Dublin, Feb. 02, 2022 (GLOBE NEWSWIRE) -- 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 ResearchAndMarkets.com's offering.
The Global Carob Market size is expected to reach $351.7 Million by 2027, rising at a market growth of 9.3% CAGR during the forecast period. Carob refers to a flowering evergreen tree that belongs to the family of legumes, named Fabaceae. This plant is cultivated in the landscape and gardens for its eatable pods, and as an ornamental plant. These carob plants are native to the Middle East and Mediterranean regions. The dry, mature, and the mostly toasted pod are occasionally converted into carob powder that is utilized as a substitute for cocoa powder.
Carob bars are widely consumed as a replacement for chocolate bars, along with that carob chips are also consumed as a substitute for chocolate chips. Carob treats are also majorly accessible in healthy food stores. Naturally, carob pods are sweet in taste and do not contain any sort of caffeine or theobromine. The carob market is estimated to witness substantial growth due to the factors like increasing preference of the consumers towards the consumption of healthier substitutes of cocoa powder. In addition, carob powder is widely used as an ingredient in the bakery, confectionery, and pet foods industries since it is a naturally sweet agent with high dietary fiber.
COVID-19 Impact Analysis
The Covid-19 pandemic has impacted numerous sectors of the business domain. The pandemic has created a medical emergency, which has boosted the demand for a wide range of food items, medical products, and hygiene products in the market. Several consumers have shifted toward the consumption of reliable, safe, and healthy foods. Thus, it has surged the demand for healthy and staple food items. The imposition of various restrictions like lockdown and travel ban has negatively impacted various industries. However, essential products like food items and medical products have witnessed a surge in demand during the lockdown period.
Though products like cheese, packaged & processed food, pastries, coffee, milkshakes, chocolates, sweets, and other bakery products have witnessed a slowdown in their sales. Due to this, the demand for carob in the production of these products has also dropped. In addition, the lockdown imposed in many nations has hindered the supply chain of carob products. The shifting consumer buying behavior has also been influenced due to the pandemic and thus, companies are framing robust sales strategies for recovery. These strategies is expected to help the carob market to get back on track shortly.
Market Growth Factors:
Rising health awareness among consumers
The increasing awareness among the consumers regarding the consumption of healthy food items is surging the demand for better and healthy food alternatives. With the shifting inclination of the consumers towards the consumption of healthier food substitutes, the demand for carob products is estimated to surge in the coming years. In addition, the prevalence of various diseases like diabetes is motivating people to adopt healthy food habits and a better lifestyle.
Various health benefits of carob
Carob powder is the best alternative for cocoa powder due to its high nutritional value. Numerous health benefits like low fat, low sodium, high fiber, gluten-free, caffeine-free, and higher calcium content are motivating consumers to switch to carob powder or other carob-based products. This is expected to further accelerate the growth of the carob market in the forecast period.
Market Restraining Factor:
High cost and limited availability
In comparison to cocoa powder, carob powder is a bit expensive, which restricts its market growth. The high cost of carob powder restricts numerous consumers from its consumption. In addition, many manufacturers are also restricting themselves from using carob in their products because of its price and limited availability. Using carob in the manufacturing of a variety of products can increase its overall price and thus, hamper its sales.
Product Outlook
Based on Product, the market is segmented into Gum, Powder, and Others. The gum segment dominated the carob market with the highest revenue share and is estimated to garner a significant growth rate over the forecast period. Carob gum is increasingly utilized in the pharmaceutical sector due to the various medicinal benefits offered by them like better blood sugar, low cholesterol level, healthy substitute for the treatment of gastro reflux disease, diarrhea and assist in minimizing colon cancer.
Application Outlook
Based on Application, the market is segmented into Bakery & Confectionery, Nutrition & Supplements, Dairy Products, Pharmaceuticals, and Others. The increasing demand for bakery & confectionery items because of the busy lifestyle and shifting preference for fresh & ready-to-eat convenience foods containing high nutritional values. The high consumption of bakery products, particularly the packaged food items has witnessed a spur in demand for natural food additives and flavors, thus, supporting the growth of the carob market.
