Carob Market size is anticipated to witness healthy growth during 2023 to 2032, subject to the product’s rising application in pharmaceuticals, food and beverages, cereals, dairy products, and more. Carob stands strong as a healthier alternative for cocoa powder, owing to which its demand is rising worldwide. Moreover, carob bars are being widely consumed worldwide as a substitute for chocolate bars, given their optimum health benefits, including diabetic friendly.
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 market. As per reports, carobs can be included by up to 10-20% in pig ration. Carobs boast of high sugar content, increasing the feed consumption of piglets.
Intense R&D projects and studies around carob extracts is speculated to open new avenues for the carob market expansion in 2023. For instance, a 2022 study funded by Pharmactive Biotech products revealed that carob extracts may improve recovery from metabolic syndrome. Elaborative research depicted that the product was able to support weight loss and enhance insulin sensitivity in mice.
Carob is generally present in solid and liquid forms. 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.
Based on application, carob market from cereals segment would foresee phenomenal gains through 2032. 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.
On the other hand, the dairy industry is poised to depict appreciable growth over the next 10 years as 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. Moreover, carob fibers are added with other ingredients prior to pasteurization.
Regionally, the carob industry is diversified into regions including Latin America, North America, Europe, Asia Pacific, and MEA. Among these, the growth is anticipated to come majorly from the European economies. 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 regional market growth.
Some of the prominent companies operating in the carob market are Euroduna Americas, Australian Carobs, Savvy Foods, Madanargan, Lewis Confectionary, The Hain Celestial, and Creta. These companies 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.