Carob Market Research Report - Forecast till 2030

Carob Market Research Report: Information 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

ID: MRFR/F-B & N/6308-HCR | February 2021 | Region: Global | 90 pages

Carob Market

Carob market size is expected to grow at a CAGR rate of 5.44% and reach $ 623.7 Million in the forecast period from 2022 to 2030.

Segmentation

By Category Conventional Organic
By Form Powder Gum Others
By Application Bakery & Confectionery Dairy Products Snacks Others

Key Players

  • Australian Carobs pty ltd
  • Tate and Lyke of United Kingdom
  • DuPont of United States
  • Starvos Papis Food ltd of Cyprus
  • Altrafine Gums of India
  • Pedro Perez of Spain

Drivers

  • Awareness About the Carob
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Carob Market Overview


Carob market size is expected to grow at a CAGR rate of 5.44% and reach $ 623.7 Million in the forecast 2020-2030 from 2022 to 2030. The carob industry is valued. It is derived from carob trees found in Mediterranean regions like Southern Europe, Northern Africa, and the Mediterranean islands. Carob production showed a remarkable increase. A brown color pea pod containing seeds and flesh represents carob fruit. These foods and pulp are used as thickeners, stabilizers, and as natural sweeteners. The fruit Carob production showed a noticeable fluctuation during the analysis period. By identifying the growth, the leading players and segments help in reducing the time and carry out entry-level research. Globally from the carob industry analysis provides an in-depth study about the food and beverages market with specially focusing on the growth of carob industry trends. It explains the business priorities and helps in assisting companies with the allegation of the various strategies of the business. It scrutinizes the carob market tends and carob industry outlook.


Covid 19 Analysis


COVID 19 has a great impact on carob market research and has decreased the carob industry growth. It was marked that this virus spread all over the world where numerous people were infected. The market for carob. is very slowly gaining traction. COVID led to the closing of the market thus decreasing the outer eating habits and hammering up of food and beverages has led to the declination of carob market value. The food sector and the various food industries dealing with bakeries, beverage servings, and other dairy products hamper the carob industry globally. Revenue reduction of the food processing sectors was marked. Several medical supplies and life support product industries have a great impact on the market for carob.


Throughout the world, their government has imposed tight lockdown along with social isolation measures. He has taken all the required initiatives and has spread awareness among the people. The government made the rule for food prohibition and work stoppage orders.


Market Dynamics


Drivers


Awareness about the carob market where carob is the healthier ingredient for cocoa powder is the most important driving factor. Guar gum being much more similar to carob gum has special properties like which helps in the market for carob growth. These carobs are free from caffeine which very well suit the intolerant caffeine consumers. Carob powder is a dietary fiber where it is gradually used for bakery, confectionery, and as a natural flavor which helps in propelling up the carob industry value.


Opportunities


A variety of segments and applications potentially increases the growth opportunities of the market. Volume production of the carob items regionally increases the expansion opportunities. Strategic planning for a better rise of demand takes the business to the top.


Challenges


The presence of unskilled labor, the high price of the powder, and the presence of raw materials at a limited rate affect the carob market.


Cumulative Growth


use of carob powder for the treatment of cancer, diarrhea and to lower the cholesterol level significantly boosts up the market demand. Usage of carob in the food and beverage industry accounts for the rise in the growth of the carob industry.


Restraints


The less availability of the carob powder, its rising costs in the market, and the reduction in the availability of the substituents like cocoa beans and powder will decrease the demand of the carob market thus reducing the global market value and carob market size.


Value Chain Analysis


Segment Overview


By Type- the carob market is categorized based on region, application, form, and category. Based on category, globally the market is bifurcated into organic and conventional. As per the form, the market is split into solid and liquid. For example, powder, gum, and many more. As per the distribution channel, the market is bifurcated into the bakery, confectionery, many other dairy products, desserts and a variety of beverages, RTE and RTC food items, and many more. Based on regional division, the carob market is categorized into North America, Europe, Asia- Pacific, and many more. Here the North American region is divided into United States, Canada, and Mexico. The market in Europe is categorized into United Kingdom, France, Germany, Italy, Spain and also includes the rest European region. The market in the Asia Pacific region is categorized into China, India, Australia, New Zealand, and the rest of the Asia Pacific region. The market in the rest part of the world has been categorized into South America, Middle East regions, and other rest African regions.


