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The Europe Carob Market would witness market growth of 9.1% CAGR during the forecast period (2021-2027).
Carob is a native plant of the Mediterranean regions and is heavily cultivated in some parts of the European region, which makes this region among the top exporters of carob. Due to this, high carob cultivation, manufacturers would increasingly use carob in their products as it is easily available in this region. In addition, the rising health awareness among the consumers is contributing to the surging growth of the regional carob market.
Furthermore, numerous health benefits of carob like high fiber, low cholesterol and less sodium content are motivating consumers to include it in their diet. The expanding bakery and confectionary industries across this region are also creating lucrative opportunities for the key players of the carob market to expand their reach in this regional market.
There is an increasing demand for carob powder due to its rising popularity among consumers since it contains high calcium content, high fiber, and protein. These nutritional values of carob provide numerous health benefits to the consumer and thus, propelling the growth of the carob market. It is gluten-free, vegan, caffeine-free, and is naturally sweet that removes the requirement to fortify it with sugar. Furthermore, carob is becoming more popular among customers due to the rise in the health awareness as it contains no fat, rich in fiber, and low cholesterol.
With the increasing population of vegan people, companies around the globe are introducing various vegan food products in different food categories with an aim to gain more customers and establish a better place for themselves. For example, in 2018, as per the Vegan Society, U.K unveiled more vegan products than any other country in the world. In addition, orders for vegan meals also expanded by 388% between 2016 & 2018 and it is one of the fastest-growing food segments in the U.K. These aspects are estimated to increase the applications of carob powder because it is a vegan ingredient that is used in the making of numerous food products in the coming years.
The Germany market dominated the Europe Dairy Products Market by Country in 2020, thereby, achieving a market value of $6,290.9 Thousands by 2027. The UK market is exhibiting a CAGR of 8.8% during (2021 - 2027). Additionally, The France market is anticipated to witness a CAGR of 11.2% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Carob Market Size will Hit $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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