The Asia Pacific Carob Chocolate Market would witness market growth of 5.6% CAGR during the forecast period (2021-2027).
Carob Chocolates are made with carob powder, an alternative to regular chocolates which are made up of cocoa powder. Carob is an evergreen flowering tree cultivated for edible purposes. Carob chocolates do not consist of theobromine or caffeine in them and are naturally sweet. Carob chocolates are in high demand in the consumer market because of the presence of calcium, protein, and fiber and no fat and low cholesterol content in it. Additionally, carob chocolates are gluten-free and also do not have the requirement of adding sugar in them.
Increasing middle-class population in developing countries like India and China, majorly the young population are display a higher demand for new chocolate variants like carob chocolates. Moreover, continuous development in developing economies has attracted various manufacturers to invest in carob chocolates. Additionally, chocolates are also used as a gift during the festive season in many countries like India, China, Japan and others. The presence of various toxic compounds in cocoa is encouraging manufacturers to adopt healthy substitutes to cocoa. Hence, these factors would collectively propel the growth of the regional carob chocolate market during the forecasting period.
The China market dominated the Asia Pacific Carob Chocolate Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $76.9 million by 2027. The Japan market is estimated to grow at a CAGR of 5.1% during (2021 - 2027). Additionally, The India market would witness a CAGR of 6.3% during (2021 - 2027).
Based on Product, the market is segmented into Bars, Chips, and Others. Based on Distribution Channel, the market is segmented into Supermarkets & Hypermarkets, Convenience Stores & Drug Stores, Healthy & Specialty Stores, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Carob Chocolate Market is Projected to reach USD 1.1 Billion by 2027, at a CAGR of 5.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Missy J’s, Caroboo, Supertreats, Iswari Portugal - Alma & Valor, LDA, Uncommon Carob, The Carob Kitchen, The Carob World, D&D Chocolates Ltd., and Carobou LLC.
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