Portland, OR, Sept. 22, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global carob market generated $198.36 million in 2020, and is expected to reach $384.88 million by 2030, witnessing a CAGR of 6.2% from 2021 to 2030. The report provides an extensive analysis of changing market dynamics, top segments, top investment pockets, regional landscape, value chain, and competitive scenario.
Various applications of carob in the bakery and confectionery industry, consumer preferences for healthier bakery products, and changes in culture & lifestyle in the Asian countries drive the growth of the global carob market. However, the availability of healthier substitutes and strict regulations, and international quality standards hinder the market growth. On the other hand, demand for natural sweeteners and surge in adoption for animal feed present new opportunities in the coming years.
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Covid-19 Scenario:
- With rise in demand for safe, healthy, and reliable food during the pandemic, the demand for frozen non-vegetarian food, fruits & vegetables, pulses, flour, and whole grains have experienced growth in the pandemic. However, demand for packaged & processed food, coffee, milkshakes, pastries, chocolates, sweets, cheese, and other bakery products declined. This led to reduced demand for carob, which is an ingredient used in these products.
- The lockdown measures implemented in many countries hampered production and disrupted the supply chain of the carob products. This led to decline in revenue in the global carob market.
- Companies need to reassess their strategies for recovery and adopt e-commerce platforms in their supply chain.
The report offers detailed segmentation of the global carob market based on product type, application, distribution channel, and region.
Based on product type, the gum segment contributed to the highest share in 2020, accounting for nearly three-fifths of the total share, and is projected to continue its lead position throughout the forecast period. However, the powder segment is expected to manifest the highest CAGR of 7.2% from 2021 to 2030.
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Based on application, the bakery and confectionery segment accounted for the highest share in 2020, contributing to more than one-third of the global carob market, and is projected to maintain its leadership status during the forecast period. However, the pharmaceuticals segment is expected to manifest the largest CAGR of 7.9% from 2021 to 2030.
Based on region, Europe held the largest share in 2020, accounting for nearly three-fifths of the total share, and is estimated to continue its dominant share in terms of revenue by 2030. However, Asia-Pacific is projected to portray the fastest CAGR of 8.5% during the forecast period.
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Leading players of the global carob market analyzed in the research include Altrafine Gums, Savvy Carob Co. Ltd., Pedro Perez, Carob S.A., DuPont, AEP Colloids, Stavros Parpis Foods Ltd., Australian Carobs Pty Ltd., TIC Gums Inc., and Tate & Lyle.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
