Carob Market Size, Regional Outlook, Growth Potential, COVID-19 Impact Analysis, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1899
Carob Market size is poised to record phenomenal growth over 2021 to 2027, subject to the product’s rising application in pharmaceuticals, food and beverages, cereals, dairy products, and more. In fact, carob is expected to stand strong as a healthier alternative for cocoa powder, owing to which its demand is skyrocketing worldwide.
Various food producers are seeking to replace guar gum with carob gum as it exhibits similar properties. Moreover, carob pods serve as fodder for livestock. In this aspect, the escalating growth of feed market is touted to positively influence the expansion of global carob industry in the coming years. Carob also boasts of some of the intrinsic properties, like disease resistance, ability to tackle diarrhea, and is diabetic friendly, which enables it to gain strong grounds in the overall food industry.
Some of the major challenges the carob market is likely to encounter in the near future include limited availability, increased cost, and presence of alternatives in the market.
Carob is generally present in the global markets in two forms: solid and liquid. Solid carob segment has been gaining immense impetus recently due to its rising application in confectionary, bakery, and food and beverages products. Meanwhile, the liquid form of carob is estimated to observe growing popularity on account of increasing sales of syrups that are natural sweeteners and a rich source of calcium.
Carob poses diverse applications in various confectionary and bakery products, cereals, dairy products, and others. Out of these, the demand for carob rich cereals is projected to grow at an appreciable rate through 2027. In fact, according to some research scientists, carob seed flours bear the potential as an antioxidant constituent for cereal products. It was reported that carob seeds contain higher amounts of fiber, protein, calcium, and fat than pods, which makes the cereal rich in nutrition and healthy for consumption.
In the dairy industry, carob powder is being largely used as an alternative to cocoa milk or dark beverages. Carob fibers are also being used in yogurt, dairy products, and ice creams. Application research depicts that 3 to 5 grams of fiber can successfully be added in an 8-oz dairy drink with positive effects on flavor, color, and aftertaste. Moreover, carob fibers are added with other ingredients prior to pasteurization.
Regionally, the global carob market is divided into major regions including Latin America, North America, Europe, Asia Pacific, and MEA. Among these, the growth is anticipated to come majorly from the European economies, followed by APAC and North America. An upsurge in the demand for carob powder in various confectionary and bakery products is slated to account for this impeccable growth over the forecast time frame. Besides, rising inclination towards a healthier alternative across emerging and developed economies would further propel the market growth for carob in the ensuing years.
Some of the prominent companies operating in the global carob industry are Euroduna Americas, Australian Carobs, Savvy Foods, Madanargan, Cyber colloids, Lewis Confectionary, The Hain Celestial, and Creta. These market vendors have been relentlessly working towards introducing novel developments and products in the space to enable the market to sustain a strong position in the overall food and beverages industry. The industry conglomerates are also participating in various marketing practices like acquisition, mergers, and partnerships to stand a level apart in the competition.
Impact of Covid-19 on carob market growth
Various governments throughout the globe have imposed stringent lockdown and social isolation norms ever since the outbreak of coronavirus pandemic. Market closures brought to halt the eating out habits, and a drop in demand for various food and beverages have all contributed to the industry’s decline. The food services sector, as well as other food industries like the beverage servings, bakery sector, and dairy, are seeing a considerable reduction in revenue generation. Since 2020, the food services sector and other food industries have observed a significant reduction in revenue generation, leading to lower sales of carob.
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