, namely colors, flavors, and toppings. Toppings segment is likely to show the fastest growth during the forecast period. This is mainly due to rising trend of dining out and preference toward clean decorated foods.
Caramel ingredients find application in confectionary, beverages, desserts, and ice-creams. Confectionary segment had the dominant market share followed by beverages. Ice-cream segment showed the fastest growth due to changing food habits and consumer preference toward different flavors of ice-cream. However, based on form, caramel ingredients has been segmented into powder or granular, and liquid. Powder or granular showed the fastest growth due to longer shell life and is extensively used in bakery products. However, liquid caramel captured the maximum market share in recent years. Consciousness about proper health, changing lifestyles, and rising number of women in the work force is boosting the caramel ingredients market. Moreover health benefits from caramel ingredient products, consumption of low fat content products backed by consciousness about achieving proper health and inclination toward healthy diet are the factors driving the caramel ingredients market globally.
In the region wise study, the caramel ingredient market is segmented into Asia Pacific, North America, Europe, Middle East & Africa, and Latin America. Asia Pacific is the most attractive region for the caramel ingredients market and showing the fastest growth due to the high economic growth in emerging countries like India, China, Japan, and New Zealand. These countries offer huge investment opportunities to food and beverage manufacturers. Rising demand for conventional food is also likely to drive the caramel ingredients market during the forecast period. Low labor cost and low cost of raw materials is also boosting the caramel ingredients market. However lack of awareness among consumers regarding the benefits of caramel ingredients and the high price of raw materials are creating a restraint to this market. The significant increase in application of caramel ingredients in confectionary, bakery, and beverage industry sectors in all these regions is driving the market. It has been observed that caramel ingredients are preferred more due to the health awareness among consumers in their quest to consume low fat content foods and for this reason companies are inclining toward use of modern technologies through continuous research and development. Opportunities are increasing from the emerging markets and increasing demand for natural or clean label foods and this is expected to boost the market during the forecast period.
Key global players of the caramel ingredients market include Cargill Inc., Kerry Group, Sensient Technologies Corporation, Puratos Group, Sethness Caramel Color, DDW The Color House, Bakels Worldwide, Nigay, Martin Braun Kg, and Goteborgs Food Budapest Zrt among others.