Sweeter Times Ahead: Global Carob Market Set to Blossom with a CAGR of 4.55% from 2023 to 2032
Research Reports
Aug 16, 2023
Carob Market Overview
In addition, the global Carob Market is expected to increase at a CAGR of 4.55%, with a value of USD 0.7462 billion during the projected the year 2023-2032.
The carob is a blooming evergreen tree belonging to the Fabaceae family of legumes. For its delicious pods and as an attractive plant, it is frequently grown in gardens and landscapes. The Mediterranean and Middle Eastern areas are home to the carob plant. Carob powder, frequently used as an alternative to cocoa powder, is occasionally made from the mature, dried, and frequently roasted pod. Carob bars, carob chips, and carob snacks are frequently sold in health food stores as substitutes for chocolate bars, chocolate chips, and other sweets.
Due to its high calcium, fibre, and protein content and a consequent array of health advantages, carob powder has grown tremendously in popularity among consumers. It doesn’t require adding sugar because it is vegan, gluten-free, caffeine-free, and naturally sweet. Due to its high fibre content, lack of fat, and low cholesterol, carob is rapidly gaining appeal among customers who are health aware. The coronavirus epidemic has had significant effects across all economic sectors. The epidemic has caused medical emergencies worldwide, which has increased the demand for food items, hygiene goods, and medicinal supplies. People are more likely to choose safe, dependable, and healthful meals in the coronavirus scenario. As a result, it has improved sales of conventional, nutritious, and basic food items. The pandemic has increased the need for frozen non-vegetarian food, fruits and vegetables, eggs, pulses, wheat, and whole grains.
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From Ancient Origins to Modern Marvel: The Rise of the Carob Market
For generations, people have valued the carob tree, Ceratonia siliqua in scientific terms, as a source of food and medicine. This evergreen tree, whose origins are in the Mediterranean, makes pods that contain the special superfood carob. The carob market is currently witnessing a renaissance, catching the interest of both health-conscious people and food enthusiasts.
A Nutritional Powerhouse: Carob’s Secret Revealed
The nutritional powerhouse carob is praised for its abundance of vital nutrients like fiber, vitamins, and minerals. This naturally sweet bean contains considerable levels of calcium, magnesium, and potassium and is a great source of antioxidants. A guilt-free treat for people looking for a healthier alternative to typical sweets, it is also naturally devoid of caffeine and low in fat.
Market Segmentation
The global market has been divided into form, application and regional sectors. The category section is further divided into two parts conventional and organic. The form section is divided into powder, gum and others. The application part is further classified into bakery & confectionery, dairy products, snacks and others. The regional basis has been classified into five sections Asia-Pacific, North America, South America, Europe and Middle East & Africa.
Regional Analysis
In 2020, Europe dominated the product market and was predicted to continue to do so throughout the projection period for the carob market. The European carob goods market is largely driven by the region’s high consumption of dairy and bread products. Customers in this area look for items with natural additions and components to avoid health problems. Additionally, the growing usage of carob in pet food and other animal feed in Europe has helped the carob industry expand. The confluence of all these abovementioned facts has encouraged food & beverages and animal feed manufacturers to use healthy & natural additives such as stevia. Retail establishments, including supermarkets, hypermarkets, and speciality shops, prioritise product sales to boost profit margins. Supermarkets and hypermarkets present a selection of carob products from various brands in an attractive manner.
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Industrial News
Supermarkets and hypermarkets are the most popular retail locations for purchasing consumer products in North America and Europe. The popularity of supermarkets and hypermarkets is expanding in established and emerging regions due to rising urbanisation, an increase in the working-class population, and competitive pricing.
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