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Carob Market Size
Carob Market size is anticipated to witness significant growth between 2024 and 2032, due to rising application in pharmaceuticals, food & beverages, cereals, dairy products, and more to meet the rising need for healthier alternatives to cocoa powder.
Various food producers are seeking to replace guar gum with carob gum as it exhibits similar properties. Carob pods serve as fodder for livestock. In this aspect, the escalating growth of the feed sector is touted to positively influence the industry expansion. As per reports, carobs can be included by up to 10-20% in pig ration. Carobs also boast of high sugar content, increasing the feed consumption of piglets. According to the American Feed Industry Corporation, the U.S. companion animals consume 8.6 million tons of pet food. Increasing consumption and sales of animal feed will also escalate the market demand.
Intense R&D projects and studies around carob extracts is speculated to open new avenues for the market expansion. For instance, a 2022 study funded by Pharmactive Biotech products revealed that carob extracts may improve recovery from metabolic syndrome. Elaborative research depicted that carob was able to support weight loss and enhance insulin sensitivity in mice. Furthermore, solid carob has been gaining immense prominence due to its rising application in confectionary, bakery, and food & beverages products. The growing popularity of liquid form of carob on account of the increasing sales of syrups that are natural sweeteners, and a rich source of calcium will also contribute to the industry growth.
Carob Market Trends
The growing consumer preference for natural and plant-based alternatives to cocoa is driving the demand for carob as a chocolate substitute to offer nutritional benefits and caffeine-free properties. The increasing popularity of healthy snacking options and functional foods is increasing the incorporation of carob in various products like snacks, spreads, and beverages. The rise of vegan and allergen-free diets is also contributing to the expanding use of carob as an ingredient in plant-based and allergy-friendly food products.
Carob Market Analysis
Carob industry from the cereal application segment is projected to rise at notable rate up to 2032, owing to the increasing consumer demand for healthier breakfast options. The incorporation of carob into cereal products due to its natural sweetness and nutritional profile, including fiber and antioxidants is increasing the product appeal. The rising popularity of gluten-free and allergen-friendly diets is encouraging the use of carob as an alternative ingredient in gluten-free cereals. The versatility of carob in enhancing flavor and texture along with its sustainable and environmentally friendly attributes will further drive the market growth.
Europe carob market will showcase significant growth till 2032. This can be attributed to the increasing consumer awareness about the health benefits of carob, including its high fiber content and natural sweetness. The growing trend of plant-based diets and the high demand for alternative ingredients in food & beverage formulations is promoting the adoption of carob as a versatile and sustainable ingredient. The expansion of the health food sector and the growing popularity of clean-label products will further boost the product uptake across the region.
Carob Market Share
Leading carob industry players are diligently innovating and launching new products to maintain a prominent position in the food & beverages and stay ahead in the competitive landscape domain by engaging in strategic initiatives such as acquisitions, mergers, and partnerships.
Some of the major carob companies are:
- Euroduna Americas
- Australian Carobs
- Savvy Foods
- Madanargan
- Lewis Confectionary
- The Hain Celestial
- Creta
Carob Industry News:
- In June 2023, well-known FoodTech startup CarobWay introduced its clean-label, low glycemic index (GI) sweetener at IFT FIRST 2023 in Chicago.