Download Sample, Rising Adoption of Plant-Based Diet is Propelling the Carob Powder Market Expansion
In recent years, consumers have grown more health-conscious as they are choosing natural and plant-based components in their food and beverages. Consumers all across the world have been shifting preferences towards plant-based foods and beverages, as well as physical activity, in recent years. Moreover, there is an anticipated increase in consumer awareness regarding weight control due to the escalating prevalence of lifestyle disorders such as obesity and cardiovascular disease. This pattern is expected to drive the growth of the carob powder market in the coming years. This growth in plant-based diets can also be attributed to various other factors including concern for animal welfare, or as a way to reduce their environmental footprint.
Additionally, carob powder is a natural and healthy alternative to cocoa powder, which contains caffeine and theobromine. Carob powder is also devoid of allergens such as gluten and dairy, making it a popular choice among persons with food allergies. Thus, owing to the rising vegan population, manufacturers all over the world are focusing on developing products in a variety of food categories in order to get a larger market share. CarobWay, a food-tech start-up, for example, showcased its clean-label, low glycemic index (GI) sweetener at IFT FIRST 2023 in Chicago in June 2023. The sweetener was presented in gummy and energy bar prototypes and it is manufactured from deseeded carob fruit pods and is available as a syrup that may be used in nearly any culinary and beverage application.
Additionally, carob powder is a natural and healthy alternative to cocoa powder, which contains caffeine and theobromine. Carob powder is also devoid of allergens such as gluten and dairy, making it a popular choice among persons with food allergies. Thus, owing to the rising vegan population, manufacturers all over the world are focusing on developing products in a variety of food categories in order to get a larger market share. CarobWay, a food-tech start-up, for example, showcased its clean-label, low glycemic index (GI) sweetener at IFT FIRST 2023 in Chicago in June 2023. The sweetener was presented in gummy and energy bar prototypes and it is manufactured from deseeded carob fruit pods and is available as a syrup that may be used in nearly any culinary and beverage application.
Versatile Utilization of Carob Powder is Contributing to the Expansion of the Market.
Increasing demand for carob powder in different bakery items and confectionary has contributed to the expansion of the global carob market, which is expected to considerably enhance the industry's revenue contribution during the forecast period. Carob syrup is a natural sweetener that is also high in calcium. As a result, the global carob market is predicted to considerably expand its revenue contribution throughout the forecast period. Carob is also used to treat diarrhoea, and cancer as well as to decrease cholesterol levels, which are some of the factors driving the global carob market. Carob powder is extensively used as a substitute for cocoa powder due to its health advantages, which is a significant driving force in the global carob market. As a result, the global carob market is expected to rise rapidly throughout the forecast period. Additionally, rising urbanization and an increasingly busy lifestyle are creating new market opportunities for functional foods. Carob proteins are high in fiber since they contain polyphenol antioxidants. Carob protein has anti-inflammatory, anti-cancer, anti-diabetic, and neuroprotective characteristics, which are drawing interest in the dietary supplement and pharmaceutical industries.
Recent Trends in the Crop Protection Chemicals Industry
- Growing demand for natural sweeteners boosts carob powder sales
- The rise in veganism and plant-based diets fuels carob powder popularity.
- Rising awareness of carob's nutritional benefits boosts market demand.
- Emerging applications in the pet food industry diversify the carob powder market.
- Shift toward clean-label ingredients drives carob powder adoption.
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Limited Availability and Lack of Awareness Pose Challenge for the Market Growth
Some of the constraints associated with carob powder are anticipated to hamper the market growth over the forecast period. For example, the global shortage of carob powder is limiting the possibilities for using it in various culinary items. Furthermore, increased market prices for carob are impeding its expansion. Furthermore, limited availability and the emergence of substitutes in the carob powder industry will even hinder carob powder sales growth. Apart from this, raw material shortages, the high cost of carob powder products, and a lack of information about the advantages of carob powder are all issues impeding market expansion.
New Product Launches and Acquisitions are Favouring the Market Development
Major market participants are focusing their efforts on R&D in order to provide exclusive products that meet the expectations of customers. They are also employing various market strategies, such as product launches, mergers, partnerships, and acquisitions, to strengthen their position in the sector. For example, in April 2023, Carobway intended to showcase both traditional and new carob fruit products at Vitafoods Europe, including low glycemic index (GI) natural sweeteners and prebiotic fibers for use in foods and supplements. The team exhibited a portfolio of goods including their bioactive constituents, such as carob-sweetened iced tea, chocolate candies, and confectionery enhanced with prebiotic carob powder.
