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Carob Powder Market

Carob Powder Market

Carob Powder Market Analysis By Product Type (Natural and Organic Carob Powder), By Sales Channel (B2B, B2C), By Region - Global Forecast 2022 to 2032

Carob Powder Market
FACT7352MR
  • May-2022
  • List of Tables : 25
  • List of Figures : 132
  • 170 Pages
  • Food & Beverage

Carob Powder Market Outlook (2022-2032)

Global consumption of carob powder is expected to increase rapidly at a CAGR of 6.3% from 2022 to 2032. The global carob powder market was valued at US$ 54.9 billion in 2021 and is anticipated to reach a market valuation of US$ 105.9 billion by the end of 2032.

Report Attributes

Details

Carob Powder Market Size (2022)

US$ 57.5 Billion

Projected Year Value (2032)

US$ 105.9 Billion

Global Market Growth Rate (2022-2032)

6.3% CAGR

China Market Share (2022)

44.4%

Key Companies Profiled

  • THE AUSTRALIAN CAROB CO.
  • Frontier Co-op.
  • Barry Farm Foods
  • NOW Foods
  • Ingredients UK Ltd.
  • Jedwards International, Inc.
  • Alpine Herb Company Inc.

Natural carob powder sales are projected to increase at a CAGR of 6.8% from 2022 to 2032, attributed to their health benefits and increasing product availability.

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Demand Analysis of Carob Powder (2017-2021) Vs Market Outlook (2022-2032)

“Rising Application of Carob Powder in Pharmaceuticals and Food & Beverage Sectors”

The global carob powder market was valued at US$ 54.9 billion in 2021.

Carob powder is a sort of carob pod-based cuisine. After drying, the pod is ground into a powder. The flavor of carob seed flour is sweet and chocolate-like. It's frequently used in place of cocoa powder or chocolate. Cakes, cookies, and other desserts can all be made from carob seed powder. Smoothies, yoghurt, and carob chocolates can all benefit from this ingredient.

Carob bean powder has a lot of calcium, fiber, and protein; therefore, it has several health advantages. Furthermore, the powder is vegan, gluten-free, caffeine-free, and naturally sweet; therefore there's no need to add sugar. Carob also includes nearly no saturated fat and no cholesterol, making it a favorite choice among health-conscious consumers.

Rising disposable income and an increasing vegan population are boosting the sales of raw carob powder. The growing popularity of confectionery and baked items among suburban residents and rising carob chocolate sales are set to fuel market expansion over the coming years.

Carob powder consumption is projected to increase at a noteworthy CAGR of 6.3% from 2022 to 2032.

What’s Fuelling Worldwide Sales of Carob Powder?

“Growing Carob Powder Usage as Dietary Supplement”

Growing market opportunities for functional food are being driven by expanding urbanization and increasingly hectic lifestyles. Carob powder contains polyphenol antioxidants, making it a good source of fiber. Carob powder products have anti-inflammatory, anti-cancer, anti-diabetic, and neuroprotective qualities, all of which are driving carob flour demand from the dietary supplement and pharmaceutical industries.

Carob powder ingredients are used for human dietary food processing since it contains more than 95% protein isolate and has a well-balanced amino acid makeup. Carob powder is also utilized in the food sector as a thickening, stabilizing, and gelling ingredient.

Carob pod meal is also a good source of energy and is used as a livestock feed, especially for ruminants. Because carob powder for dogs has no caffeine or bromine, it is extensively used in animal pet diets, particularly dog food. Carob flour market opportunities are increasing due to rising demand for animal feed, growing usage of carob powder for skin, and increased awareness about animal welfare.

Carob powder market forecast by Fact.MR

What’s Impeding Carob Powder Market Growth?

“Presence of Alternatives & High Cost of Carob Powder Products Restraining Market Expansion”

Limited availability and the presence of alternatives in the carob powder market are some of the significant issues the carob market will face over the coming years, even hurting the sales growth of carob gum.

Raw material shortages, the high cost of carob powder products, and the lack of knowledge about the benefits of carob powder are factors that are hampering market growth.

An Adaptive Approach to Modern-day Research Needs

Which Region Accounts for Most Demand for Carob Powder?

“Growing Consumer Interest in Healthy Alternatives Driving North America Market Growth”

North America accounts for 33% share of the global carob powder market.

The average American consumes 3,400 mg of sodium each day, according to Mayo Clinic. This is significantly more than the RDA of 2,300 mg. Even less is recommended by the American Heart Association, at 1,500 mg per day.

As such, demand for carob is likely to acquire considerable pace in the North American market over the forecast period.

