The Asia Pacific Carob Market would witness market growth of 10.7% CAGR during the forecast period (2021-2027).
Carob powder offers numerous health benefits as it contains high fiber, calcium, and protein, which attracts more consumers towards its consumption. In addition, the increasing trend for vegan and gluten-free products is fueling the demand for carob products in the market. Moreover, the carob does not contain any saturated fat and cholesterol, which is making it more popular among the health-conscious customers.
The caffeine-free feature of carob powder makes it suitable for caffeine-intolerant customers, which is contributing to the high growth of the carob market. In addition, the calcium present in carob powder is approximately thrice the quantity available in cocoa that makes it extremely popular among women and people who are suffering from calcium deficiency.
The increasing awareness among the customers regarding the benefits of carob is motivating them to shift to the consumption of carob-based products. In addition, the rising disposable income of the consumers is creating bright growth prospects for the regional carob market. The increasing demand for various pet food items with high nutritive value is pushing manufacturers to use carob for great taste and high nutrition value.
This would further bolster the growth of the regional carob market in the coming years. Additionally, consumers are highly inclined towards the consumption of healthier food substitutes that are escalating the demand for carob in this region. The presence of various toxic compounds in cocoa is encouraging manufacturers to adopt healthy substitutes to cocoa and thus, the demand for carob would fuel in this region.
The China market dominated the Asia Pacific E-commerce Market by Country in 2020, thereby, achieving a market value of $3,329.7 Thousands by 2027. The Japan market is showcasing a CAGR of 12.9% during (2021 - 2027). Additionally, The India market is poised to grow at a CAGR of 12.9% during (2021 - 2027).
Based on Product, the market is segmented into Gum, Powder, and Others. Based on Application, the market is segmented into Bakery & Confectionery, Nutrition & Supplements, Dairy Products, Pharmaceuticals, and Others. Based on Distribution Channel, the market is segmented into Supermarket/Hypermarket, Direct Supply, E-commerce, 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 Market is Projected to reach USD 351.7 Million by 2027, at a CAGR of 9.3%
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.
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