Carob Market Industry: Trends, Size, Share, Demand, Analysis, Industry Growth by 2032
Carob is a south-after ingredient in
the food and beverage industry. It is derived from Ceratonia siliqua also
called a carob tree. The global market for carob is witness a rapid growth
finds Market Research Future (MRFR) in its latest study. The product is
extensively popular in regions such as Northern Africa, Southern Europe and
Mediterranean Islands.
Carob Market size is expected to grow at a CAGR of
4.55% and reach a value of USD 0.7462 billion by 2032 due to growing demand for
carob from the food and beverage industry and increasing incidence of gluten
intolerance
Carob seeds and pulp are used as
stabilizers, natural sweeteners, thickeners in preparation of a range of food
item. Its application in food is also growing owing to its health benefits. Carob
is viewed as a healthier alternative to cocoa powder. In addition, it is
replacing many other additives such as gaur gum among others. Carob pods are
used as fodder for livestock. Sub-market such as bakery present attractive
market opportunities. Such factors are propelling the market forward.
Global Carob Market: Segmental
Analysis
The segmental analysis of the global
carob market has been conducted on the basis of application, category, form and
region.
On the basis of application, the
market has been segmented into dairy products, bakery and confectionery, snack
and others. On the basis of category, the market has been segmented into
organic and conventional. The former currently occupies the leading position.
This is mainly owing to widespread availability of conventional carob. The
conventional segment is expected to retain its top spot throughout the forecast
period. The organic segment is also projected to be highly profitable. In fact,
the segment is expected to exhibit a relatively higher CAGR during the
assessment period. This is mainly owing to the rising popularity of organic products
in various consumer markets across the globe. Based on form, the market has
been segmented into gum, powder and others. The gum segmented is anticipated to
maintain it leading position in 2019 and beyond. The segment’s growth can be
attributed to the increased popularity of carob gum in the food industry. Carob
gum is used as an alternation for gaur gum. These factors will continue to
support the growth of the segment during the assessment period. The powder
segment is anticipated to exhibit a relatively higher CAGR between 2019 and
2024. Growing usage of carob powder in bakery product and pharmaceutical
product manufacturing is one of the key drivers of the segment.
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Global
Carob Market: Regional Analysis
On the
basis of region, the market has been segmented into North America, Europe, the
Middle East & Africa (MEA), Asia Pacific (APAC), and South America. The
North America market covers Mexico, the U.S. and Canada. The Europe market
covers Germany, Italy, the U.K., Spain, France, and rest of Europe. The APAC
market covers countries such as India, New Zealand, Australia, Japan, China and
the rest of Asia Pacific. Of these regions, Europe accounts for a substantial
share of the global carob market
share in terms value. Europe
is one of the largest markets for carob. Countries such as Italy, Portugal,
Spain among others have favourable climate for irrigation of carob. North
America led by the U.S. has also emerged as an important market for carob. Asia
Pacific is among the emerging markets for carob; increased product penetration
and growth of the food and beverage industry are two major market drivers.
Countries such as China, Japan and India are expected to present lucrative
opportunities during the assessment period.
Global Carob Market: Competition Analysis
Some
of the leading companies operating in the global carob market include Australian
Carobs pty ltd in Australia, Tate, and Lyke of United Kingdom, DuPont of United
States, Starvos Papis Food ltd of Cyprus, Altrafine Gums of India, and Pedro
Perez of Spain
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