There has been a noticeable expansion in the caramel ingredients market owing to rapid urbanization, development in food, beverage and bakery industry.
DUBAI, UAE / ACCESSWIRE / September 14, 2020 / Future Market Insights: The caramel ingredients market hit a value of US$ 3 Bn in 2019. North America and Europe continue to be the most lucrative markets for caramel ingredients globally, however, players are now focusing on penetrating the Asia-Pacific region. Though COVID-19 might have reduced the consumption of caramel as people have shifted towards essential components yet bakery industry will revive to the normal position soon.
"Investment is seen largely in promotional activities and marketing of attractive packaging solutions. Leading players are now collaborating with product manufacturers for a better insight into the scenario and to strengthen their regional market scenario," states the FMI Analyst.
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Caramel Ingredients Market - Important Takeaways
- North America and Europe hold the largest revenue share while Asia Pacific region to witness better growth.
- Leading players are working on promotional activities and marketing of packaging solutions.
- Global caramel market registered a value of US$ 3 Bn in 2019, this value is estimated to rise in the forecast period.
- Stakeholder's centrepiece is likely to be defined by granulated and powdered caramel ingredients.
Caramel Ingredients Market - Driving Factors
- Innumerable use of caramel in bakery i.e. for cakes, biscuits, and high demand for superior quality or western-style food and beverage is driving the market.
- Visible expanding preference for non-GMO, additive-free, clean-label and health-centric products.
- Increasing demand for granulated and powdered caramel ingredients used in attractive food decoration as a flavouring agent.
- Owing to rising income, shifting life-style and urbanization we see a growth in demand in developing economies too i.e. India and China.
Caramel Ingredients Market - Key Restraints
- Use of caramel as a colouring agent has not been a successful idea in the past few years thereby causing a major loss.
- Caramel is not totally safe and brings about a lot of harmful effects when used in colouring agent form.
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Expected Impact on Market by Coronavirus Outbreak
Falling in the food and beverage industry, Caramel ingredients market is likely to face considerable loss because people will shift to better lifestyle and essential ingredients. Manufacturing and production of raw materials required in caramel ingredients market is not easily available due to slower trade process on account of social distancing. Though food retail an manufacturers will experience loss yet bakery and confectionary sectors are on a way to revive soon.
Competitive Landscape
Major players in the market includes Nestle, Mars Inc., Kerry Group, Bakels Worldwide, Cargill Incorporated, and Goteborg's Food Budapest ZRT etc. All of these leading players work on building collaborations with major manufacturers to magnify their production capacity.
Major participants rely on investing into promoting products and unique packaging solutions to expand the market.
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SOURCE: Future Market Insights