Consumer interest in healthy alternatives to chocolate is also credited for market growth. North America is one of the world's largest consumers of chocolate and bakery items.

Furthermore, customers are adjusting their preferences toward plant-based or plant-derived products, resulting in the growth of the vegan community. Carob powder demand in the region will eventually rise as a result of this.

Country-wise Insights

How Will the U.S. Carob Powder Market Perform Going Forward?

“Rising Demand for Organic Carob Powder Driving Market Expansion”

The U.S. carob powder market is projected to expand at a CAGR of 6.7% from 2022 to 2032.

Rising demand for gluten-free diets in the United States is expected to boost spending on carob powder as a natural ingredient in the commercial and domestic sectors over the forecast period.

Growing demand for carob powder usage in various confectionery and bakery items, rising demand for organic carob powder, and growing preference for healthy food alternatives are all driving market growth in the U.S.

Why is China a Prominent Market for Carob Powder Suppliers?

“Prominent Presence of Carob Powder Brands in China”

China is expected to account for 46.7% revenue share of the global carob powder market by 2032.

Key players are increasing their investments and launching new products to capitalize on the potential expansion of carob powder sales. The key element driving product demand in China is the growing popularity of carob powder due to its high nutritious value.

In addition, the increasing availability of carob powder in supermarkets and hypermarkets and the presence of carob powder brands are expected to raise demand in the future years. Furthermore, due to the rising prevalence of diabetes in China, altering consumer preference toward sugar-free options is likely to boost the demand for unsweetened carob powder over the coming years.

Category-wise Insights

Will Natural Carob Powder Capture Higher Market Share?

“Growing Demand for Natural Carob Powder to Increase Nutritional Value of Food

Natural carob powder accounts for 59.3% of the global carob powder market share.

Segment growth can be attributed to natural carob powder, which is the raw material for artificial chocolates, being more widely available and extremely popular.

For health reasons, consumers choose products that contain natural components and additives. A major reason propelling segment growth is the availability of natural carob powder at lower rates than organic carob powder.

Which Sales Channel Will Be Most Rewarding for Market Players?

“B2B Sales Channel Accounts for High Sales of Carob Powder Products”

The B2B segment, in terms of sales channel, is expected to rise at a CAGR of 6.7% over the forecast period. This is due to the increased use of carob powder in confectionery and baking items.

The worldwide bakery sector has grown in recent years as industry participants have increased their investments in the production of nutritious baked goods and premium artisanal items.

Growing carob powder ingredient demand in the production of baked items is driving market growth. Companies manufacturing vegan and health supplements are mainly concentrating on introducing vegan and sugar-free food products to obtain a competitive advantage, adding to segment growth over the coming years.

COVID-19 Impact on Sales of Carob Powder

The COVID-19 pandemic had a negative impact on the carob powder industry. Market closures, which put an end to people eating out, as well as a downturn in demand for various foods and beverages, contributed to the industry’s decline. Revenue generation in foodservice and other food industries decreased significantly, resulting in lower sales of carob flour.

However, product demand increased with the revival of industrial operations and the latest trends in carob powder. Carob powder manufacturers can profit from the increased demand for the product by assuring a steady supply. Market participants are also aiming to provide clients, particularly end users, with comprehensive solution ideas, which is expected to drive the demand for carob seed powder over the coming years.

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Competitive Landscape

Product innovation is projected to be a key success factor for the worldwide carob powder industry. Carob powder manufacturers are boosting their investments in the manufacture and development of carob-based confectionery products.

As the carob powder market becomes increasingly competitive, leading competitors are concentrating their efforts on achieving higher production capacity to meet consumer expectations.

Key Segments Covered in Carob Powder Industry Research

  • Carob Powder Market by Product Type :

    • Natural Carob Powder
    • Organic Carob Powder
  • Carob Powder Market by Sales Channel :

    • B2B Sales of Carob Powder
    • B2C Sales of Carob Powder
  • Carob Powder Market by Region :

    • North America 
    • Europe 
    • Asia Pacific 
    • Latin America 
    • Middle East & Africa 

- FAQs -

The global carob powder market is estimated to be worth US$ 57.5 billion in 2022.
Rising demand for carob powder in several end-use industries and the rise in investments in the development of carob powder products are driving market growth.
THE AUSTRALIAN CAROB CO., Frontier Co-op., Barry Farm Foods, NOW Foods, and Ingredients UK Ltd. are prominent suppliers of carob powder.
The global market for carob powder is anticipated to increase at a CAGR of 6.3% over the forecast period of 2022 to 2032.
B2B sales of carob powder account for 62.9% share of the global market.
The U.S., Germany, Mexico, China, and the U.K are expected to drive most demand for carob powder.

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