The global carob market is anticipated to reach a market value of US$ 732.3 million in 2022 before rising to US$ 1,091.1 million over the following five years, with a CAGR of 4.1%. The expansion of the carob market can be linked to growing knowledge of the product’s advantages as well as its therapeutic characteristics. The historical period from 2016 to 2021 saw a CAGR of 3.9% on the carob market.
The carob plant, Ceratonia siliqua, is indigenous to the eastern Mediterranean region, particularly the nations of the Middle East. In the majority of the Mediterranean region, which encompasses Southern Europe, Northern Africa, and the Canary Islands, carob, sometimes known as locust bean, is largely grown for its tasty pods.
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Carob powder is also used as a substitute for cocoa powder in various bakery products. Carob based bars is consumed as an alternative to chocolate based bars worldwide. Carob do not contain caffeine and theobromine (which is intolerant to some animals) and therefore is widely used in chocolate flavored pet food for dogs and other animals.
Carob pod meal is widely used as a rich source of energy for livestock, particularly for ruminants. Carob in food industry is used as a thickening agent, gelling agent, stabilizing agent or as a substitute for low-calorie food products. Carob is fat-free, rich in pectin and contains high amount of proteins. Carob is primarily used in the production of confectionery and bakery products and variety of beverages. Carob is also used for making flour, molasses and is a substitute for coffee.
Global Carob: Market Segmentation
The global carob market is segmented on the basis of form, distribution channel, application and region. The carob market is segmented on the basis of form such as solid and liquid. The carob market is segmented on the basis of distribution channel which includes fitness stores, health stores, online and others.
The carob market is segmented on the basis of application such as bakery products which includes cakes, cookies, pancakes, bread. Carob is also used in snack bars, cocoa based food products and beverages, cereals, dairy products and others. Carob pod meal is widely used for livestock. Carob syrup is used as a natural sweetener and is considered as a rich source of calcium. Hence, the global carob market is expected to significantly increase the revenue contribution over the forecast period.
Global Carob Market: Regional Outlook
Geographically, the global carob industry can be divided by major regions which include North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan and Middle East and Africa. Globally, among all regions, Europe has developed as the dominant region in global carob market followed by Asia Pacific. Increasing demand for carob powder in various bakery products and confectionery, has strengthened the growth of global carob market and hence is projected to significantly expand the revenue contribution of the market over the forecast period.
Global Carob Market: Growth Drivers
The global carob market driving factors are increasing demand for bakery products coupled with the convenience of foods. Increasing opportunities in bakery and confectionery industry is also another factor in driving the carob market along with rise in production of carob.
Carob is also used for treating diarrhea, cancer, helps in reducing cholesterol level, and are some of the factors driving the global carob market. Carob powder is widely used as an alternative for cocoa powder due to its health benefits which is a major driving factor for the global carob market. Hence, the global carob market is expected to observe robust growth over the forecast period.
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Global Carob Market: Key Players
Some of the key players identified across the value chain of the global carob market include Australian Carobs Pty Ltd., CAROB S.A., EURODUNA AMERICAS INC., CyberColloids Ltd., The Hain Celestial Group, Inc., Savvy Foods Ltd., Carobs Australia Inc., Creta Carob, Lewis Confectionery Pty Ltd and MADANARGAN. The companies are expected to expand their business by enhancing their product portfolio in global carob market. The companies are projected to frame certain strategies in future in order to gain the competitive advantage in global carob market till 2027.
The report covers exhaustive analysis on:
- Carob Market Segments
- Carob Market Dynamics
- Historical Actual Market Size, 2015 – 2016 for Global Carob Market
- Carob Market Size & Forecast 2017 to 2027
- Supply & Demand Value Chain
- Carob Market Current Trends/Issues/Challenges
- Competition & Companies involved in Global Carob Market
- Technology
- Value Chain
- Global Carob Market Drivers and Restraints
Regional analysis for Global Carob Market include
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- EU5
- Nordics
- Benelux
- Eastern Europe
- Russia
- Poland
- Rest of Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- India
- ASEAN
- Rest of Asia Pacific
- Japan
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Carob Market
Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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