Market Research Future has published a cooked research report on the Global Carob Market, 2020–2028. The global carob market is projected to exhibit a CAGR of 4.55% during the forecast period of 2021 to 2028.
Market Research Future has recognized the following companies as the key players in the global carob market: Tate & Lyle (UK), Carob S.A.(Spain), Altrafine Gums(India), Pedro Perez (Spain), AEP Colloids (US), Ingredion Incorporated (US), Carobs Australia Inc.(Australia), Starvos Parpis Foodstuffs Ltd.(Cyprus), Savvy Foods Ltd (UK), and The Australian Carob Co. (Australia).
Market Highlights
The global carob market is projected to be valued at USD 676.89 million by 2028, recording a CAGR of 4.55% during the forecast period. Health benefits offered by carob, its growing demand from the food & beverage industry, and the increasing incidence of gluten intolerance are the major factors supporting the growth of the global carob market. Growing demand for natural food ingredients and increasing inclination towards health & wellness products among consumers is creating a lucrative market for the players to contribute towards the market growth
Segmental Analysis
The global carob market has been segmented based on form, category, application, and region.
Based on form the global carob market has been segmented into powder, gum, and others. The Gum segment accounted for a larger market share of 45.82% in 2021. Carob bean gum, commonly known as locust bean gum, is a substance extracted and refined from the endosperm of the carob tree's seed, Ceratonia siliqua (L.). 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. The nutrition and supplement, bakery, and confectionery industries are the main drivers of the carob gum market, as carob gum is a good substitute for cocoa gum.
Based on the category, the global carob market has been segmented into conventional and organic. The conventional segment accounted for a larger market share of 76.37% in 2021. Conventional carob farming involves the use of pesticides and other chemicals in order to get the best potential crop output. However, this practice degrades the quality of the crop. Chemicals penetrate into the soil and enter the food chain in a variety of ways. Pesticides may be present in conventionally farmed carob that reaches tables, posing a health risk. The purpose of conventional farming is to maintain food security, even if that means using genetically modified organisms (GMOs), human-made fertilizers, insecticides, growth hormones, and antibiotics are used in the production of conventional carob.
Based on application, the global carob market has been segmented into food & beverages, animal feed, personal care, and others. The Food & Beverages segment accounted for a larger market share of 73.43% in 2021. According to carob market trends, carob has a wide range of uses, including baking and confectionery items, beverages, sweet and savory snacks, and others. Carob is used as a flavoring ingredient and a chocolate alternative in foods and beverages. The bakery and confectionery industry has dominated the worldwide carob market in terms of application. Carob flour and extracts are also found in a variety of foods.
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Regional Analysis
On the basis of region, the global carob market has been categorized as North America, Europe, Asia-Pacific, and the Rest of the World. As per MRFR analysis, Europe holds a significant market share of 35.10% in the global carob market. Carob products are widely used in European countries. Carob products such as carob gum and carob powder are made out of the seed of the locust bean tree, also known as the carob tree, which is extensively grown in Mediterranean countries. Portugal and Spain are some of the major countries in the Europe region which cultivate the carob tree. As it is easy to obtain carob products in the region owing to the presence of trees is the key factor for the significant share of the European country in the carob market. Moreover, Europe is among the key markets for personal care and cosmetics production, which further contributes to the growth of the carob market in Europe. Asia-Pacific accounts for a 26.66% share of the global carob market. The consumption of carob products is rising faster in the Asia-Pacific region and it is driving sales among the end-use industries. Presently, food & beverages and cosmetic industries are using carob gum in large numbers in the Asia region followed by textile and paper, and pulp industries. The export of carob gum to South East Asian countries is increasing significantly, and the manufacturing of carob gum products is expected to face competitiveness. This will boost the growth of the carob gum market for the forecast period in the region. China is expected to account for 34.32% market share of the Asia-Pacific carob market by 2028. Major players in the market are increasing their investments and introducing new products for capitalizing on the potential expansion of carob sales. The major factor driving the demand for carob in China is the increasing popularity of carob powder in the country, owing to its high nutritious value. North America accounts for a 20.10% share of the global carob market. The US is a major contributor to the North American carob market. Over 1% of the US population is diagnosed with celiac disease while at least 80% of the population are undiagnosed or misdiagnosed, and the growing consciousness toward a healthy diet is one of the main factors for the increasing demand for gluten-free food & beverage products. This increases the demand for gluten-free ingredients such as carob. With the introduction of various new products in the market, the market remains highly fragmented with both branded and private labels targeting for market share. The Rest of the World accounts for an 18.14% share of the global carob market. The rest of the world includes regions such as South America, the Middle East and Africa. There has been a noticeable growth in the poultry industry with the increasing broiler feed production in South America. Brazil is the leading feed consumer in South America and is expected to maintain its dominance during the forecast period. Expansion of international feed manufacturers in the Middle East owing to its growth of animal feed industry is expected to drive the growth of health benefiting feed ingredients in this region. This is expected to boost the demand for carob products such as carob powder, carob gum in the region.
Key Findings of the Study: