San Francisco — During the next six years, the worldwide caramel ingredient market is expected to grow 7.2 percent, compounded annually, according to Grand View Research, Inc.
As logic dictates, confectionery is the dominate end-use industry and is anticipated to account for more than 35 percent of the market by 2025, the research company reports. The candy industry held a 36.1 percent market share in 2018. However, the beverage industry is projected to witness the fastest growth — estimated at 7.7 percent — during the period as caramel is seeing rapid increases in use as a coloring agent in teas, lemonade, fruit-based beverages and beer.
In fact, coloring has emerged as the leading segment in terms of revenue, Grand View reports, but use as a topping is on the rise and will witness the strongest growth during the forecast period.