Carob Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1899
Carob Market size will witness substantial growth owing to its application in food & beverages, pharmaceutical, bakery, cereals and dairy products. Rising demand for bakery products along with convenience foods and confectionery are the major factor driving the product growth. Convenience food industry is growing at a CAGR of above 7.5% in past seven years that in turn has increased its consumption.
Carobs are used in medicinal applications for reducing cholesterol, improving digestion, treatment of diarrhoea and cancer. It practices in foods improves fibre content and increases shelf life. These are rich in protein, pectin and fat free and addition to sunflower oil reduces tocopherol loss during heating. These do not contain caffeine and can be used in place of chocolate by people having caffeine intolerance that is anticipated to propel carob market in forecast period.
Carob or locust bean and St John’s bread is an evergreen shrub or tree that belongs to pea family generally found in Middle East countries. These are majorly cultivated in Mediterranean region that includes Southern Europe, the Canary Islands and Northern Africa. Its powder is used as a substitute to cocoa powder in bakery and low-calorie food products.
These are used as gelling, thickening & stabilizing agent in food industry. Further, it is primarily used as substitute of coffee and making flour, molasses. It does not contain theobromine and useful for pet foods.
Carob pod meal is rich source of energy and serves as fodder for livestock specially ruminants. These need to be kept in temperature controlled environment and there are shipping restrictions and prohibitions on special packaging. It may contain Salmonella, a bacteria that persists in low water activity foods. If nuts are not roasted prior to grinding, the probability of occurrence of these bacteria increases. However, limited availability and excessive cost are the restraining factors of the industry trend.
Based on form, carob market is classified into solid form and liquid form. Solid form has substantial growth owing to its application in bakery, confectionary and foods & beverages products. In liquid form, these are used as syrups that are natural sweeteners and rich source of calcium (more than thrice that of milk). Bakery industry has grown at a CAGR above 5% in last five years that in turn has augmented its consumption.
On the basis of the application, carob market is segmented into bakery, confectionary, food and beverages, snack bar, cereals, dairy and other products. The bakery product contributes significant growth with its use in cakes, cookies, pancakes and bread as an alternative for chocolate. These are preferred over chocolate as these require less sugar and do not contain caffeine, bromine or oxalic acids.
Their tree bark contains tannin that provides protection from predation and can be used as pesticides. Additionally, It is extensively used in cosmetics for preparation of face packs and agriculture for improving soil fertility.
Europe has dynamic growth in global carob market with the increasing demand in the bakery and confectionary industry. Spain, Italy, Portugal and Greece are the major producers. North America is following the Europe trend with its use in breakfast cereals. In 2016, the average per capita consumption was 6.6 kg and largest market for cereals product.
Asia Pacific has substantial share in the carob market with application in food, beverage and dairy products. In this region, bakery industry is growing at a CAGR above 6.5% in recent years. Middle East and Africa holds moderate share owing to demand of bakery and confectionery products. Morocco, Turkey, Algeria and Lebanon are some of the major producers in this region.
Prominent players of carob market are Australian Carobs, Euroduna Americas, Cyber colloids, Savvy Foods, The Hain Celestial, Creta, Lewis Confectionary and Madanargan to name a few. Companies are trying to expand their business by increasing product portfolio with vast applications in different fields.
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