Caramel Bits: Market Introduction
Caramel bits, available in various forms such as small white cones, granule or powder, are used in the food and beverage industry. Caramel bits are used as a topping, flavoring and finishing agent in bakery products, ice creams, dairy and beverages, and biscuits and cereals. Caramel bits are distributed through various channels around the world including super markets, convenience stores, and e-commerce.
Caramel Bits: Market Dynamics
As the food and beverage industry matures in the developing economies and stagnates in developed economies, there would be an increasing need for players towards product differentiation. In addition, consumers are seeking premium products of caramel bits especially in developing economies owing to western culture and higher consumer expenditure over confectionaries. This trend is likely to have a healthy impact on the global caramel bits market in coming years. Young population with the tendency towards a sweet tooth is the prime driver of the caramel bits market. Consequently, the young population is an enormous contributor to the growth of the caramel bit market. In addition, prominent players are launching attractive advertisements focusing on the youngsters, thereby, attracting them towards impulse purchase of caramel bits or related products. Further, increasing product innovation and frequent launch of new products are expected to boost the market demand for caramel bits over the forecast period. Furthermore, the emerging trend of sugar free caramel bits for diabetic people to augment the growth of the caramel bits market over the stipulated period.
Chocolate industry often considered as a recession proof industry, is a very competitive industry defined by the presence of limited international players, which in turn, puts a barrier on the entry level players to gain market share in the global caramel bits market. Quality and healthy ingredients is an emerging threat in the caramel bits market that could hamper the growth of the market in the growing health conscious population. Further, rising obesity level in the young population may prompt regulations, and lactose intolerant population could hinder the growth of the caramel bits market.
Caramel Bits: Market Segmentation
On the basis of distribution channel, the global caramel bits market can be segmented into the following:
- Super Markets
- Convenience Stores
On the basis of end-use, the global caramel bits market can be segmented into the following:
- Bakery Products
- Dairy & Beverages
- Biscuits & Cereals
Caramel Bits: Regional Market Outlook
The global caramel bits market is anticipated to be dominated by Western Europe and North America, as according to the International Cocoa Organizations, the United States consumes more chocolate products by volume as compared to the rest of the world, and Switzerland and Germany are the prominent producers of premium caramel bits. In Latin America, 52% of Mexico’s population is under 20, the market of caramel bits is expected to witness a prominent growth in the region over the forecast period. Further, Easter is another primary factor driving the market of caramel bits in western culture countries, such as Brazil, with over 100 million Easter eggs sold every year. In the Asia Pacific, India is anticipated to hold a significant share in the caramel bits market with Nestle owning a notable share of the caramel bits market. Further, Japan, China, and the Middle East and Africa are expected to move from a moderate to a high growth rate in the caramel bits market during the forecast period.
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Caramel Bits: Key Market Players
The global market of caramel bits is anticipated to be exceptionally consolidated owing to the presence of limited global players holding a significant share of the caramel bits market.
Examples of some of the market participants in the global caramel bits market identified across the value chain include:
- The Hershey Company
- Mondel?z International
- DEMET’S Candy Company
- BARRY CALLEBAUT
- Cargill, Incorporated
- Mars, Incorporated
- Foley’s Candies LP