Carob Market Research Report Information by Form (powder and gum), Category (Conventional and Organic), Application (food & beverages, animal feed, and personal care), and Region (North America, Asia-Pacific, Europe, and the Rest of the World) —Forecast till 2028

Carob Market Overview

The global carob market size is projected to register a CAGR of 4.55% and reach a value of USD 676.89 million by 2028. 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, fiber, and protein, resulting in their 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.

COVID-19 Impact Analysis

The COVID-19 pandemic has resulted in a global crisis. It has impacted over 195 countries and has created an economic backdrop worldwide. This is deemed to create a chaotic environment, thereby resulting in the advent of global rescission. With the rapid increase in the number of cases, the global carob market is affected in many ways.

Market Dynamics

The global carob market is projected to register 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.

Drivers

• Growing demand for carob from the food & beverages industry

Carob gum has numerous applications in various industries owing to its gelling and water-binding qualities, for stabilizing the product, decreasing syneresis and enhancing freeze-thaw consistency, and also for strengthening the gel features of some gums. Carob gum is used in stable water jellies by adding them with other gums to give the preferred consistency and stability throughout. Moreover, carob gum is frequently used in combination with xanthan as a gelling agent in various desserts and mousses. It is also used in ice cream as a stabilizer, in combination with carrageenan, and guar gum, for limiting the release of sugar and ice crystals, along with offering a good smooth meltdown, and heat shock resistance. Additionally, carob gum is majorly used as a thickener agent and stabilizer in hot sauces, mayonnaise, broths, and kebabs. Thus, the numerous applications of carob gum in the food & beverage industry drive the growth of the global carob market. Moreover, carob powder has a sweet and chocolate-like flavor.

Restraint

• Limited cultivation and high prices

Carob trees are majorly present in Mediterranean regions. In these regions, frost causes damage to the fruits of carob trees and results in fewer yields in the winter season. The carob tree can only grow in Italy, Spain, Portugal, Morocco, Turkey, Greece, Malta, Cyprus, Israel, Mexico, Australia, the US, and South Africa. A majority of the global production of carob is supplied by Italy, Portugal, and Spain. Spain has around 57.5% of the world’s total planted areas of carob. Though carob production is decreasing worldwide, demand for carob is significantly increasing. Owing to the limited availability and cultivation in selected areas, the prices of carob and carob products such as carob gum and carob powder are at a high end.

Opportunities

• Growing demand for natural food ingredients

The organic segment of the food industry is growing at a significant rate globally. Consumers around the world are becoming more aware of the adverse impact of chemicals on their health. This increasing awareness has made their health conscious, because of which they prefer products with minimal or no chemicals. The increasing consumer focus on health and wellness can be attributed to the growing incidences of lifestyle disorders, such as cardiovascular diseases, obesity, osteoporosis, and diabetes. This has changed consumer food choices and perception of natural ingredients. Consumers are also concerned about the impact of chemicals on the environment and health, leading to a shift to organically cultivated and processed products. Thus, the rising consumer preference for natural and clean-label products is driving the demand for organic carob products in the market. This demand is especially high in North America and Europe, owing to the high demand for healthy and natural food products.

Carob Market Segment Analysis

By Form

Based on form, the global carob market has been segmented into powder, gum, and others. The gum segment is estimated to retain its prominent share of 45.82 in 2021 whereas, the other segment is projected to record the highest CAGR of 4.79% during the forecast period.

By Category

Based on 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 and is expected to exhibit a CAGR of 4.59% during the review period.

By Application

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 the largest market share of 73.43% in 2021 whereas, the personal care segment is projected to record the highest CAGR of 4.80% during the forecast period.

Global Carob Market Share, by Region, 2020 (%)

Regional Analysis

By region, the global carob market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Europe accounted for the largest market share of 35.10% in 2021. Asia-Pacific was the second-largest market in 2020 and is projected to exhibit a CAGR of 4.54% during the review period. The market in North America is expected to register the highest CAGR of 4.04% during the forecast period.

Europe

Europe holds a significant market share 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.

Aisa-Pacific

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. Furthermore, the growing availability of carob powder in supermarkets and hypermarkets and the increasing presence of carob powder brands in the region is one of the major reasons expected to boost the market growth for the forecast period. 

Competitive Landscape

The market comprises tier-1, tier-2, and local players. The tier-1 and tier-2 players have a global reach and diverse product portfolios. Companies such as Tate & Lyle (UK), Ingredion Incorporated (US), Perez (Spain), Altrafine Gums(India), and Carobs Australia Inc.(Australia) dominate the global market due to brand reputation, product differentiation, financial stability, and diversified regional presence.

Prominent players in the global carob market include 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). 

Recent Developments

A few developments that occurred in recent times influencing the market growth of carob are listed below:

• In May 2022, Tate & Lyle opens new Customer Innovation and Collaboration Centre in Chile. This expansion helps the company to grow further in the Latin American region.

Scope of the Report

Global Carob Market, by Form

• Powder


• Gum

Global Carob Market, by Category

• Conventional


• Orgainc

Global Carob Market, by Application

• Food & Beverages


• Animal Feed


• Personal Care

Global CarobMarket, by Region

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  • Mexico
  
  
  
  


• Europe
  
  
  
  • UK
  
  
  • Germany
  
  
  • France
  
  
  • Italy
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • India
  
  
  • Japan
  
  
  • Australia & New Zealand
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • South America
  
  
  • The Middle East
  
  
  • Africa
  
  
  
  

Intended Audience

• Confectionery Shops


• Pharmaceutical


• Departmental Stores