Market Overview:
In addition, Carob market size is expected to grow at a CAGR rate of 4.55% and reach USD 676.89 million in the forecast period from 2021 to 2028.
The carob market outlook is a blooming evergreen tree belonging to the Fabaceae family of legumes. For its delicious pods and as an attractive plant, it is frequently grown in gardens and landscapes. The Mediterranean and Middle Eastern areas are home to the carob plant. Carob powder, frequently used as an alternative to cocoa powder, is occasionally made from the mature, dried, and frequently roasted pod. Carob bars, carob chips, and carob snacks are frequently sold in health food stores as substitutes for chocolate bars, chocolate chips, and other sweets.
Due to its high calcium, fibre, and protein content and a consequent array of health advantages, carob powder has grown tremendously in popularity among consumers. It doesn't require adding sugar because it is vegan, gluten-free, caffeine-free, and naturally sweet. Due to its high fibre content, lack of fat, and low cholesterol, carob is rapidly gaining appeal among customers who are health aware. The coronavirus epidemic has had significant effects across all economic sectors. The epidemic has caused medical emergencies worldwide, which has increased the demand for food items, hygiene goods, and medicinal supplies. People are more likely to choose safe, dependable, and healthful meals in the coronavirus scenario. As a result, it has improved sales of conventional, nutritious, and basic food items. The pandemic has increased the need for frozen non-vegetarian food, fruits and vegetables, eggs, pulses, wheat, and whole grains.
Because carob gum possesses similar qualities to guar gum, several food manufacturers are attempting to switch to it. Carob pods are sometimes used as cattle feed. In this regard, it is predicted that the feed market's rapid rise would favourably affect the development of the carob industry worldwide in the years to come. Carob also boasts of certain inherent qualities, such as disease resistance, the capacity to treat diarrhoea, and being diabetic friendly, all of which help it gain traction in the food sector. Limited supply, rising prices, and the presence of substitute products on the market are some of the primary difficulties the carob market insights is anticipated to face shortly.
Market Segmentation:
The global market has been divided into form, application and regional sectors. The category section is further divided into two parts conventional and organic. The form section is divided into powder, gum and others. The application part is further classified into bakery & confectionery, dairy products, snacks and others. The regional basis has been classified into five sections Asia-Pacific, North America, South America, Europe and Middle East & Africa.
Regional Analysis:
In 2020, Europe dominated the product market and was predicted to continue to do so throughout the projection period for the carob market. The European carob goods market is largely driven by the region's high consumption of dairy and bread products. Customers in this area look for items with natural additions and components to avoid health problems. Additionally, the growing usage of carob in pet food and other animal feed in Europe has helped the carob industry expand. The confluence of all these abovementioned facts has encouraged food & beverages and animal feed manufacturers to use healthy & natural additives such as stevia. Retail establishments, including supermarkets, hypermarkets, and speciality shops, prioritise product sales to boost profit margins. Supermarkets and hypermarkets present a selection of carob products from various brands in an attractive manner.
Industrial News:
Supermarkets and hypermarkets are the most popular retail locations for purchasing consumer products in North America and Europe. The popularity of supermarkets and hypermarkets is expanding in established and emerging regions due to rising urbanisation, an increase in the working-class population, and competitive pricing.
Key Players
Companies Profiled
- Australian Carobs pty ltd
- Tate and Lyke of United Kingdom
- DuPont of United States
- Starvos Papis Food ltd of Cyprus
- Altrafine Gums of India
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