Market Highlights
The colors segment dominated the global Vegan Caramel Market, by function, in 2021 and is projected to register a CAGR of 5.5% during the forecast period. The dominance of the segment can be attributed to the widespread consumption of caramel as a color ingredient in several non-alcoholic and alcoholic beverages, bakery products, confectioneries, frozen desserts, and sauces, among others. Caramel color is used globally in almost all food products; however, there are certain regulations imposed on the amount of caramel that can be used in food, which vary from country to country.
Asia-Pacific dominated the market, accounting for the largest revenue share in 2021. The regional market is expected to register the highest CAGR of 5.9% during the review period. North America was the second-largest market in 2021 owing to the growth of the food beverage industry in the region.
Segment Analysis
The global Vegan Caramel Market has been segmented on the basis of function, form, application, and region.
On the basis of function, the market has been divided into colors, flavors, toppings, fillings, and others. The colors segment accounted for the majority market share in 2021. However, the toppings segment is projected to be the fastest-growing, followed by the flavors segment.
On the basis of form, the market has been divided into solid semi-solid and liquid. The liquid segment accounted for the larger market share in 2021. However, the solid semi-solid segment is expected to exhibit a higher growth rate during the forecast period owing to the ease and low cost of packaging, storage, and transportation.
By application, the market has been classified as bakery confectionery, beverages, dairy frozen desserts, snacks, and others. The bakery confectionary segment gained the largest market share in 2021; however, the snacks segment is projected to register the highest growth rate during the forecast period.
Key Players
Market Research Future (MRFR) recognizes Cargill, Incorporated (US), Kerry Group PLC (Ireland), Bakels Worldwide (Switzerland), Barry Callebaut AG (Switzerland), Nigay SAS (France), Sethness Products Company (US), Metarom Group (France), Puratos NV/SA (Belgium), Göteborgsfood Budapest Ltd (Hungary) and Martin Braun Backmittel and Essences KG (Germany) as the key players in the global Vegan Caramel Market.
Regional Analysis
Geographically, the global Vegan Caramel Market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. As per MRFR analysis, Asia-Pacific was the largest market for caramel in 2021 and is expected to remain dominant during the forecast period. North America accounted for a prominent market share and is projected to be the second-largest market during the forecast period. Europe also emerged as a significant contributor to the global market growth owing to lucrative opportunities in major European markets such as Germany, France, the UK, and the Netherlands.
Key Findings of the Study:
- Asia-Pacific accounted for the largest market share with China being the major contributor to the growth of the market.
- The toppings segment is projected to register the highest CAGR of 5.8% during the forecast period owing to the increasing consumption of caramel in the form of a sauce or syrup, mainly as a topping in frozen desserts and confectionery.
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