“Global Carob Powder Market to reach a market value of USD 72.6 Million by 2030 growing at a CAGR of 4.3%”
The Global Carob Powder Market size is expected to reach $72.6 million by 2030, rising at a market growth of 4.3% CAGR during the forecast period. In the year 2022, the market attained a volume of 4,067.0 tonnes, experiencing a growth of 4.0% (2019-2022).
Consumers are looking for alternatives to traditional confectionery items, which frequently contain high quantities of refined sugars and artificial additives. This is because of the rising emphasis that is being placed on health and wellness. Consequently, the confectionery segment would generate approximately 33.34% share of the market by 2030. Carob powder, with its natural sweetness and nutritional attributes, has gained popularity as a healthier substitute in the formulation of confectionery items. Thus, these factors will lead to increased demand in the segment.
Carob powder has a naturally sweet flavor, eliminating the need for excessive added sugars in food products. This natural sweetness resonates well with consumers who seek alternatives to overly sweetened products, contributing to a healthier diet. Due to its naturally minimal fat content, carob powder is an advantageous choice for individuals mindful of their fat consumption. Thus, these factors will lead to increased demand in the market. Moreover, carob powder is utilized as a cocoa powder substitute in producing chocolates. It provides a naturally sweet flavor, making it an attractive option for manufacturers aiming to create chocolate products with reduced or no added sugars. Carob powder is incorporated into various bakery products, including cookies, brownies, cakes, and muffins. Hence, these aspects will drive the demand in the market.
However, Many consumers may not be familiar with carob powder or fully understand its properties, taste, and potential uses. As a result, there might be a reluctance to try carob-based products over more traditional options like cocoa or chocolate. Carob has a distinct taste that differs from cocoa. If businesses in the carob powder market do not actively promote their products and educate consumers about their uses, the market may struggle to expand. These factors will restrain the demand in the market.
Based on product, the market is segmented into natural and organic. In 2022, the organic segment garnered a significant revenue share in the market. Organic carob powder is typically accompanied by certifications that validate its organic status. Certifications from reputable organic standards organizations provide transparency and assurance to consumers, fostering trust in the product's authenticity. Therefore, owing to these factors, there will be increased demand in the segment.
On the basis of application, the market is divided into B2B and B2C. The B2B segment recorded the maximum revenue share in the market in 2022. The worldwide food and beverage sector is witnessing ongoing growth, driven by shifting customer preferences and a rising emphasis on new and useful ingredients. With its versatility and unique flavor profile, Carob powder has become an attractive choice for food manufacturers and processors seeking innovative and marketable products. These factors will boost the demand in the segment.
The B2B segment is further divided into bakery, confectionery, and others. The bakery segment recorded the maximum revenue share in the market in 2022. The demand for gluten-free and allergen-free products has been on the rise, driven by consumers with dietary restrictions or sensitivities. Due to its inherent lack of gluten and allergens, carob powder presents a favorable alternative for bakeries striving to offer an extensive selection of products that cater to individuals' dietary restrictions. Hence, these factors will fuel the demand in the segment.
Free Valuable Insights: Global Carob Powder Market size to reach USD 72.6 Million by 2030
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. The North America segment attained a considerable revenue share in the market in 2022. North America has witnessed a surge in specialty and natural food product demand. The availability of carob powder in health food stores, specialty supermarkets, and online platforms has facilitated its accessibility to consumers seeking premium and natural ingredients. Thus, these aspects will pose lucrative growth prospects for the segment.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 52.4 Million |
| Market size forecast in 2030 | USD 72.6 Million |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 4.3% from 2023 to 2030 |
| Quantitative Data | Volume in Tonnes, Revenue in USD Million, and CAGR from 2019 to 2030 |
| Number of Pages | 266 |
| Number of Tables | 650 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Product, Application, Region |
| Country scope |
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| Companies Included | The Australian Carob Co., The Carob Kitchen, Frontier Cooperative, Panos Brands, LLC, OliveNation, LLC, NOW Foods, Inc., Ingredients UK Limited, Jedwards International, Inc., Barry Farm Foods, Healthworks (Dignity Health) |
By Product (Volume, Tonnes, USD Million, 2019-2030)
By Application (Volume, Tonnes, USD Million, 2019-2030)
By Geography (Volume, Tonnes, USD Million, 2019-2030)
The Market size is projected to reach USD 72.6 million by 2030.
Growing Demand for healthy and natural ingredients are driving the Market in coming years, however, Limited awareness and consumer education restraints the growth of the Market.
The Australian Carob Co., The Carob Kitchen, Frontier Cooperative, Panos Brands, LLC, OliveNation, LLC, NOW Foods, Inc., Ingredients UK Limited, Jedwards International, Inc., Barry Farm Foods, Healthworks (Dignity Health)
In the year 2022, the market attained a volume of 4,067.0 tonnes, experiencing a growth of 4.0% (2019-2022).
The Natural segment is leading the Market, By Product in 2022; there by, achieving a market value of $42.9 million by 2030.
The Europe region dominated the Market, By Region in 2022 there by, achieving a market value of $27.8 million by 2030, growing at a CAGR of 3.8 % during the forecast period.
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