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Caramel is a well-known ingredient in the food and beverage (F&B) industry for years due to its strong acceptance by the consumers, and caramelized sugar is also a commonplace in bakery and confectionery market. Some caramel products that contain caramel powder such praline and dodol are now regarded as beloved classics, while others are thrilling innovations. The growing popularity of organic caramel products, flavor fusion, and salted caramel are some of the prominent trends witnessed by the caramel ingredients market. Also, the demand for organic caramel products is gaining traction as the manufacturers are focusing on using high-quality ingredients and raw materials to produce healthier products.
Demand for the organic caramel sauce, organic salted caramel, and organic caramel syrup are simultaneously propelling the caramel ingredients market growth. With the growing health awareness among consumers along with the health benefits associated with the consumption of natural organic caramel, ingredients have increased the demand for organic products. Besides this, clean-label is a growing global trend in the F&B industry in the recent era. The consumers concern about the presence of the undesirable ingredients in food and beverages has forced the manufacturers to provide products bearing clean-label to meet the consumers demand. For instance, in 2016, Barry Callebaut, one of the world’s largest cocoa producers and grinders, introduced Belgian caramel chocolate “Caramel Dore”. The chocolate is produced with caramelizing milk while chocolate processing, with no added flavor. Caramel Dore helped the manufacturers to introduce high-end caramel products with salt. Barry Callebaut ensured that the product packaging contains clean-label to attract more consumers. This trend is likely to fuel up the caramel ingredients market revenue.
As of 2018, the global Caramel Ingredients Market size was evaluated to be $2 billion owing to an increase in the adoption of urban lifestyle and growth in per capita income. As the consumers are inclining towards ready-to-eat and frozen bakery products, the market is creating growth opportunities that are incrementing at a CAGR of 7.5% during the forecast period 2019-2025.
Rapidly Boosting Confectionery Segment is Driving Global Caramel Ingredients Market Share
In the developed markets of North America and Europe, the bakery industry has attained maturity. Subsequently, it is growing in emerging markets such as South America and APAC. According to the National Confectionery Association 2019 report, the global confectionery industry generates $35 billion at retail annually. Widespread consumption of candy bars, chocolates, and caramel chocolates are boosting the demand for the confectionery segment growth. The confectionery segment of the caramel ingredients market is growing at a CAGR of 3.7% through to 2025. In May 2019, Mars Wrigley Confectionery, an American global manufacturer of confectionery food products, launched two new ice cream bars. The Mars Wrigley expanded its product portfolio by introducing Twix Triple Chocolate ice cream bars and Snickers Dark Chocolate. In the history of the company, Snickers Dark Chocolate ice cream bars is the first product introduced in the global marketplace that features a combination of peanuts, caramel, and peanut butter chocolate ice cream finely coated in dark chocolate. Besides this, Twix Triple Chocolate ice cream bar compliments Triple Chocolate Cookie Bar. It contains chocolate ice cream that is coated with chocolate cookies and caramel and is dipped in chocolate. With the introduction of such products, the caramel ingredients market.
North America Dominated the Caramel Ingredients Market with Revenue Share of 48%
In 2018, North America is subjugated the global caramel ingredients market. This is attributed to the heavy consumption of the products made with caramel ingredients. The increasing population in North America prefer packaged and frozen food such as desserts, bakery, and confectionery products contribute significantly to the growth of the regional market. Various companies have made innovations in the products as their key growth strategies. For instance, Mars Inc. invested $900 million in its U.S. supply chain that will create more new jobs. The investment includes $1 billion for domestic manufacturing $100 million for facility upgrade for its Topeka facility for the manufacturing of M&M’s caramel candies. Similar investment by the major companies in North America is boosting the caramel ingredients market revenue.
Key Companies in the Caramel Ingredient Market
Some of the key frontrunners in the caramel ingredients market are British Bakels Worldwide, Kerry Group plc, Göteborgsfood Budapest ZRT, Cargill Inc, Martin Braun KG, Sensient Technologies Corporation, Puratos Group, DDW- The Color House, and Sethness Caramel Color. These pioneering companies are utilizing extensive resources on developmental and innovational activities to deliver essential products and solutions to global customers, deliberately strengthening their brand image and setting new trends for the global market.
In 2019, U.S. chocolate company Hershey Corporation’s C7 Ventures is investing in the emerging snacking start-ups through venture arm. The firm announced its minority investment in two start-ups producing Irish protein bars: Fulfil Nutrition and Blue Stripes LLC. This investment will help Fulfil in creating opportunities among new consumer segments of salted caramel range. This investment is will support Hershey’s new product expansion in Europe: the U.K and Ireland. Also, Blue Strips LLC will benefit from the investment by further expanding its unique product offerings to the consumers. Such investments are expected to drive the growth of the caramel ingredients market.
In 2017, British Bakels Worldwide, a leading UK’s ingredients supplier to the bakery market, expanded its product True Caramel range. The enterprise has invested in launching a fresh production line in the global market specifically intended to generate an innovative caramel variety.
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