This version of graham cracker does not contain caramel color.
It is translucent, but does have a slight amber color. Our other graham cracker flavor is dark and opaque.
*** Note: This flavor contains 'custard' ingredients: Acetoin & Acetylpropionyl.
The following link explains the frequent questions & concerns involving custard notes.
Ingredients: Natural and Artificial Flavor, Propylene Glycol
This flavor contains Vanilla Extract, which contains alcohol and water, but is not required to be listed on the label.