Global Carob Powder Market Size To Worth USD 69.89 Million by 2033 | CAGR of 4.13%
Category: Consumer GoodsGlobal Carob Powder Market Size To Worth USD 69.89 Million by 2033
According to a research report published by Spherical Insights & Consulting, the Global Carob Powder Market Size is to Grow from USD 46.62 Million in 2023 to USD 69.89 Million by 2033, at a Compound Annual Growth Rate (CAGR) of 4.13% during the projected period.
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Browse key industry insights spread across 243 pages with 118 Market data tables and figures & charts from the report on the "Global Carob Powder Market Size, Share, and COVID-19 Impact Analysis, By Product (Natural and Organic), By Application (B2B and B2C), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/carob-powder-market
Carob powder also referred to as carob flour, can be used in place of cocoa powder. It is made from dried and roasted carob tree pods and tastes similar to cocoa powder. Carob powder is a common natural sweetener in baked products. It smells sweet and has a distinct taste. It has no gluten and has high fiber content. Since carob powder doesn't include typical allergens including dairy, soy, or nuts, it's beneficial to any individual with dietary restrictions or allergies. Additionally, vegans who want to stay away from using cocoa powder which is derived from cacao beans often choose this option. Carob powder is widely available and ideal for people who cannot handle coffee because it contains no caffeine. The rising demand for natural and plant-based components is anticipated to fuel market expansion. As customer’s awareness of health issues grows, they are actively looking for natural and plant-based ingredients for their meals and beverages. Furthermore, the market is dealing with several challenges, including changes in raw material availability caused by weather, which significantly affect manufacturing. Product prices and availability may fluctuate as a result of these changes, which would be harmful to both customers and producers.
The natural segment accounted for the largest market revenue share of the carob powder market during the projected timeframe.
Based on the product, the carob powder market is divided into natural and organic. Among these, the natural segment accounted for the largest market revenue share of the carob powder market during the projected timeframe. The product's increasing accessibility, appeal, and extensive penetration along with its well-being have contributed to this market segment's domination. Additionally, this powder is used as a raw material in imitation chocolates. A major factor driving the market is the accessibility of natural carob powders due to their reasonable pricing.
The B2B segment is anticipated to grow at the highest CAGR of the carob powder market during the projected timeframe.
Based on the application, the carob powder market is divided into B2B and B2C. Among these, the B2B segment is anticipated to grow at the highest CAGR of the carob powder market during the projected timeframe. This is because the confectionery business uses a growing amount of carob powder. Because its members are making investments in producing artisanal products that are high-quality and health-conscious, the bakery business has grown significantly. Consequently, carob powders have become a valuable component in the manufacturing of baked products.
Europe is expected to hold the largest share of the carob powder market over the forecast period.
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Europe is expected to hold the largest share of the carob powder market over the forecast period. The growing customer demand for healthier chocolate alternatives as well as being one of the largest marketplaces for baked products and chocolate globally are responsible for driving the market demand in the region. Furthermore, the number of vegans is growing as consumers increasingly choose plant-based or plant-derived products. Ultimately, this is raising the demand for these products in the area.
Asia-Pacific is predicted to grow at the fastest pace in the carob powder market during the projected timeframe. Asia Pacific is predicted to have the quickest CAGR growth in the carob powder market over the forecast period. The key driver of product demand in the area is the growing popularity of carob powder due to its excellent nutritional content. Furthermore, as carob powder becomes more readily available in supermarkets and hypermarkets, demand will rise in the future years. The increased incidence of diabetes in countries such as China and India is expected to affect customers' preferences for sugar-free solutions, increasing the attractiveness of this ingredient in the coming years.
Major vendors in the carob powder market are Frontier Co-Op, NOW Health Group, Inc., PANOS Brands, LLC (Chatfield's), Lewis Confectionery Pty Ltd., Tootsi Impex Inc., Boublenza SARL, Industrias Ralda, Chatfield’s, OliveNation, NOW Foods, Ingredients UK, Jedwards International, Inc., Eurl Ouasdi International, Healthworks, and others.
Recent Developments
- In September 2021, Creta Carob, a leading carob product maker, disclosed the expansion of its capacity to produce with the addition of a new carob processing plant, resulting in increased production of carob powder and other carob products.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the carob powder market based on the below-mentioned segments:
Global Carob Powder Market, By Product
- Natural
- Organic
Global Carob Powder Market, By Application
- B2B
- B2C
Global Carob Powder Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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