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The global caramel ingredient market is expected register an estimated CAGR of 7.8% during the forecast period 20182023.
The Metarom group expands its caramel production in US by setting up a branch of its caramel production business in CARA'SENS, in the USA. The project was given green signal after the acquisition the industrial branch of the Le Caramel company, based in San Diego, California.
The global caramel ingredient market is driven by increasing application of caramel in several domains of food beverage industry ranging from bakery to beverages. Consumer awareness about the health issues related to caramel is restricting the growth of caramel market; certain ingredients used in making caramel color can cause temporary or permanent health issues.
There is growing demand for organic caramel ingredients such as such as organic caramel sauce, organic caramel syrup, and organic salted caramel. Thus, manufacturers have scope to come up with product developments and advancements as well.
By forms, the global caramel ingredient market can be categorized into solid, liquid, granular/powders. Among the forms or caramel ingredients, the powder form is anticipated to witness strongest growth, owing to its longer shelf life, and increased usage in packaged food beverage products.
By type, the caramel ingredient market can be segmented in to toppings, flavor, fillings, colorings, and others. Toppings segment is projected to record highest growth rate during the forecast period.
By Application, the market can be categorized into bakery, confectionery, beverage, and others. The demand for caramel from icecreams and desserts end use application is projected to increase, owing to new flavor introductions as per consumer's demand. Caramel ingredients are one of the oldest and widelyused food colorings as it is used for making colas brown and gives beers their amber gold. Additionally, there is ongoing trend for food decorations, which is increasingly being adopted by consumers' boosting the caramel ingredients market.
Caramel is one of the most popular flavors in North America. Approximately, over 31,000 new food and beverage products are being launched in North America, every year. Of these, more than 1,045 around 3.3% are flavored with caramel. A vast majority of these are confectionery, such as hot drinks, bakery and cereals, ice cream and savory snacks. Notably, caramel color is approved colorant in US and Europe.
The AsiaPacific is expected to be fastest growing region with huge investment from several players in the market, owing to low labor costs and lower raw material prices. Countries like India, Australia, and China are likely to become major regional market which would boost the growth of caramel ingredient market in the future.
MAJOR PLAYERS: ALVIN CARAMEL COLOURS, BAKELS WORLDWIDE, CARGILL INCORPORATED, DDW THE COLOR HOUSE., KERRY GROUP, PURATOS GROUP, SENSIENT TECHNOLOGIES CORPORATION, NIGAY, GTEBORGSFOOD BUDAPEST ZRT, MARTIN BRAUN KG and MARTIN BRAUN KG, amongst others.
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