Carob Powder Market Size, Share and Trends Analysis Report

Dublin, October 25, 2023 (GLOBE NEWSWIRE) — The “Carob Powder Market Size, Share and Trends Analysis Report by Application, Product, Region and Segment Forecast, 2023-2030” the report has been added to ResearchAndMarkets.com’s offer.

The global carob powder market size is expected to reach $75,101.5 thousand in 2030 and is expected to register a CAGR of 4.2% from 2023 to 2030. There is a growing demand for healthier food options due to ‘increasing awareness of health and well-being.

Because carob powder is naturally sweet, low-fat, and caffeine-free, it is considered a healthier alternative to cocoa powder. Additionally, it is rich in fiber and gluten-free. It is used in the baking, confectionery and pet food industries due to its naturally sweet flavor and high dietary fiber content. These factors are driving the growth of the global market. The natural products segment held the majority of the market in 2022. The widespread use, popularity and accessibility of natural carob powder, specifically used as a key ingredient in chocolate, are the factors driving the growth of the market.

Additionally, natural carob powder is inexpensive and easily available, which also contributes to the growth of the industry. Additionally, consumer preference for plant-based or vegan food ingredients has driven product demand. It is made from the carob tree as a natural substitute for cocoa powder. These factors are driving the growth of the segment. The B2B segment held the largest revenue share in 2022. Increasing product usage in confectionery and pastry products, as well as sauces, spreads, beverages and other products, contributes to the growth of the segment. The development of premium artisan products and nutritious baked goods has increased the spending of industry players over the past few years, leading to a rise in the global bakery market.

Therefore, the product is expected to be useful as a functional component in the creation of these baked products. In terms of region, Europe held a significant market share in 2022. Europe is among the world’s largest consumers of bakery products and chocolate. Additionally, customers are increasingly turning to plant-based or plant-derived products due to the growing vegan population. This in turn drives the demand for carob powder in Europe. Additionally, with the growing popularity of vegan and plant-based diets in Europe, the product has gained attention as a suitable ingredient. Major players are adopting various strategies, such as partnerships, mergers and acquisitions, and global expansions, to increase their share of the industry.

Highlights of Carob Powder Market Report

  • Asia Pacific is expected to witness the fastest growth at CAGR during the forecast period. The increasing prevalence of diabetes in countries like India and China is expected to shift consumer preferences towards sugar-free options, increasing the product’s appeal.
  • The organic products segment is estimated to witness the fastest growth at CAGR during the forecast period. The demand for organic products has increased with the growing awareness of health and wellness, thereby boosting the demand for organic carob powder.
  • The B2C segment is expected to grow at the fastest CAGR during the forecast period. The growing trend of consumers cooking at home to achieve maximum nutritional benefits is resulting in increased product usage. This, in turn, drives the growth of the segment

Key Attributes:

Report attribute Details
Number of pages 80
Forecast period 2022 – 2030
Estimated market value (USD) in 2022 53929 thousand dollars
Projected market value (USD) by 2030 $75,101,500
Compound annual growth rate 4.2%
Regions covered Global

Key topics covered:

Chapter 1. Methodology and scope

Chapter 2. Summary
2.1. Market Outlook
2.2. Product Outlook
2.3. Application Outlook
2.4. Regional outlook

Chapter 3. Carob Powder Market Variables, Trends and Scope
3.1. Market lineage outlook
3.2. Industry Value Chain Analysis
3.3. Market dynamics
3.4. Business environment analysis
3.5. Market entry strategies

Chapter 4. Consumer Behavior Analysis
4.1. Demographic analysis
4.2. Consumer trends and preferences
4.3. Factors Affecting the Purchasing Decision
4.4. Adoption of consumer products
4.5. Observations and Recommendations

Chapter 5. Carob Powder Market: Product Estimates and Trend Analysis
5.1. Product Movement Analysis and Market Share, 2022 and 2030
5.2. Natural
5.3. Organic

Chapter 6. Carob Powder Market: Application Estimates and Trend Analysis
6.1. Application Movement Analysis and Market Share, 2022 and 2030
6.2. B2B
6.2.2. Bakery
6.2.3. Confectionery
6.2.4. Others
6.3. B2C

Chapter 7. Carob Powder Market: Regional Estimates and Trend Analysis

Chapter 8. Competitive Analysis
8.1. Key global players, recent developments and their impact on the industry
8.2. Categorization of key companies/competitors (key innovators, market leaders, emerging players)
8.3. Supplier landscape
8.3.1. Market Share Analysis of Top Companies, 2022

Chapter 9. Company Profiles

  • The Australian Carob Co.
  • Carob cooking
  • Frontier Cooperative.
  • Chatfield
  • OliveNation
  • NOW Food
  • Ingredients UK
  • Jedwards International, Inc.
  • Eurl Ouasdi International
  • Health works

For more information on this report, visit https://www.researchandmarkets.com/r/w7kct0

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