DUBLIN, January 27, 2022–(BUSINESS WIRE)–The “Global Carob Market by Product, by Application, by Distribution Channel, by Regional Outlook, Industry Analysis Report and Forecast, 2021 – 2027” report has been added to from ResearchAndMarkets.com offer.
The global carob market size is expected to reach USD 351.7 million by 2027, growing the market at 9.3% CAGR during the forecast period.
Main market players
TIC Gums, Inc. (Ingredion Incorporated)
DuPont de Nemours, Inc.
The Hain Celestial Group, Inc.
Tate & Lyle PLC
Euroduna Americas, Inc.
NOW Foods, Inc.
Edwards International, Inc.
Alpine Herb Company, Inc.
Barry Farm Foods
Carob refers to an evergreen flowering tree that belongs to the legume family, named Fabaceae. This plant is grown in landscape and gardens for its edible pods, and as an ornamental plant. These carob plants are native to the Middle Eastern and Mediterranean regions. The dry, ripe, mostly roasted pod is sometimes made into carob powder which is used as a substitute for cocoa powder.
Carob bars are widely consumed as a substitute for chocolate bars, similarly carob chips are also consumed as a substitute for chocolate chips. Carob treats are also mostly available in health food stores. Naturally, carob pods taste sweet and do not contain any kind of caffeine or theobromine. The carob market is estimated to witness substantial growth owing to factors such as growing consumer preference for consuming healthier cocoa powder substitutes. Additionally, carob powder is widely used as an ingredient in the baking, confectionery, and pet food industries because it is a naturally sweet agent with a high dietary fiber content.
COVID-19 Impact Analysis
The Covid-19 pandemic has impacted many business sectors. The pandemic has created a medical emergency, which has driven demand for a wide range of food, medical and hygiene products in the market. Many consumers have turned to consuming reliable, safe and healthy foods. Thus, it has increased the demand for healthy and staple foods. The imposition of various restrictions such as lockdown and travel ban has negatively impacted various industries. However, essential products like food and medical products have seen a surge in demand during the lockdown period.
Although products like cheese, packaged and processed foods, pastries, coffee, milkshakes, chocolates, candies and other baked goods have seen a slowdown in sales. For this reason, the demand for carob in the production of these products has also dropped. In addition, the confinement imposed in many countries has hampered the supply chain of carob products. The evolution of consumer buying behavior has also been influenced by the pandemic, and as a result, companies are developing strong sales strategies for the recovery. These strategies should help the carob market get back on track shortly.
Market Growth Factors:
Growing consumer health awareness
Growing consumer awareness regarding healthy food consumption is increasing the demand for better and healthier food alternatives. With the shifting inclination of consumers towards consuming healthier food substitutes, the demand for carob products is expected to increase in the coming years. In addition, the prevalence of various diseases such as diabetes encourages people to adopt healthy eating habits and a better lifestyle.
Various health benefits of carob
Carob powder is the best alternative to cocoa powder due to its high nutritional value. Numerous health benefits, such as low fat, sodium, fiber, gluten-free, caffeine-free and higher calcium content, encourage consumers to switch to carob powder or other carob products. This is expected to further accelerate the growth of the carob market over the forecast period.
Market Restraint Factor:
High cost and limited availability
Compared to cocoa powder, carob powder is a bit expensive which limits its growth in the market. The high cost of carob powder limits many consumers to its consumption. Additionally, many manufacturers also limit themselves to using carob in their products due to its price and limited availability. The use of carob in the manufacture of a variety of products can increase its overall price and thus hinder its sales.
Main topics covered:
Chapter 1. Market Scope and Methodology
Chapter 2. Market Overview
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market constraints
Chapter 3. Global Carob Market by Product
Chapter 4. Global Carob Market by Application
Chapter 5. Global Carob Market by Distribution Channel
Chapter 6. Global Carob Market by Region
Chapter 7. Business Profiles
For more information on this report, visit https://www.researchandmarkets.com/r/xycfd6
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220127005566/en/
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