$384,882.3 Thousand Worth in Global Carob Market | Regions - Greece was the most prominent Market in Europe in 2030

WILMINGTON, NEW CASTLE, DELAWARE , UNITED STATES, December 7, 2023 /EINPresswire.com/ -- 𝗧𝗵𝗲 𝗰𝗮𝗿𝗼𝗯 𝗺𝗮𝗿𝗸𝗲𝘁 𝘀𝗶𝘇𝗲 𝗶𝘀 𝗲𝘅𝗽𝗲𝗰𝘁𝗲𝗱 𝘁𝗼 𝗿𝗲𝗮𝗰𝗵 $𝟯𝟴𝟰,𝟴𝟴𝟮.𝟯 𝘁𝗵𝗼𝘂𝘀𝗮𝗻𝗱 𝗯𝘆 𝟮𝟬𝟯𝟬, 𝗿𝗲𝗴𝗶𝘀𝘁𝗲𝗿𝗶𝗻𝗴 𝗮 𝗖𝗔𝗚𝗥 𝗼𝗳 𝟲.𝟮% 𝗳𝗿𝗼𝗺 𝟮𝟬𝟮𝟭 𝘁𝗼 𝟮𝟬𝟯𝟬.𝗧𝗵𝗲 𝗶𝗻𝗰𝗿𝗲𝗮𝘀𝗶𝗻𝗴 𝗮𝘄𝗮𝗿𝗲𝗻𝗲𝘀𝘀 𝗮𝗯𝗼𝘂𝘁 𝗵𝗲𝗮𝗹𝘁𝗵𝘆 𝗳𝗼𝗼𝗱 𝘄𝗶𝘁𝗵 𝗺𝗼𝗿𝗲 𝗻𝘂𝘁𝗿𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝘃𝗮𝗹𝘂𝗲𝘀 𝗮𝗻𝗱 𝗿𝗶𝘀𝗶𝗻𝗴 𝗰𝗼𝗻𝘀𝘂𝗺𝗲𝗿 𝗮𝘄𝗮𝗿𝗲𝗻𝗲𝘀𝘀 𝗶𝘀 𝗹𝗲𝗮𝗱𝗶𝗻𝗴 𝘁𝗼 𝘁𝗵𝗲 𝗴𝗿𝗼𝘄𝗶𝗻𝗴 𝗱𝗲𝗺𝗮𝗻𝗱 𝗳𝗼𝗿 𝗰𝗼𝗻𝘃𝗲𝗻𝗶𝗲𝗻𝗰𝗲 & 𝗳𝘂𝗻𝗰𝘁𝗶𝗼𝗻𝗮𝗹 𝗳𝗼𝗼𝗱, 𝘄𝗵𝗶𝗰𝗵 𝗶𝘀 𝗳𝘂𝗿𝘁𝗵𝗲𝗿 𝗱𝗿𝗶𝘃𝗶𝗻𝗴 𝘁𝗵𝗲 𝗰𝗮𝗿𝗼𝗯 𝗺𝗮𝗿𝗸𝗲𝘁. The carob is a pod of a tree especially found in the Middle East countries, the rip pods have sweet pulp that is then dried, roasted, and then crush into powder which look-alike cocoa powder. Carob powder is produced by deseeding of carob pods, yielding of kibbled carob, followed by roasting and milling of the kibbled carob.

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Global Key Players Profiles:-

Altrafine Gums, Pedro Perez, Savvy Carob Co. Ltd., DuPont, Carob S.A., Stavros Parpis Foods Ltd., AEP Colloids, TIC Gums Inc., Australian Carobs Pty Ltd. and Tate & Lyle.

Carob powder is used as a natural sweetener in baked goods owing to its sweet, no fat content and has a unique taste. Furthermore, carob is low in sodium, it contains calcium, but no oxalates, high in fiber, a good source of antioxidants, caffeine-free making carob popular in the pharmaceuticals industry. The carob powder is used as a sprinkle on yogurt or ice cream, as carob drink, creamy carob pudding, and candy bars among others. Carob with a protein content of more than 95% protein isolate, also with a well-balanced amino acid composition, can be an attractive ingredient for use in human dietary food processing. Carob protein is also used as thickening & stabilizing agent, and gelling agent in the food industry.

