Carob Market Trends, Actionable Segmentation, Size, Share, Opportunity, Forecast To 2024
Market Scenario and Growth Factors
Carob is a south-after ingredient in the food and beverage industry. It is derived from Ceratonia siliqua also called a carob tree. The global market for carob is witness a rapid growth finds Market Research Future (MRFR) in its latest study. The product is extensively popular in regions such as Northern Africa, Southern Europe and Mediterranean Islands.
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Carob seeds and pulp are used as stabilizers, natural sweeteners, thickeners in preparation of a range of food item. Its application in food is also growing owing to its health benefits. Carob is viewed as a healthier alternative to cocoa powder. In addition, it is replacing many other additives such as gaur gum among others. Carob pods are used as fodder for livestock. Sub-market such as bakery present attractive market opportunities. Such factors are propelling the market forward.
Global Carob Market: Competition Analysis
Some of the leading companies operating in the global Carob Market include Tate & Lyle (UK), Carob S.A. (Spain), Pedro Perez (Spain), AEP Colloids (US), Australian Carobs Pty Ltd. (Australia), Altrafine Gums (India), Stavros Parpis Foods Ltd (Cyprus), TIC Gums, Inc. (US), Savvy Carob Co Ltd (UK) and DuPont (US).
Global Carob Market: Segmental Analysis
The segmental analysis of the global carob market has been conducted on the basis of application, category, form and region.
Based on application, the market has been segmented into dairy products, bakery and confectionery, snack and others. Based on category, the market has been segmented into organic and conventional. The former currently occupies the leading position. This is mainly owing to widespread availability of conventional carob. The conventional segment is expected to retain its top spot throughout the forecast period.
The organic segment is also projected to be highly profitable. In fact, the segment is expected to exhibit a relatively higher CAGR during the assessment period. This is mainly owing to the rising popularity of organic products in various consumer markets across the globe. Based on form, the market has been segmented into gum, powder and others. The gum segmented is anticipated to maintain it leading position in 2019 and beyond.
The segment’s growth can be attributed to the increased popularity of carob gum in the food industry. Carob gum is used as an alternation for gaur gum. These factors will continue to support the growth of the segment during the assessment period. The powder segment is anticipated to exhibit a relatively higher CAGR between 2019 and 2024. Growing usage of carob powder in bakery product and pharmaceutical product manufacturing is one of the key drivers of the segment.
Global Carob Market: Regional Analysis
Based on region, the market has been segmented into North America, Europe, the Middle East & Africa (MEA), Asia Pacific (APAC), and South America. The North America market covers Mexico, the U.S. and Canada. The Europe market covers Germany, Italy, the U.K., Spain, France, and rest of Europe.
The APAC market covers countries such as India, New Zealand, Australia, Japan, China and the rest of Asia Pacific. Of these regions, Europe accounts for a substantial share of the global Carob Market in terms value. Europe is one of the largest markets for carob. Countries such as Italy, Portugal, Spain among others have favourable climate for irrigation of carob.
North America led by the U.S. has also emerged as an important market for carob. Asia Pacific is among the emerging markets for carob; increased product penetration and growth of the food and beverage industry are two major market drivers. Countries such as China, Japan and India are expected to present lucrative opportunities during the assessment period.
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