Carob Market Highlights
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. Carob is harvested from Ceratonia siliqua or the carob tree which belongs to the legume family. Carob pods are rich in calcium, sodium, potassium, magnesium, fibre, and protein, resulting in its increasing application in the food industry. Carob is a natural sweetener and is used as a healthier substitute for chocolate as it contains low amounts of fat and sugar and does not contain caffeine.
Carob Market Scope
The global Carob Industry is primarily driven by its use as a viable substitute for cocoa powder. It has also served as a replacement for guar gum due to its similar properties. Its use as fodder for livestock consumption can drive the market demand. The large animal husbandry industry and the demand for meats can fuel the demand for carob in the coming years. Research studies indicating the antioxidative properties of carob flour in cereals will play a pivotal role in the market.
Medicinal applications of carob which include treatment of cancer and diarrhea, management of digestion, and lowering of cholesterol levels will augur favorably for the market. Carob does not contain caffeine and can be used as a chocolate substitute for consumers with caffeine intolerance. The application of the ingredient in pet foods due to its lack of theobromine can fuel the market growth till 2023.
The global carob market has been studied about four key regions—North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (Rows).
Europe is pegged to lead the global market owing to major carob producing countries of Portugal, Spain, and Italy. High consumption of bakery products can beckon the use of carob and drive its demand exponentially. Development of new flavors to appeal to consumers of Mediterranean cuisines is likely to culminate well for the market. Sports nutrition supplement manufacturers have decided to include carob in its offerings due to its similar properties to chocolate.
North America can contribute to the global Carob Market owing to massive demand in the U.S. Awareness of its benefits and the consumption of healthy foods can trigger the demand for carob-included foods. Development of food additives derived from the plant and used as a thickening and stabilizing agent will bode well for the market.
Lastly, the APAC can display a remarkable growth rate during the assessment period thanks to the large consumption of foods and beverages and bakery items. The high protein content in carob and a potential alternative to soy or dairy for athletes or diabetics can bode well for the market. Furthermore, awareness of health benefits of carob powder and its effectiveness in the prevention and treatment of hypercholesterolemia can bolster global market demand.
Carob Competition Outlook
DuPont, Australian Carobs Pty Ltd., Altrafine Gums, Savvy Carob Co Ltd, AEP Colloids, Stavros Parpis Foods Ltd, Pedro Perez, TIC Gums, Inc., Carob S.A., and Tate & Lyle are reputed players of the global carob market.
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The global Carob Market has been segmented based on category, form, and application.
By category, the global Carob Market has been classified as conventional and organic.
Based on form, the global carob market has been divided into powder, gum, and others.
The global carob market has also been segregated, based on application, into bakery and confectionery, dairy products, snacks, and others.
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