Carob Market Size, Share, Trends & Growth Opportunity [2030]

Report Description

The Global Carob market is estimated to expand at a high CAGR during the forecast period, between 2021 and 2028. Carob is a type of blooming tree in the Fabaceae family of legumes. It is frequently grown in gardens for its edible pods as well as an attractive plant. The Middle Eastern & Mediterranean regions are home to the carob plant. The dry, mature, and commonly toasted pod is ground into carob powder, which is frequently used as a substitute for cocoa powder.

Carob bars and snacks are available at health food stores as a replacement to chocolate bars as carob chips act as a substitute to chocolate chips. Carob pods offer naturally sweet flavor and contain no theobromine or caffeine. Carob powder is gaining popularity in the consumer market due to its rich in fiber, high calcium, and protein content, as well as its numerous health advantages. It is gluten-free, vegan, naturally sweet, and caffeine-free products that require no sugar addition to sweeten it.

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Market Trends, Drivers, Restraints, and Opportunities

• Growing demand for bakery items along with the convenience of foods are key factors driving the market growth.
• Carob is also used for various health benefits as it helps to treat cancer, diarrhea, and lower cholesterol levels. These are all factors propelling the market.
• Carob powder is extensively used as a substitute for cocoa powder because of its health benefits, which is a major boosting element for the market.
• Increasing food industry, growing demand for nutritious foods, and rising carob awareness are the primary factors fueling the carob market.
• Lack of carob powder supply, availability of substitutes such as cocoa powder and beans, as well as growing costs are key challenges that can hamper the market expansion.
• Wide application of carob in various food items such as rising opportunities in the bakery and confectionery industries are key factors offering immense opportunities for the market.

Scope of Carob Market report

The report on the global carob market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Carob Market Segment Insights

Gum segment is projected to hold significant market share

Based on product types, the carob market is segmented into gum, powder, and others.

The gum segment is projected to hold significant market share. Carob gum is gaining popularity in the pharmaceutical sector due to its therapeutic benefits, which include decreased cholesterol levels, treatments of gastro reflux illness, improved blood sugar levels, diarrhea, and aid in the prevention of colon cancer.

The segment is primarily driven due to extensive use of carob gum in the confectionary and bakery food items, supplement and nutrition. Food makers are substituting guar gum with carob gum since it has similar qualities, which is contributing considerably to the growth of the segment.

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Bakery & confectionery segment is anticipated to account for a substantial share

On the basis of applications, the market is fragmented into bakery & confectionery, dairy products, nutrition & supplements, pharmaceuticals, and others.

The bakery & confectionery segment is anticipated to account for a substantial share owing to a busy lifestyle and growth in preference for ready-to-eat & fresh convenience foods with good nutritional content. The increased consumption of bakery items, particularly the packaged form, has increased demand for natural food flavors and additives.

The rising number of participants for bakery products as well as increasing their investments in the creation of premium artisanal items and healthy baked goods present another key drivers of the segment. As a result, carob powder is likely to be useful as a nutritional supplement in the production of these baked items.

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Retail stores segment register a robust pace during the forecast period

In terms of distribution channels, the carob market can be segregated into B2B direct supply, online B2B, retail stores, and online retail.

The retail stores segment is expected to register a robust pace during the forecast period. Retail establishments, which include hypermarkets, supermarkets, and specialty stores, strive to maximize product sales in order to boost profit margins.

These supermarkets and hypermarkets successfully exhibit a wide range of carob goods from various manufacturers and are the most popular retail locations for consumer goods purchases. Increasing urbanization, competitive pricing, and a growing working-class population are driving up the appeal of supermarkets and hypermarkets in both developing and developed economies.

Supermarkets and hypermarkets provide a one-stop shop for a large range of products. As a result, the availability and simple accessibility of many brands expand the consumer base of retail outlets. 

Europe is expected to dominate the market

In terms of regions, the market is classified as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa.

Europe is expected to dominate the market owing to the large number of health-conscious population and rising consumers’ interest in chocolate substitutes. Europe is one of the world's largest buyers of bread and chocolate items. Furthermore, customers are increasingly inclined toward plant-based or plant-derived products, fueling an expansion in the vegan community. This, in turn, increases demand for carob powder in the region.

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