New York, USA, June 03, 2023 (GLOBE NEWSWIRE) -- Market Research Future (MRFR)'s report highlights "Carob Market Information By Form, Category, Application, And Region - Forecast till 2028." According to the report, the market is projected to reach USD 676.89 million by 2028, growing at a CAGR of 4.55%.
Market Synopsis:
Carob (Ceratonia siliqua) is an evergreen tree from the fabaceae family of legumes, known for its edible pods and decorative value. It is widely cultivated in the Mediterranean and Middle Eastern regions. Carob powder is often used as a substitute for cocoa powder in bakery goods. Carob-based products, such as bars and treats, are popular alternatives to chocolate. Carob pods have a sweet flavor and do not contain caffeine or theobromine.
The carob market has witnessed significant growth and is expected to grow rapidly in the coming years. Carob-based bars are consumed worldwide as an alternative to chocolate. Carob powder, rich in calcium, fiber, and protein, offers various health benefits. It is gluten-free, vegan, caffeine-free, and naturally sweet, eliminating the need for added sugar. Carob is also gaining popularity among health-conscious consumers due to its low saturated fat and cholesterol content. Carob pod meal is a popular energy source for animals. Carob is used in the culinary industry as a thickening, gelling, stabilizing, or replacement ingredient in low-calorie foods.
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Market Competitive Landscape:
The illustrious contenders in the carob market are:
- Tate & Lyle (UK),
- Carob S.A.(Spain),
- Ingredion Incorporated (US),
- Carobs Australia Inc. (Australia),
- Starvos Parpis Foodstuffs Ltd. (Cyprus),
- Savvy Foods Ltd (UK),
- Altrafine Gums (India),
- Pedro Perez (Spain),
- AEP Colloids (US),
- The Australian Carob Co. (Australia)
Scope of the Report:
| Report Attribute | Details |
| Market Size | USD 676.89 Million |
| CAGR | 4.55%% (2021 to 2028) |
| Base Year | 2020 |
| Forecast Period | 2021-2028 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Category, Form, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing demand for carob |
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Market Drivers:
The increasing demand for carob powder in bakery goods and the rising popularity of carob among health-conscious consumers are driving the growth of the global carob market. The use of carob in various food products and its applications in the livestock industry are also contributing to market expansion. Additionally, the versatility of carob in desserts and everyday food is driving innovation in the food market.
Market Restraints:
Limited availability and selective cultivation of carob trees lead to higher prices of carob and carob products, such as gum and powder. Additionally, frost damage in Mediterranean areas affects carob fruit production, reducing its availability. Despite these challenges, the demand for carob continues to rise.
COVID-19 Analysis:
The COVID-19 pandemic has had significant effects across all economic sectors, including the carob market. The increased demand for safe and healthy foods during the pandemic has boosted sales of conventional and nutritious food items. Consumer purchasing patterns may change permanently, necessitating solid sales plans and the implementation of omnichannel supply chains and e-commerce platforms.
Market Segmentation:
- By Application: Food & Beverages, Animal Feed, and Personal Care
- By Form: Powder and Gum
- By Category: Conventional and Organic
Regional Insights:
Europe holds a significant market share in the global carob market, driven by the widespread use of carob products in the region and the abundance of carob trees. The expansion of the carob market in Europe is further supported by the region's prominent role in exporting personal care and cosmetics. In the Asia-Pacific region, carob product consumption is increasing rapidly, particularly in the textile, paper, pulp, food, beverage, and cosmetics industries. The availability of carob powder in hypermarkets and supermarkets and its growing popularity are driving market growth in the region.
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Market Research Future (MRFR) is a global market research company that provides comprehensive and accurate analysis of diverse markets and consumers worldwide. Their research studies cover products, services, technologies, applications, end users, and market players for global, regional, and country-level market segments, helping clients gain valuable insights for informed decision-making.
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