Caramel Market Overview:
As per the analysis of Market Research Future (MRFR), steady growth is anticipated in the global caramel market over the forecast period of 2023-2030.
Canada Caramel Market is a dynamic and evolving sector within the confectionery industry, offering a wide range of caramel-based products to consumers across the country. As a key player in North America, Canada boasts a multicultural population and diverse culinary traditions, driving demand for a variety of caramel treats and confections. The market offers a diverse selection of products, including traditional candies, chocolates, sauces, and toppings, as well as innovative creations such as caramel-flavored beverages and snacks. Consumer preferences for indulgent treats, as well as clean label options with natural ingredients, shape product development and market trends in Canada. Regulatory standards set by Health Canada ensure product safety and quality, while industry collaborations and technological advancements drive market competitiveness and innovation in Canada's caramel market.
Caramel Market Size was valued at USD 2.3 billion in 2022. The caramel market industry is projected to grow from USD 2.4 Billion in 2023 to USD 3.4 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.90% during the forecast period (2023 - 2030).
Caramel adds distinct color, flavor, and taste to food items which makes it desirable for use in various bakery, confectionery, beverages, ice creams, and other edible items. Caramel is widely used in the food industry. Caramel is no longer limited to the traditional confectionery sector and has spread across various food products as a popular ingredient. The diversity of uses of caramel across the food industry is a key factor in boosting the growth of the global caramel market.
The diverse flavor profile of caramel makes them suitable for a number of applications in food items. Beverages account for a large part of the application of caramel. They are used in soft drinks to add color and eye appeal and also helps in protecting flavors.
Lately, caramel has gained many mentions in print media. Various F&B giants are adding caramel products to their menu which has spurred the market for caramel.
New food & beverages are increasingly being launched with caramel with unique caramel flavor profiles. In addition, due to the growing popularity of caramel flavor, caramel is now being used in nutrition products to cater to a sophisticated target market which further boosts the growth of the market. However, volatility in the price of raw materials is expected to be a restraint to the growth of the global caramel market.
Segmentations:
The global caramel market has been segmented based on form, type, and application.
By form, the global caramel market has been segmented into solid, liquid, granular, and powder. The solid segment is dominating the market as it finds high acceptance among caramel manufacturers.
By type, the global caramel market has been segmented into colors, toppings, fillings, flavors, and others. The toppings segment is expected to dominate the market over the forecast period.
By application, the global caramel market has been segmented into bakery, confectionery, beverages, desserts, snacks, and others. The bakery segment is expected to exhibit maximum growth over the forecast period.
Competitive Landscape:
Alpha Baking Co. (USA), DDW the Color House (U.S.), Metarom Group (France), The Warrell Corporation (U.S.), Bakels Worldwide (Switzerland), NIGAY SAS (France), Goetze's Candy Company Inc, (U.S.), Sethness Caramel Color (U.S.), Puratos (Belgium), and Dallas Caramel Company (U.S.) are the global Caramel Market Companies.
Industry Updates:
- In December 2018, Baskin-Robins introduced a new caramel cappuccino cheesecake ice-cream as a part of its December holiday flavor.
- In November 2018, Starbucks locations across Europe added a salted caramel brownie frappuccino to its holiday drinks menu.
- In November 2018, Aldi, a Germany-based supermarket chain, introduced a salted caramel & baked apple gin liqueur to its gin selection.
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