Carob is a tree grown in the Mediterranean region known by its scientific name, Ceratonia siliqua L., and renowned worldwide as a substitute of chocolate. Seeds and pulp of the carob fruit are used for the manufacture of stabilizers and thickeners in the food sector. The global carob market report by Market Research Future (MRFR) contains a list of drivers, trends, and drawbacks for its producers and consumers alike with prospects forecasted for the period of 2023 to 2032 (forecast period).
The carob market industry is projected to grow from USD 0.5227 Billion in 2023 to USD 0.7462 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.55% during the forecast period (2023 - 2032)
The Carob Market research report presents a comprehensive analysis of the global carob industry, offering valuable insights into market trends, growth drivers, challenges, and key players shaping the landscape. With a focus on both historical data and future projections, this report equips stakeholders with a deep understanding of market dynamics, including the rising demand for natural and healthy food alternatives. It delves into the diverse applications of carob across the food and beverage sector, highlighting its nutritional benefits and sustainability credentials. Furthermore, the report assesses regional market variations, regulatory factors, and emerging market opportunities, making it an indispensable tool for businesses and investors seeking to make informed decisions in the ever-evolving carob market.
Market Outlook
The global carob market size is expected to rocket over the forecast period owing to the use of carob bean gum in stabilizers and thickeners. Need for chocolate substitutes among the general populace due to alarming levels of obesity, diabetes, and other lifestyle diseases can warrant the market demand. The use of carob in chocolate-free recipes as well as the support from the burgeoning food sector can push the market to new heights.
The use of carob pods in animal feeds to encourage the growth of farm animals can fuel the market growth. Rise of veganism and the inclusion of carob powder for the production of chocolate-free cakes and confectionery can support the rise of the global carob market. Its high-fiber and low-caffeine content has made it a favorite for food manufacturers looking to expand into alternative food sectors. The lactose-free ingredient can be used in various food items and appeal to a wider audience looking for modern tastes.
But limited availability of carob trees and skyrocketing costs of harvests can impede the market growth.
Segmentation
The global carob market has been segmented based on category, form, application, and region.
By category, the global carob market has been divided into conventional and organic. The conventional segment has gained a major market share but may lose its position to the organic segment. On the other hand, the organic segment is likely to exhibit a strong growth rate in the coming years due to its use as an energy supplying feed to livestock animals and pets.
On the basis of form, the global carob market has been divided into powder, gum, and others. The gum segment is expected to be the topmost segment during the forecast period due to its use as a substitute for guar-guar gum. The carob bean gum, also known as locust bean gum, has various health benefits and can aid in the treatment of heart disease, colon cancer, and diabetes. But the powdered segment can gain in speed in the coming years due to the growing bakery industry and emergence of various bakeries experimenting with new fruits and flavors to appeal to an audience with modern tastes.
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Major market applications include snacks, dairy products, bakery and confectionery, and others. The bakery and confectionery segment is likely to lead as the biggest application till 2024, however the snacks segment may overtake the segment due to massive demand for healthy snacks.
Regional Analysis
The global carob market has been studied with regard to four key regions—Europe, North America, Asia Pacific, and the Rest-of-the-World (RoW).
Europe is touted to be the region deemed to be highly profitable for the global market due to the easy growth of these trees in Italy, Spain, and Portugal. High consumption of the carob fruit as well as its use in powdered forms is driving the growth within the region.
On the other hand, the APAC region can exhibit a spectacular growth rate due to the large food industry and its plans to expand into new sectors. The rising economies of India and China and the rising purchasing power of the denizens are factors driving the regional carob market growth.
Competitive Landscape
Australian Carobs pty ltd in Australia, Tate, and Lyke of United Kingdom, DuPont of United States, Starvos Papis Food ltd of Cyprus, Altrafine Gums of India, and Pedro Perez of Spain
Industry News
The consumption of collagen is gaining momentum and consumers are eating it in powdered form to increase their fiber intake. Maca powder is effective in enhancing the flavor of foods and beverages. This powder is being sold at local stores for making it to large masses. Carob powder is added to the mix to lower its bitter taste.
Key carob market players are essential drivers of innovation, quality, and sustainability within the industry. Companies like CarobWay, Tradin Organic, Agro Products and Agencies, and Australian Carob Co. are leading the way in cultivating, processing, and distributing carob-based products worldwide. These market leaders are not only committed to maintaining the highest standards of product quality and safety but also play a pivotal role in promoting the numerous health benefits associated with carob consumption, such as its low-fat content, natural sweetness, and rich nutritional profile. Their dedication to sustainable farming practices and eco-friendly packaging solutions underscores their contribution to the environmentally conscious consumer movement, making them pivotal players in shaping the future of the carob market.
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