By technology- the advancement of technology has provided economic shifts in the growing business patterns. Due to innovative technology the company can comprehend the patterns of the market movement in a better way. An efficient strategy provides a good edge to the key players covering the carob market share. Technology helps in scrutinizing the in-depth analysis of the growing carob market trends.


Regional Analysis


The carob market size during the forecast period is divided into regions of North America, the European region, the Asia Pacific region, the Middle East, and the other African region. From carob market analysis, it is noted that Europe is regarded as the dominant during the market for carob.forecast period. It is due to the presence of major carob-producing countries like Italy, Spain, and Portugal. The growth in consumption of carob in confectionery products is also driving the growth of the market for carob. North American region covers a substantial carob industry share globally in 2018 where the United States was regarded as the major contributor. Developing countries like China and India are expected to occupy major carob market growth during these upcoming years.


Recent Developments



  • The carob market is experiencing much innovation where the pharma company newly launched CSAT+, a mixture of carob bean extracts that is helpful for weight gaining.

  • Polygal launched a gluten-free ingredient which too is added to bakery items. This ingredient was named Polygum Carob Pro-TN.

  • Super treats, a London company announced the launching up of a confectionery where the items baked there should use carob powder as a mandatory ingredient.


Competitive Landscape


The market players present in the market are constantly focussing on the organic and inorganic growth strategies like launching products, approval for the product like patents and drives. Activities concerned with inorganic growth strategies like acquisitions of the market were, building partnerships with other key players and collaborating with other competitors helps in the expansion of the market. It also raised the customer base for the market players. They provide lucrative opportunities in the growing future carob market trends with the growth in demand of the market for carob.. The competitive landscape focuses on the leading industry players along with information like the company’s profiles, the components, and the services so offered. Some of the key players are Australian Carobs pty ltd in Australia, Tate, and Lyke of United Kingdom, DuPont of United States, Starvos Papis Food ltd of Cyprus, Altrafine Gums of India, Pedro Perez of Spain, Savvy Carob Co ltd of United Kingdom, AEP Colloids of United States, TIC Gums Inc. of United States are some of the major competitors of the market. Their dedicated research and their analysis team of experienced people carry out advanced statistical various customizable options.


Report Overview


The report summarizes the business guidelines that assist the future market to expand worldwide. The research report highlights technological innovation and also summarises the competitive study of the major key players. It provides details about the COVID 19 pandemic. It reports a comprehensive and research study about market dynamics, segmentation, regional analysis, and the latest and recent developments. The rise in CAGR contributes to market growth and demand. Globally the market is gaining competition and is expected to propel up the market growth. The market for carob provides a detailed overview and summarises the qualitative and quantitative information. It provides details about market overview during the carob market forecast period. The report provides a carob market analysis and the market forecast of 18 different countries as per the carob industry trends and opportunities prevailing in this region.



Report Scope:
Report Attribute/Metric Details
  Market Size   623.7 Million
  CAGR   5.44%
  Base Year   2021
  Forecast Period   2020-2030
  Historical Data   2020
  Forecast Units    Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Category, Form and Application
  Geographies Covered   North America, Europe, Asia-Pacific, RoW
  Key Vendors   Australian Carobs pty ltd in Australia, Tate, and Lyke of United Kingdom, DuPont of United States, Starvos Papis Food ltd of Cyprus, Altrafine Gums of India, Pedro Perez of Spain
  Key Market Opportunities   A variety of segments and applications potentially increases
  Key Market Drivers   Awareness About the Carob,


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Frequently Asked Questions (FAQ) :

Carob is widely used in snacks, dairy products, bakery and confectionery, and others.

Europe is expected to dominate the carob market.

Growing feed market and increasing awareness about carob are the key factors driving the carob market.

The conventional segment will dominate the carob market.

The gum segment will lead the carob market.