Global Caramel Ingredient Market 2017-2021
About Caramel Ingredient
Caramel ingredients are dark in color and prepared by heating different types of sugar. They are added to sweet dishes to enhance the taste, texture, and color. Caramel ingredients come in three different forms: solid, liquid, and powdered forms. Caramel ingredients have a soft texture because they are cooked at a low temperature (approximately 245 degrees Fahrenheit), due to which they can be easily molded into candies and bars. Vanilla caramel is the most popular caramel ingredient. According to Food Drug and Administration (FDA), caramel food coloring can be safely used in food or bakery items as it is Generally Recognized as Safe (GRAS).
Technavio’s analysts forecast the global caramel ingredient market to grow at a CAGR of 8.17% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global caramel ingredient market for 2017-2021. To calculate the market size, the report considers the sales volume/value.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global caramel ingredient market 2017-2021
Technavio recognizes the following companies as the key players in the global caramel ingredient market: Cargill, DDW The Colour House, Kerry, PURTOS GROUP, Sensient Technologies, and Sethness Products Company
Other Prominent Vendors in the market are: Bakels Worldwide, Frito-Lay, GOETZE'S CANDY, GÖTEBORGS FOOD BUDAPEST, Martin Braun, Metarom Group, Nigay, and Warren Corporation.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Organic caramel products gaining traction. The demand for organic food products is increasing rapidly. Manufacturers aim to provide healthier products by using high-quality ingredients and raw materials. The caramel ingredients industry is witnessing a growing preference for organic caramel ingredients such as organic caramel sauce, organic caramel syrup, and organic salted caramel.”
According to the report, one of the major drivers for this market is Increase in applications of caramel. One of the significant drivers for the global caramel ingredient market is the growing scope of its application. Caramelization is the oldest method used for food colorings. Caramel is the substance that gives the deep brown color to colas and carbonated drinks and amber gold color to beer or other alcoholic drinks. The trend of food decoration is also increasingly being adopted by consumers. Caramel is also widely used in the personal care industry. Consumer demand for natural personal care products is increasing, due to which interest in caramel as a personal care colorant has risen. Caramel is also used for coloring hair. In the US and Europe, caramel color is an approved colorant.
Further, the report states that one of the major factors hindering the growth of this market is Increasing raw material prices. Commodities such as sugar, sweetened condensed milk, corn syrup, oil, and calcium carbonate are used to produce bakery and confectionery products. However, these commodities are subject to price fluctuations. Any significant increase in the price of raw materials may have an adverse impact on the final production and pricing of products. The price of these commodities fluctuates due to government policies and regulations, weather conditions, and demand. This, in turn, has a direct effect on the price of the end-products. Butter is also added to provide better taste, which proves to be an expensive ingredient for mass production. Moreover, the US sugar policy acts as a barrier as the current policy limits the availability of refined sugar and inflates the price of sugar, making it difficult for manufacturers to obtain supplies at a reasonable rate. Owing to these reasons, manufacturers have hiked the price of the products.
Cargill, DDW The Colour House, Kerry, PURTOS GROUP, Sensient Technologies, Sethness Products Company, Bakels Worldwide, Frito-Lay, GOETZE'S CANDY, GÖTEBORGS FOOD BUDAPEST, Martin Braun, Metarom Group, Nigay, and Warren Corporation.