Caramel Market is set to register a CAGR of 5.3% and a market value of $3,650 million in 2020 over the forecast period of 2021-2026. Caramel is a type of candy that can be mixed with cream and other ingredients to make caramel sauce or soft caramel candy. It is obtained by heating sugar at 340 degrees Fahrenheit which is also called caramelization. Caramel puddings and caramel toppings are mostly consumed by the population owing to their delicious taste. Caramel contains a glazing agent that helps to prevent water loss from a surface. Caramel is a kind of confectionery product that is used as flavorings in desserts and fillings in various types of confectionery products. Caramel is also known as a binding agent for several types of candies such as caramel corn, etc. Caramel is a rich and very sweet taste that is easily found at most major grocery stores. The demand for confectionery products increases among the population which escalates the growth of the Caramel Market. Moreover, the rising development in the food and beverage sector is driving the growth of the Caramel Market.
The top 5 players in the Caramel industry are –
1. Kerry Group
4. Bakels Worldwide
5. Nigay SAS
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1. Caramel Market based on Function can be further distributed into Flavors, Colors, Toppings, Fillings, and Others. The Colors segment is the major segment generating revenue in 2020. Caramel color is used for coloring foods which helps to change the structure and texture that creates attraction among consumers to adopt coloring food.
2. North America dominated the Caramel Market with a major share of 40% in 2020. This is owing to soaring advancements in technology that improve the development of the food and beverage sector.
3. Caramel Market based on Application can be further segmented into Bakery and Confectionery, Dairy and Frozen Desserts, Beverages, Snacks, and Others. The Bakery and Confectionery segment registered for the highest Caramel Market share in 2020.
Flavors, Colors, Toppings, Fillings
Bakery and Confectionery, Dairy and Frozen Desserts, Beverages, Snacks
Solid and Semi-Solid, and Liquid
North America, Europe, Asia-Pacific, South America and Rest of World
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Market Drivers and Challenges:
1. The demand for confectionery products increases among the population is likely to escalate the growth of the Caramel Market : The demand for confectionery products increases owing to their wide availability in a variety of flavors which enhance the demand of the caramel market. Moreover, kids are consuming more confectionery products owing to their sweet taste.
2. The increasing price of caramel is acting as a hurdle for the Caramel Market : The factors that are set to affect the growth of the market are the increasing price of caramel. Recently, the price of caramel increased at a rate of 30% owing to the rising price of raw materials. Ingredients such as sugar, sweetened condensed milk, corn syrup, oil, and calcium carbonate are primary materials in manufacturing Caramel.
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