Earlier, in October 2020, Carob World, a Portuguese company, had released its long-awaited carob powder. The company intends to ensure that carob products become more common in national and international markets owing to their nutritional benefits. Again, in January 2023, Azure Standard, America's best distributor of healthy food and products for home, health, and garden, acquired Missy J's Carob & Sweet Treats. The acquisition elevated Missy J's brand and customer experience while also improving access to retailers, future product options, and marketing and online experience.
Earlier, in October 2020, Carob World, a Portuguese company, had released its long-awaited carob powder. The company intends to ensure that carob products become more common in national and international markets owing to their nutritional benefits. Again, in January 2023, Azure Standard, America's best distributor of healthy food and products for home, health, and garden, acquired Missy J's Carob & Sweet Treats. The acquisition elevated Missy J's brand and customer experience while also improving access to retailers, future product options, and marketing and online experience.
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Rising Popularity of Carob Powder is Impacting the Market Expansion
Asia Pacific is anticipated to hold a significant share of the carob powder market owing to the rising popularity of carob powder due to its high nutritional value. Furthermore, the increased availability of carob powder in supermarkets and hypermarkets is fuelling future demand. Additionally, due to the rising prevalence of diabetes in countries such as India and China, consumers' preference for sugar-free alternatives is predicted to raise the popularity of carob powder in the future years. On the other hand, Europe is expected to witness substantial growth in the carob [powder market during the forecast period. This growth can be attributed to the rising consumer interest in healthier alternatives to chocolate. Furthermore, as customers gravitate towards plant-based or plant-derived products, the vegan population is growing. This eventually increases the demand for carob powder in the region.
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The report provides a detailed overview of the carob powder market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for the carob powder market has been offered for all regional market shares, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the carob powder market. These Y-o-Y projections on regional and country-level markets brighten the political, economic, and business environment outlook, which are anticipated to have a substantial impact on the growth of the carob powder market. Some key countries and regions included in the carob powder market report are as follows:
| Regions | Countries |
|---|---|
| North America | United States, Canada |
| Latin America | Brazil, Mexico, Argentina, Colombia, Chile, Central America Countries, Caribbean Countries, Rest of Latin America |
| Europe | Germany, United Kingdom, France, Italy, Spain, Russia, Poland, Netherlands, Switzerland, Belgium, Sweden, Austria, Norway, Denmark, Czech Republic, Rest of Europe |
| Asia Pacific | China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Singapore, Malaysia, Philippines, Vietnam, Thailand, Bangladesh, Rest of Asia Pacific |
| Middle East and Africa | GCC Countries, South Africa, Nigeria, Egypt, Turkey, Morocco, Ethiopia, Algeria, Israel, Iran, Iraq, Kenya, Rest of MEA |
Carob Powder Market Research Report Covers In-depth Analysis on:
- Carob powder market detailed segments and segment-wise market breakdown
- Carob powder market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in carob powder industry)
- Current, historical, and forthcoming 10 years market valuation in terms of carob powder market size (US$ Mn), volume (Tons), share (%), Y-o-Y growth rate, CAGR (%) analysis
- Carob powder market demand analysis
- Carob powder market pricing analysis over the forecast period (by key segment and by region)
- Carob powder market regional insights with the region-wise market breakdown
- Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in the carob powder market
- Regulatory landscape by key regions and key countries
- Supply chain and value chain analysis in the carob powder market
- Carob powder market sales and distribution strategies
- A comprehensive overview of the parent market
- A detailed viewpoint on the carob powder market forecast by countries
- Mergers and acquisitions in the carob powder market
- Essential information to enhance market position
- Robust research methodology
- Frequently Asked Questions -
What are the key factors driving the growth of the carob powder market?
The rise in plant-based diets, the growing demand for clean-label ingredients, and the increasing adoption of gluten-free and dairy-free alternatives are major factors driving the market's expansion.
Which regions are expected to dominate the carob powder market in the coming years?
Regions with a rising inclination toward plant-based food products, such as North America and Europe, are anticipated to lead the market due to their growing demand for organic and healthy food ingredients.
What are the emerging trends in the carob powder market?
Consumers’ preference for organic, gluten-free, and sugar-free products, along with innovations in carob-based ingredients in confectioneries and snacks, are some of the emerging trends influencing market dynamics.
