United States, Rockville, MD, May 25, 2022 (GLOBE NEWSWIRE) -- As per a detailed industry analysis by Fact.MR, a market research and competitive intelligence provider, the global carob powder market is anticipated to expand at a CAGR of 6.3% from 2022 to 2032.
Carob's numerous health benefits, such as its high calcium content, caffeine-free status, and cholesterol-free status, make it a popular option in food products.
A major factor boosting carob demand is the rising demand for bread items and convenience foods. Other factors fueling carob demand is increased potential in the bakery and confectionery industries, as well as increased carob production.
Carob powder is also often used as cattle feed. In this regard, the growing feed market is expected to have a beneficial impact on the worldwide carob powder industry's growth in the future years. Carob powder also has some inherent qualities, such as disease resistance and diabetic friendliness, which have helped it acquire traction in the food business.
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The adoption of healthier gluten-free options for use in baking items by the global community is a key driver of carob powder market expansion. The highly cost-effective carob, which is widely utilized as a thickening agent and stabilizer to replace fat in low-calorie foods, will aid carob powder market expansion.
Key Takeaways from Market Study
- Global carob powder market to reach a valuation of US$ 105.9 billion by 2032.
- Market in North America projected to increase at 6.7% CAGR over forecast period.
- Market in China accounts for 46.7% share of global market.
- B2B sales channel expected to rise at 6.7% CAGR from 2022 to 2032.
“Carob powder manufacturers across the world are launching vegan food products in various food categories to capture a larger market share as the vegan population grows. Such considerations are projected to broaden the scope of carob powder as a vegan ingredient in the creation of diverse food products over the coming years,” says a Fact.MR analyst
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Winning Strategy
Market players have been working tirelessly to introduce emerging innovations and products to keep the market strong in the broader food and beverage industry. To differentiate themselves from the competition, industrial giants are engaging in various marketing techniques such as acquisitions, mergers, and collaborations.
With the increasing demand for carob powder in the worldwide industry, carob powder manufacturers are expected to see profitable growth prospects over the coming years.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global carob powder market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of product type (natural and organic) and sales channel (B2B and B2C), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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About the Food and Beverage Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned food and beverage team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the food and beverage industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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