IMARC Group, a leading market research company, has recently releases report titled “Carob Powder Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global carob powder market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the carob powder market?
The global carob powder market size reached US$ 57.9 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 78.9 Million by 2028, exhibiting a growth rate (CAGR) of 5.20% during 2023-2028.
What is the carob powder?
Carob powder is a naturally derived, caffeine-free alternative to cocoa powder, commonly used in culinary and baking applications. It is produced from the ground and roasted pods of the carob tree, which is native to the Mediterranean region. It has a subtly sweet and nutty flavor, making it a suitable substitute for cocoa in recipes. It is typically used in baking goods such as cakes, cookies, and muffins, as well as in beverages like carob-based drinks. It also contains fiber and is a rich source of vitamins and minerals, further contributing to its appeal in health-conscious diets. Since it has natural sweetness and lacks caffeine, carob powder is gaining immense traction among individuals seeking a healthier option or those sensitive to caffeine.
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What are the growth prospects and trends in the carob powder industry?
The global carob powder market is primarily driven by the rising product popularity among health-conscious consumers seeking natural and nutritious ingredients as a healthier and caffeine-free alternative to cocoa. Moreover, the increasing use of carob powder in food and beverage (F&B) products, including as a cocoa substitute and a gluten-free ingredient, is positively influencing the market growth. Apart from this, the escalating demand for plant-based and allergen-free options has accelerated the product adoption rate. Additionally, the heightening adoption of carob powder among environmentally conscious consumers and industries due to the sustainability factor associated with carob farming, requiring less water and fewer resources compared to cocoa, has catalyzed market growth. Furthermore, the rapid proliferation of online platforms and e-commerce channels that facilitate easy accessibility to carob products for a wider consumer base is contributing to the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product:
- Natural
- Organic
Breakup by Application:
- B2B
- Bakery
- Confectionary
- Others
- B2C
Breakup by Region:
- North America (U.S. Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Alpine Herb Company Inc.
- Bob’s Red Mill Natural Foods
- Frontier Co-op.
- Ingredients UK Limited
- Lewis Confectionery Pty Ltd
- NOW Foods
- OliveNation
- PANOS Brands LLC
- The Australian Carob Co.
- The Carob Kitchen
- Tootsi Impex Inc.
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