Carob Market Valuation to Surpass USD 623.7 Million by 2030 at 5.44% CAGR - Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
Carob Market Size and Trends Analysis by Category (Conventional, Organic) Form (Powder, Gum, Others), Application (Bakery & Confectionery, Dairy Products, Snacks, Others), & Region (North America, Europe, Asia-Pacific, RoW)—Forecast till 2030
New York, US , May 27, 2022 (GLOBE NEWSWIRE) -- Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Carob Market Information by Category, Form, Application, and Region- Forecast till 2030”, the market is estimated to acquire a size of over USD 623.7 Million by the end of 2030. The report further predicts the market to thrive at a healthy CAGR of over 5.44% during the review timeframe.
Market Scope:
The global Carob production has increased dramatically in recent years. Carob fruit is represented by a brown pea pod with seeds and meat. Thickeners, stabilizers, and natural sweeteners are all made from these foods and pulp. The produce During the study period, carob production fluctuated significantly.
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Category, Form, Application
Geographies Covered
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market Drivers
Healthier ingredient for cocoa powder
Used for bakery, confectionery, and as a natural flavor
Competitive Dynamics:
Some of the key players are
Australian Carobs pty ltd (Australia)
Tate, and Lyke (United Kingdom)
DuPont (United States)
Starvos Papis Food ltd (Cyprus)
Altrafine Gums (India)
Pedro Perez (Spain)
Savvy Carob Co ltd (United Kingdom)
AEP Colloids (United States)
TIC Gums Inc. (United States)
Market USPs Covered:
Market Drivers:
The most important driving factor in the carob market is awareness of carob as a healthier alternative to cocoa powder. Guar gum, which is very similar to carob gum, contains unique qualities that aid in the growth of carob. These carobs are caffeine-free, making them ideal for caffeine-intolerant people. Carob powder is a nutritious fiber that is increasingly being utilized in bakeries, confectioneries, and as a natural taste, boosting the carob industry's worth.
Market Restraints:
Reduced supply of carob powder, rising market costs, and reduced availability of substitutes such as cocoa beans and powder will reduce carob market demand, lowering global market value and size.
COVID 19 has had a significant impact on carob market research and has slowed the expansion of the carob industry. This virus spread rapidly over the world, infecting a large number of people. Carob is steadily gaining momentum in the market. COVID caused the market to close, resulting in a decrease in outer eating habits and a hammering up of food and beverages, lowering the market value of carob. The global carob industry is hampered by the food sector and numerous food companies that deal with bakeries, beverage servings, and other dairy goods. The food processing industries saw a significant drop in revenue. The carob market is heavily influenced by the medical supplies and life support product industries.
Their administration has implemented a strict lockdown and social isolation measures all throughout the planet. He has taken all of the necessary steps and has raised public awareness. Food restriction and labor stoppage orders were established by the government.
The conventional segment is predicted to continue its market share dominance, although increased demand for organic products is expected to boost organic carob segment growth over the review period.
By Form
Carob gum is gaining popularity in the pharmaceutical sector due to its therapeutic benefits, which include lower cholesterol, improved blood sugar, and treatment of gastro reflux illness, diarrhea, and colon cancer prevention. Because carob gum is an excellent substitute for cocoa gum, it is primarily pushed by the nutrition and supplement, baking, and confectionary industries.
By application
The bakery and confectionery industry has a lot of room for growth, and it's expected to take over the food processing industry. This is due to a growth in demand for bakery and confectionery items, which is ascribed to a busy lifestyle and a preference for fresh and ready-to-eat convenience foods with excellent nutritional content. Increased consumption of bakery products, particularly packaged varieties, has increased demand for natural food additives and flavors, bolstering the worldwide carob market.
During the projected period, the carob market is divided into North America, Europe, Asia Pacific, the Middle East, and other African regions.
According to the carob market data, Europe is expected to be the most prominent throughout the projection period. It's because major carob-producing countries like Italy, Spain, and Portugal are nearby. The market for carob is also growing due to increased consumption of carob in confectionary items. The rising consumption of bakery & confectioneries and dairy products in Europe drives the carob products market. For health reasons, consumers in this region want items that have natural components and additives. Furthermore, the increased usage of carob for pet food and other animal feed in Europe has aided the carob market's expansion. All of these facts have pushed food and beverage makers, as well as animal feed manufacturers, to adopt healthful and natural ingredients like stevia.
In 2018, the North American region accounted for a significant portion of the global carob business, with the United States being the leading contributor. Increased demand for carob powder in various baking and confectionery goods has boosted the global carob market's growth and is expected to significantly increase the market's revenue contribution during the forecast period.
An increase in the demand for carob powder in various confectionary and baking goods is expected to drive this exceptional growth in APAC over the forecast period. Furthermore, increased consumer preference for a healthy option in emerging and developed nations will fuel carob market expansion in the coming years. In the coming years, developing countries such as China and India are expected to dominate the carob market.
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