Global Carob Chocolate Market Size, Share & Industry Trends Analysis Report By Product, By Distribution Channel, By Regional Outlook, Strategy, Challenges and Forecast, 2021 - 2027
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Get in-depth analysis of the COVID-19 impact on the Carob Chocolate Market
Market Report Description
The Global Carob Chocolate Market size is expected to reach $1.1 billion by 2027, rising at a market growth of 5.5% CAGR during the forecast period.
Carob chocolates are made up of dried carob pods. The preparation process of carob chocolates involves various steps. Firstly, the carob pods are cleaned and dried then the dried pods are grinded and carob powder is refined from the grinded powder. After this, the extracted powder is used in making of carob chocolates, bars and chips.
Many companies are launching a wide range of vegan products in order to acquire the maximum revenue share in the market, owing to the fact that the number of vegan people is continuously rising. For instance, according to the Vegan Society, the U.K. launched more vegan products as compared to any other country. This increasing consumption of vegan food products is also resulting in the growth of the carob chocolate market.
COVID-19 Impact Analysis
The spread of COVID-19 has impacted almost all industries. COVID-19 has created a situation of a medical emergency which resulted in the rise in the demand for medical and hygiene products. Due to this pandemic, most people are concerned of consuming reliable and healthy food products which is the reason for increased demand for traditional and healthy food products. Consumption of fruits and vegetables, whole grains, pulses, eggs and other such items have gained high traction among the consumers.
The demand for packed food products such as pastries, sweets, chocolates, and milkshakes are decreased. This pandemic has negatively impacted the demand of carob chocolates in the market. Additionally, supply has been badly affected because of the imposition of various restrictions on import and export in many countries. The production cycle has also accounted for loss due to lesser availability of raw material and workforce due to lockdown and other imposed restrictions.
Market Growth Factors:
Rising Health Concerns among consumers
Carob chocolates are a much better alternative to regular chocolates made up of cocoa powder because of the nutritional value it serves. Various health benefits such as low sodium, low fat, high fiber, gluten-free, and high amount of calcium present are encouraging the consumers to adopt eating carob chocolates. Additionally, carob chocolate contains magnesium in it which benefits the body in numerous ways. The magnesium helps in creating new proteins from amino acids, converts the food into energy, and helps in regulating neurotransmitters that send the message throughout the human brain & nervous system.
Increased cases of obesity
According to the world health organization, the incidences of obesity are continuously increasing. In 2016, over 1.9 billion people of 18 and above age were found overweight which includes 650 million obesity cases. Also, the increased number of obesity cases may result in a rise in the spread of other diseases such as high blood pressure, high cholesterol, sleep apnea, and many other such diseases.
Marketing Restraining Factor:
Less availability of raw materials
Since carob trees are not commonly found or cultivated across the world, it is difficult for the manufacturers to find raw carob for the production of carob chocolate. Several companies are collaborating with the carob farmers in order to streamline their transportation and availability of raw materials. However, the low availability of raw material would negatively impact the production of the carob chocolate across the world.
Based on Product, the market is segmented into Bars, Chips, and Others. The chips segment is anticipated to display the promising growth rate in the carob chocolate market over the forecast period. Many of the cocoa chips consumers are shifting to carob chips, a healthier alternative with low fat and sugar.
Based on Distribution Channel, the market is segmented into Supermarkets & Hypermarkets, Convenience Stores & Drug Stores, Healthy & Specialty Stores, and Others. Convenience Stores & drug stores segment garnered a significant revenue share in the market in 2020. Convenience stores and drug stores are the retail stores which have limited range of items such as packed foods and drugstore items, and are open till late for convenience of consumers. These stores have high reach and thus, carob chocolate companies are aiming at these stores to reach more potential customers.
|Market size value in 2020||USD 780.1 Million|
|Market size forecast in 2027||USD 1.1 Billion|
|Historical Period||2017 to 2019|
|Forecast Period||2021 to 2027|
|Revenue Growth Rate||CAGR of 5.5% from 2021 to 2027|
|Number of Pages||147|
|Number of Tables||269|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Warehouse Type, Application, Construction Type, Temperature Type, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Europe region procured a significant revenue share of the carob chocolate market in 2020. This is due to rising demand for healthy products because of the rising concern of consumers towards health issues like obesity and diabetes and higher production of carob in the region.
Free Valuable Insights: Global Carob Chocolate Market size to reach USD 1.1 Billion by 2027
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.
Recent Strategies Deployed in Carob Chocolate Market
» Product Launches and Product Expansions:
- Dec-2020: CAROBOU unveiled 9 products at KeHE Distributors at 3 DC's in Florida, Maryland, and Southern California. Additionally, the company would also launch 5 more DC's in Texas, Northern California, Oregon, Illinois, and Indiana in the future.
- Jan-2020: Carobou introduced Aussie SharkBars, the world's best tasting organic carob bars under the Aussie USA brand. Through this launch, the company aimed to fulfill the need to experience a smooth, delightfully rich, and luscious, USDA Certified Organic confection. These bars are vegan, non-gmo, soy-free, gluten-free, caffeine-theobromine free, which tastes similar to chocolate, but not exactly chocolate.
- Dec-2017: Uncommon Carob launched a new line of carob bars with a silky-smooth texture and delightful flavor. From this launch, the company aimed to make the carob taste like the best-ever carob possible without imitating chocolate by using special ingredients.
Scope of the Study
Market Segments Covered in the Report:
By Distribution Channel
- Supermarkets & Hypermarkets
- Convenience Stores & Drug Stores
- Healthy & Specialty Stores
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Missy J’s
- Iswari Portugal – Alma & Valor, LDA
- Uncommon Carob
- The Carob Kitchen
- The Carob World
- D&D Chocolates Ltd.
- Carobou LLC
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How valuable will the carob chocolate market be in the future?
The global carob chocolate market size is expected to reach $1.1 billion by 2027.
What are the key driving factors and challenges in the carob chocolate market?
Rising Health Concerns among consumers are driving the market in coming years, however, Increased cases of obesity have limited the growth of the market.
What are the major top companies in the competitive landscape?
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.
Which segment dominated the carob chocolate market in 2020?
The Supermarkets & Hypermarkets market dominated the Global Carob Chocolate Market by Distribution Channel 2020 thereby, growing at a CAGR of 4.5% during the forecast period.
Which region dominated the carob chocolate market in 2020?
The North America market dominated the Global Carob Chocolate Market by Region 2020, and would continue to be a dominant market till 2027.