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According to the carob market analysis, the carob market segmented into product type, application, distribution channel and region. On the basis of product type, the market is categorized into powder, gum, and others. By application, it is classified into bakery and confectionery, nutrition and supplements, dairy products, pharmaceuticals and others. On the basis of distribution channel, it is divided as online retail, retail stores, online b2b and b2b direct supply. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Italy, Spain, Portugal, Greece, Germany, France, UK and Rest of Europe), Asia-Pacific (China, Japan, Australia, South Korea and Rest of Asia-Pacific), and LAMEA (Turkey, Brazil, South Africa, Saudi Arabia and Rest of LAMEA).

On the basis of product type, the powder segment was the significant contributor to the market and is estimated to reach $ 114,127.6 thousand by 2030, at a CAGR of 7.2% during the forecast period. Carob is an ideal alternative to cocoa powder. Carob powder is natural sweet so there is no need to add sugar or other sweeteners in bakery and confectionary, and dairy products. Thus, carob powder has gained significant traction in food industry. Appropriate concentration of the sugar, fat and other essential elements in carob is likely to encourage people to consumer carob powder and food containing carob. Carob contain no fats, low sodium, calcium and fiber. Furthermore, carob is gluten free, which is expected to popularize the carob in health conscious consumers.

According to the carob market trends, on the basis of application, pharmaceuticals segment gained considerable share in the global carob market and is estimated to reach $31,271.0 thousand by 2030, at a CAGR of 7.9%. Carob as a natural sweetener has medicinal values that have a positive impact on human health. Owing to busy & stressful lifestyle of consumer, health issues, including diabetes, obesity, hypertension, cardiovascular diseases, and blood pressure have increased at an alarming rate. Carob pods contain bioactive compounds such as dietary fiber, polyphenols, flavonoids, cyclitols, (like d-pinitol) and tannins. These compounds have been associated with a variety of health benefits including, glycemic (blood sugar) control, cholesterol reduction and anticancer effects. Therefore, carob has successfully bagged the attention of pharmaceutical industry to produce medicines using carob, which, in turn, is anticipated to offer immense opportunities for stevia market during the forecast period.

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On the basis of distribution channel, online retail segment is growing at highest CAGR growth rate and is expected to reach $68,852.9 thousand during the forecast period 2021-2030. Online retail serves as a popular medium for the purchase of carob. This is attributed to easy availability of products and the benefits such as information about the attributes of the products, time-saving feature, and the facility of home delivery provided by online platform. Furthermore, increase in penetration of various online retail stores and rise in number of offers or discounts attract consumers to purchase carob and carob containing food products through online retail channels. Moreover, online retail channel has increased the consumer reach, owing to which it has evolved as a key source of revenue for many companies.

Region wise, Asia-Pacific carob market is expected to witness growth at a CAGR of 5.9% during the forecast period. Rise in health concerns among consumers related to artificial sweeteners in this region has boosted the demand for carob, which has encouraged manufacturers to use natural sweeteners in their products. Moreover, food & beverage companies in Japan increasingly use carob as an additive, as it has zero calories, helps in lowering blood pressure, and manages diabetes, which boost the demand for carob. Thus, this fact has driven the growth of carob market in this region.

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KEY FINDINGS OF THE STUDY

>The carob market was valued at $198,363.8 thousand in 2020, and is estimated to reach $384,882.3 thousand by 2030, registering a CAGR of 6.2% from 2021 to 2030.
>In 2020, depending on product type, the gum segment acquired $111,419.6 thousand, garnering 56.2% of the global carob market share .
>On the basis of application, the dairy products segment acquired $27,062.2 thousand, exhibiting 13.6% of the global market share.
>Greece was the most prominent market in Europe in 2020, and is projected to reach $11,062.7 thousand by 2030, growing at a CAGR of 8.5% during the forecast period.

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David Correa
Allied Analytics LLP
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