Global Carob Powder Market by Product, By Application, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

Report Overview

The Carob Powder Market size is expected to be worth around USD 90.53 million by 2031 from USD 52.03 million in 2021, growing at a CAGR of 5.5% during the forecast period 2021 to 2031

This forecast period will see significant growth. The market will expand as consumers are more inclined to choose healthier options for cocoa powder over the coming years. This is due to the increased use of carob powder in confectionery, beverage products, and pet food industries because it contains a dietary source of fiber. Carob powder has many health benefits. It is rich in calcium, fiber, and protein. The powder is naturally sweet and vegan. It’s also gluten-free, dairy-free, caffeine-free, as well as sugar-free. Carob is also low in saturated fat and cholesterol, which makes it a popular choice for health-conscious consumers.

Global Carob Powder Market Scope:

Product Analysis

The largest share, 57.2%, was attributed to natural products in 2021. Natural products accounted for 57.2% of the carob powder market growth in 2021. This is due to their greater penetration and popularity and the easy availability of carob powder in artificial chocolates. The lower prices of natural carob powder than organic carob pods also drive the segment. From 2023 to 2032, the organic market will experience the fastest CAGR at 5.5%.

Organic products are in high Carob demand due to their health benefits, lower chemical usage, and changing lifestyles and food consumption patterns. The segment growth is also due to the increasing production of carob and limited product availability.

Application Analysis

The B2B segment accounted for 87.7% of all applications in 2021. This can be attributed to the increasing use of carob powder in the bakery & confectionery industry. The global bakery industry has grown over the last few years as more people invest in developing healthy food baked goods and premium handmade products. Carob powder will manufacture these baked goods as a functional ingredient.

Consumers worldwide have become more conscious of living healthier over the past few decades. They are shifting to the plant-based foods and beverages industry and engaging in physical activity. Consumer awareness about weight management will increase due to the increasing incidence of hectic lifestyle diseases such as obesity and cardiovascular disease. This is expected to increase for the carob powder market over the next few decades.

Carob chips are unsweetened and contain 70 calories per 2-tablespoon serving. They also have 3.5g of fat, 7g of sugar, 50g of sodium, and 70 calories. Companies in the vegan and supplements market focus more on creating vegan and sugar-free products to gain a competitive advantage.

Over the forecast period, the B2C segment will show the fastest CAGR at 6.7%. Consumers worldwide are increasingly interested in healthier foods and have started to bake at home to reap the nutritional benefits. Over the next few years, this trend will continue to encourage carob powder use in home baking recipes.

Key Market Segments

Product

• Natural
• Organic

Application

• B2B
• Bakery
• Confectionery
• Other Applications
• B2C

Market Dynamics

Carob powder’s caffeine-free properties make it ideal for people sensitive to caffeine. This is why the Carob powder market has grown so quickly. Carob powder has a calcium content almost three times that of cocoa. Carob powder is extremely popular with women and people suffering from calcium deficiencies. Vegan vendors worldwide offer various vegan food products to increase their market share. According to the Vegan Society 2020, the U.K. released more vegan products in 2020 than any other major country in the world. Orders of vegan meals increased by 38.8% between 2016-2018, making it one of the fastest-growing food categories within the U.K. These major factors will likely increase the use of carob powder products in vegan food formulations.

Carob flour market opportunities are increasing due to rising demand for animal feed manufacturers, growing usage of natural carob powder for skin, and increased awareness about animal welfare.

Due to busy lifestyle changes and sedentary living, the number of diabetics is rising worldwide. According to the International Diabetes Federation, in 2021, 463 million people aged 20-79 were living with diabetes. This number is expected to increase to 700 million by 2045. This will increase the use of carob bars, a natural sweetener that eliminates the need for additional sugar.

Regional Analysis

Europe accounted for 40.1% of the total in 2021, the largest percentage. This can be attributed to the growing interest in healthier alternatives to chocolate bars. Europe is the biggest consumer of chocolates and baking products worldwide. Consumers are shifting to plant-based and plant-derived products more frequently, which has increased vegans. This is ultimately fueling the demand for carob powder.

Asia Pacific will grow at 6.1% CAGR between 2023 and 2032. The main driver of product carob powder demand in Asia is its growing popularity due to its high nutritional content. In the future, carob powder will be more readily available in supermarkets and hypermarkets. In the future, the carob powder market will be more popular due to a shift in consumer preference towards sugar-free options due to the rising prevalence of diabetes in India and China.

Key Regions and Countries covered in the report:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

Over the next few years, product innovation will be a key factor in the carob powder market. The past few years have seen North American companies such as Missy J’s and Uncommon Carob powder market increase their investment in developing and producing carob powder-based confectionery products. The following are some of the most prominent players in the carob powder market:

Market Key Players:

• THE AUSTRALIAN CAROB CO.
• The Carob Kitchen
• Frontier Co-op.
• Oak Haven Inc.
• Barry Farm Foods
• NOW Foods
• CAROB S.A
• Alpine Herb Company Inc.
• Ingredients UK Ltd.
• Jedwards International Inc.
• Other Key Players

For the Carob Powder Market research study, the following years have been considered to estimate the market size: