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Caramel Market Size, Share & COVID-19 Impact Analysis, By Function (Fillings, Toppings, Inclusions, Colors, Flavors, and Others), By Application (Bakery and Confectionery Products, Ice Cream & Desserts, Sauces & Condiments, and Others), and Regional Forecast, 2023-2032

Region :Global | Report ID: FBI109121 | Status : Ongoing

 

KEY MARKET INSIGHTS

The global caramel market has been experiencing exponential growth with rising popularity in confectionery, frozen desserts, and bakery products in recent years. Caramel’s versatility, rich flavor, aroma, and ability to enhance the taste of different products contribute to its popularity among consumers and food manufacturers. The product is commonly used in the food industry as a topping, filling, colorant, and inclusion to create new and innovative dishes.


Consumers are increasingly demanding premium caramel products with unique flavors and textures. This is driving the demand for caramel products made with high-quality ingredients. For instance, in October 2022, Mondelez International, Inc., an American multinational confectionery, food, holding, beverage, and snack food company, launched a limited edition Toblerone Golden Caramel bar. The new product contains crunchy nougat of classic Toblerone with premium caramelized white chocolate. Further, the growing demand for the product attracts manufacturers to produce high-quality caramel to meet the industry demand. Thus, they are emphasizing developing novel technologies and R&D activities, which will be another driving factor for the market growth.

Several new players in the food industry are introducing new alternative products for caramel, which is one of the restraining factors for the market growth. For instance, in October 2023, Oterra, a food ingredients manufacturing company, introduced the Simply Brown range formulated from apples, which can be used as an alternative for caramel in bakery, cereal, snack, and savory products.

Impact of COVID-19 


The COVID-19 pandemic had a moderate impact on the global caramel market. The constantly fluctuating raw material prices due to the pandemic led to a significant challenge for the ingredients market, including caramel. On the supply side, the major producing companies were not able to procure sufficient raw materials due to border closures. The continuous spread of the virus worldwide presented numerous challenges for the global market. Moreover, the sudden change in consumer purchasing behavior led to a growth in packed foods and confectionery product demand, leading to the increased sales of caramel-based confectioneries.

CARAMEL MARKET SEGMENTATION ANALYSIS
















By Function


By Application


By Geography



  • Fillings

  • Toppings

  • Inclusions

  • Colors

  • Flavors

  • Others


 



  • Bakery and Confectionery Products

  • Ice Cream and Desserts

  • Sauces and Condiments

  • Others




  • North America (U.S., Canada, and Mexico)

  • Europe (Germany, France, Italy, U.K., Spain, Russia, and the Rest of Europe)

  • Asia Pacific (China, Japan, India, Australia, and the Rest of Asia Pacific)

  • South America (Brazil, Argentina, and the Rest of South America)

  • Middle East & Africa (UAE, Saudi Arabia, and the Rest of the Middle East & Africa)



Key Insights


The report covers the following key insights:

Overview of the Caramel Market


  • Demand for Caramel in the Food Sector

  • Drivers, Restraints, and Opportunities

  • Impact of COVID-19 on the Global Caramel Industry


Analysis by Function


The color segment is expected to hold a significant share of the global caramel market. The caramel color is typically used as a coloring agent and flavor enhancer in food products such as bakery products, beer & spirits, flavors & ingredients, meat, and pet food and beverages. The growing demand for caramel color in food applications has led manufacturers to develop innovative products and meet its growing demand in several food applications. For instance, in February 2022, Ottera, a natural food color manufacturer, launched its extended caramel range. The new range consists of all four classes of caramel colors in solid as well as liquid forms. It is ideal for use in a wide range of applications, including dairy, beverage, bakery, confectionery, and others.

The flavor segment is expected to grow at a high CAGR over the forecast period. Caramel is a popular flavor option used in the manufacturing of confectionery. Moreover, solid and liquid forms of caramel can be used as a flavor in sweet and savory food products. Thus, its versatility benefits will drive the product demand in the food sector as flavor ingredients.

Analysis by Application


The bakery and confectionery product segment is expected to hold a significant share of the global market. The demand for caramel is expected to rise owing to growing applications in chocolates, candies, cakes, pastries, cookies, and others. According to the Barry Callebaut AG, a Swiss-Belgian cocoa processor and chocolate manufacturer report, caramel is known to be the third most desired flavor in chocolate confectionery in Europe, after hazelnut and almond. To meet their consumers' requirements, food manufacturers are developing new products by infusing caramel as color, flavor, inclusion or topping. It will influence the product demand growth in the market.

The ice cream and dessert segment is expected to grow at a high CAGR over the forecast period. Caramel is used to make ice cream toppings, such as caramel sauce, caramel drizzle, and candy pieces. Further, due to several factors such as crunchiness, taste, color and texture, individuals prefer caramel inclusions in ice cream or frozen desserts. It is also one of the driving factors for the product demand from the segment.

Analysis by Region


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North America is expected to hold a significant share of the global market. Caramel is a popular flavor in bakery and confectionery products, and its demand is increasing in the region. Further, consumers are ready to spend more on artisanal and premium confectionery products, propelling the demand for caramel-flavored confectionery products. The region has also been observing a surge in the demand for clean and clear labeling products, propelling the demand for organic caramel ingredients. Moreover, the healthy eating trend has driven formulation with caramel in order to add sweetness without the use of artificial sweeteners.

Europe is expected to grow at a high CAGR over the forecast period. The rising creative flavor combination within the confectionery and desserts segment to create premium products to serve the consumers' premium product demand is positively influencing the product demand. Caramel can be easily paired with different inclusions, including nuts, seeds, and dried fruits, which will create multi-sensorial experiences for the user. Therefore, manufacturers prefer the product as an ingredient to produce novel products. It will also drive the demand for the product in the region.

Key Market Players



  • Barry Callebaut Inc.

  • Cargill Inc.

  • Kerry Group PLC

  • Sensient Technologies Corporation

  • Puratos Group, Mars Inc.

  • Dallas Caramel Company

  • Sethness Roquette

  • The Caramel Candy Company

  • Cicero Caramel Company

  • Colorado Caramel Company


Key Developments



  • In June 2023, Wilton Brands, a baked foods and cake decorating company, launched a line of easy-to-use syrup toppings. The new product line contains varieties such as brownie batter chocolate, toffee caramel, and strawberry.

  • In March 2023, Mondelez International-owned Cadbury launched a new salted caramel flavor range in the U.K. The new product is available in three forms: tablets, buttons (nibbles), and Cadbury Fingers.





  • Ongoing
  • 2023
  • 2019-2022

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