Distribution Channel Outlook
Based on Distribution Channel, the market is segmented into Supermarket/Hypermarket, Direct Supply, E-commerce, and Others. Supermarkets & hypermarkets provide a wide range of carob products from numerous brands. In Europe and North America, supermarkets & hypermarkets are the popular retail channels for buying various consumer goods. Factors like increasing working-class population, growing urbanization, and competitive pricing are fueling the popularity of supermarkets & hypermarkets in the established and developing region. Additionally, supermarkets & hypermarkets are considered to be the one-stop-shop for a broad range of products.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. By region, Europe emerged as the leading region in the Carob market in 2020 by obtaining the maximum market share. This region is projected to continue its dominance in the carob market during the forecast period. The increased consumption of bakery & confectionery products along with dairy products is one of the key factors augmenting the demand for carob products in this region. There are many people in this region who want products that consist of natural ingredients & additives for avoiding any health issues.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include TIC Gums, Inc. (Ingredion Incorporated), DuPont de Nemours, Inc., The Hain Celestial Group, Inc., Tate & Lyle PLC, Euroduna Americas, Inc. The Carob Kitchen, NOW Foods, Inc., Jedwards International, Inc., Alpine Herb Company, Inc., and Barry Farm Foods.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Global Carob Market by Product
3.1 Global Gum Market by Region
3.2 Global Powder Market by Region
3.3 Global Others Market by Region
Chapter 4. Global Carob Market by Application
4.1 Global Bakery & Confectionery Market by Region
4.2 Global Nutrition & Supplements Market by Region
4.3 Global Dairy Products Market by Region
4.4 Global Pharmaceuticals Market by Region
4.5 Global Other Application Market by Region
Chapter 5. Global Carob Market by Distribution Channel
5.1 Global Supermarket/Hypermarket Market by Region
5.2 Global Direct Supply Market by Region
5.3 Global E-commerce Market by Region
5.4 Global Others Market by Region
Chapter 6. Global Carob Market by Region
Chapter 7. Company Profiles
7.1 TIC Gums, Inc. (Ingredion Incorporated)
7.1.1 Company Overview
7.1.2 Financial Analysis
7.1.3 Regional Analysis
7.1.4 Research & Development Expense
7.1.5 Recent Strategies and Developments:
7.1.5.1 Product launches and Product Expansions:
7.2 DuPont de Nemours, Inc.
7.2.1 Company Overview
7.2.2 Financial Analysis
7.2.3 Segmental and Regional Analysis
7.2.4 Research & Development Expense
7.3 The Hain Celestial Group, Inc.
7.3.1 Company overview
7.3.2 Financial Analysis
7.3.3 Regional Analysis
7.3.4 Research & Development Expense
7.3.5 Recent Strategies and Developments:
7.3.5.1 Acquisitions and Mergers:
7.4 Tate & Lyle PLC
7.4.1 Company Overview
7.4.2 Financial Analysis
7.4.3 Segmental Analysis
7.4.4 Research & Development Expense
7.4.5 Recent Strategies and Developments:
7.4.5.1 Product launches and Product Expansions:
7.5 Euroduna Americas, Inc.
7.5.1 Company Overview
7.6 The Carob Kitchen
7.6.1 Company Overview
7.6.2 Recent Strategies and Developments:
7.6.2.1 Product launches and Product Expansions:
7.7 NOW Foods, Inc.
7.7.1 Company Overview
7.8 Jedwards International, Inc.
7.8.1 Company Overview
7.9 Alpine Herb Company, Inc.
7.9.1 Company Overview
7.10. Barry Farm Foods
7.10.1 Company Overview
For more information about this report visit https://www.researchandmarkets.com/r/il2zpp
