(MENAFN- EIN Presswire)
carob-market
Driven by increasing health awareness and the demand for natural sweeteners, carob, derived from the pods of a tree in the Middle East, is gaining popularity.
Increasing use of organic and plant-based food additives, ingredients, flavors and color in food processing industries is expected to generate demand for carob.” - Allied Market Research
WILMINGTON,NEW CASTLE, DELAWARE, UNITED STATE, February 27, 2024 /EINPresswire / -- According to a new report published by Allied Market Research, titled“Carob Market by Type, Application and Distribution channel: Global Opportunity Analysis and Industry Forecast, 2021-2030,”
The carob market size is expected to reach $384,882.3 thousand by 2030, registering a CAGR of 6.2% from 2021 to 2030.
Available Sample Report with Graphs and Figures @
The increasing awareness about healthy food with more nutritional values and rising consumer awareness is leading to a 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 ripe pods have sweet pulp that is then dried, roasted, and then crushed into powder, which looks like cocoa powder. Carob powder is produced by deseeding carob pods, yielding kibbled carob, followed by roasting and milling of the kibbled carob.
The global carob market is witnessing growth due to increasing consumer awareness about healthy, nutritional food and a rising demand for convenience and functional food products. Carob, derived from the pods of a tree found in the Middle East, is processed into powder with properties resembling cocoa powder. Carob powder serves as a natural sweetener and finds applications in various industries, including bakery, confectionery, pharmaceuticals, and more.
Carob powder is used as a natural sweetener in baked goods owing to its sweet, no-fat content, and unique taste. Furthermore, carob is low in sodium, contains calcium but no oxalates, is high in fiber, a good source of antioxidants, and is caffeine-free, making carob popular in the pharmaceutical industry. The carob powder is used as a sprinkle on yogurt or ice cream, as a carob drink, as creamy carob pudding, and in candy bars, among others. Carob, with a protein content of more than 95% protein isolate and a well-balanced amino acid composition, can be an attractive ingredient for use in human dietary food processing. Carob protein is also used as a thickening & stabilizing agent and a gelling agent in the food industry.
Factors Driving the Market:
Health Awareness: Growing awareness about healthy food choices and nutritional values is driving the demand for convenience and functional foods, where carob serves as a natural sweetener with a unique taste and health benefits.
Functional Properties: Carob is low in sodium, high in fiber, contains calcium, and is caffeine-free, making it a popular choice in the pharmaceutical industry and a sought-after ingredient for various food products.
Usage in Pharmaceuticals: The medicinal values of carob, including glycemic control, cholesterol reduction, and anticancer effects, have attracted the pharmaceutical industry to incorporate carob into medicines.
SPEAK WITH ANALYST @
Impact of COVID-19:
The COVID-19 pandemic negatively impacted the carob market, leading to disruptions in the supply chain and hampering the food and processing industries. Lockdowns and restrictions disrupted manufacturing and posed challenges for market players. Recovery in the global market is expected to be gradual as manufacturing units regain momentum.
Market Segmentation:
Product Type: Powder, gum, and others. The powder segment dominates the market due to carob's use as an alternative to cocoa powder in various applications.
Application: bakery and confectionery, nutrition and supplements, dairy products, pharmaceuticals, and others. The pharmaceuticals segment shows significant growth due to the medicinal value of carob.
Distribution Channel: online retail, retail stores, online B2B, and B2B direct supply. Online retail experiences high CAGR growth, attributed to easy availability, information accessibility, time-saving, and home delivery benefits.
Region: North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is expected to witness substantial growth due to health concerns related to artificial sweeteners and increased usage of carob in the food industry.
Market Trends and Projections:
Powder Segment: The powder segment is estimated to reach $114,127.6 thousand by 2030, with a CAGR of 7.2%. Carob powder's natural sweetness, absence of fats, low sodium, and gluten-free nature contribute to its popularity.
Get Your Report Customized @
Pharmaceuticals Application: The pharmaceuticals segment is estimated to reach $31,271.0 thousand by 2030, at a CAGR of 7.9%. Carob's medicinal values make it attractive for addressing health issues and producing medicines.
Online Retail: The online retail segment is expected to reach $68,852.9 thousand during the forecast period, experiencing the highest CAGR. Increased consumer reach, information availability, and online offers contribute to the growth of online retail.
Regional Outlook:
Asia-Pacific: The region is expected to grow at a CAGR of 5.9%, driven by rising health concerns, the demand for natural sweeteners, and increased usage of carob in various food products.
Key Players:
Companies in the carob industry are adopting product launches and business expansions as key strategies. Key players include 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.
The carob market is positioned for growth, fueled by health-conscious consumer trends, the demand for natural sweeteners, and the diverse applications of carob in various industries. The pharmaceuticals segment, online retail, and the Asia-Pacific region are significant contributors to the market's expansion. Despite challenges posed by the COVID-19 pandemic, the gradual recovery and adoption of key strategies by market players are expected to drive future growth in the carob market.
Make a Direct Purchase @
About Us
Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP, based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view of providing business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We have professional corporate relations with various companies, and this helps us dig out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Each and every piece of data presented in the reports published by us is extracted through primary interviews with top officials from leading companies in the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
+1 5038946022
...
Visit us on social media:
Facebook
Twitter
LinkedIn
MENAFN27022024003118003196ID1107904840