The global carob market is expected to garner a market value of USD 761.6 million in 2023, further accumulating a market value of USD 1,129.3 million by registering a CAGR of 4.0% in the forecast period from 2023 to 2033. The growth of the carob market can be attributed to the increasing awareness regarding the benefits of the same, along with its medicinal properties. The market for carob registered a CAGR of 1.9% in the historical period 2018 to 2022.
| Data Points | Key Statistics |
|---|---|
| Estimated Base Year Value (2022) | USD 732.3 million |
| Expected Market Value (2023) | USD 761.6 million |
| Anticipated Forecast Value (2033) | USD 1,129.3 million |
| Projected Growth Rate (2023 to 2033) | 4.0% CAGR |
Carob (Ceratonia siliqua) is a native plant to the eastern Mediterranean especially in Middle East countries. Carob is also called a locust bean and is primarily cultivated for its edible pods in majorly Mediterranean regions which include Southern Europe, North Africa, and the Canary Islands. Carob powder is also used as a substitute for cocoa powder in various bakery products.
Carob-based bars are consumed as an alternative to chocolate-based bars worldwide. Carob does not contain caffeine and theobromine (which is intolerant to some animals) and therefore is widely used in chocolate-flavored pet food for dogs and other animals. Carob pod meal is widely used as a rich source of energy for livestock, particularly for ruminants. Carob in the food industry is used as a thickening, gelling, stabilizing, or substitute for low-calorie food products.
Carob is fat-free, rich in pectin, and contains a high amount of proteins. Carob is primarily used in the production of confectionery and bakery products and a variety of beverages. Carob is also used for making flour and molasses and is a substitute for coffee.
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The global demand for carob is projected to increase at a CAGR of 4.0% during the forecast period between 2023 and 2033, reaching a total of USD 1129.3 million in 2033, according to a report from Future Market Insights (FMI). From 2018 to 2022, sales witnessed significant growth, registering a CAGR of 1.9%.
The use of carob is increasing in nearly all age groups. This is owing to the nutritional health benefits provided by carob. In addition, the multi-purpose use of carob in different food products along with the same being used for the livestock industry. Furthermore, the use of carbon in mainstream food and desserts is paving the way for innovation in the food market.
Increasing use in the food and beverage industry accelerating market growth
The global carob market driving factors are increasing demand for bakery products coupled with the convenience of foods. Increasing opportunities in the bakery and confectionery industry is also another factor in driving the carob market along with the rise in the production of carob.
Increasing demand for carob powder in various bakery products and confectionery has strengthened the growth of the global carob market and hence is projected to significantly expand the revenue contribution of the market over the forecast period. Carob syrup is used as a natural sweetener and is considered a rich source of calcium. Hence, the global carob market is expected to increase its revenue contribution over the forecast period significantly.
Multi-purpose use of carob favoring the growth of the market
Carob is also used for treating diarrhea and cancer helps in reducing cholesterol levels, and are some of the factors driving the global carob market. Carob powder is widely used as an alternative to cocoa powder due to its health benefits, a major driving factor for the global carob market. Hence, the global carob market is expected to observe robust growth over the forecast period.
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Rising costs of carob derailing growth of the market
The reduced supply of carob powder across the globe is reducing the opportunities for adding the same in different food products. In addition, rising market costs of carob are hampering the growth of the same. Moreover, reduced availability of substitutes such as cocoa beans and powder will reduce carob market demand, lowering global market value and size.
| Countries | CAGR (2022) |
|---|---|
| United States | 9.6% |
| Germany | 5.4% |
| China | 4.6% |
| Japan | 3.1% |
| India | 27.7% |
Increasing health awareness and gluten-free food making carob popular
The high disposable income of the consumers in this region is motivating consumers to spend more on healthy food substitutes. This, in turn, is expected to support the growth of the North American carob market. In addition, increasing health awareness among consumers and the high prevalence of chronic diseases bolstered the carob market demand. Moreover, the prevalence of caffeine intolerance and sodium intolerance population is expected to create more demand for carob in this region.
The trend of consuming a gluten-free diet is also supporting the growth of the regional carob market. Numerous health benefits offered by carbs, like low cholesterol, more antioxidants, and high fiber, are attracting more consumers. Carob is increasingly used in the manufacturing of pet food items and is propelling regional market growth due to the increasing population of pets across the region. Thus, due to the aforementioned reasons, North America is expected to hold a 29.1% market share for the carob market in 2023.
The nutritional qualities of carob boost the growth of the market
The carob products market in Europe is primarily driven by the high consumption of bakery & confectioneries and dairy products. Consumers in this region seek products, which contain natural ingredients and additives for preventing health issues.
The increasing use of carob for pet food and other animal feed in Europe has been contributing to the growth of the carob market. The confluence of all these abovementioned facts has encouraged food & beverages as well as animal feed manufacturers to use healthy & natural additives such as stevia. Thus, owing to the reasons mentioned above, Europe is expected to possess a 24.5% market share for the carob market in 2023.
Urbanization and retail sectors creating lucrative opportunities for the carob market
The growing fad of gluten-free diets along with the easy availability of carob-based products is increasing the demand for carob in the Asia Pacific market. In addition, the nutritional benefits of carbs are attracting a larger consumer base, especially in countries like India and China. In addition, urbanization, along with the penetration of retail stores, is changing the dynamics of the carob market. Thus, Asia Pacific is expected to procure a 22% market share for the carob market in 2023.
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The inclination toward sweetly packaged food bolsters demand carob
The bakery & confectionery industry has high growth potential and is anticipated to garner a remarkable position in food processing. This is attributed to the surge in demand for bakery & confectionery items, owing to busy lifestyles and an increase in preference for fresh & ready-to-eat convenience foods comprising high nutritional values.
Upsurge in the consumption of bakery products, especially the packaged variety, has augmented the demand for natural food additives and flavors, thereby supplementing the growth of the global carob market. Thus, the bakery and confectionery segment is expected to hold a 35% market share for the carob market in 2023.
Wide variety of products increasing sales of carob products in retail stores
Increasing urbanization, a rising working-class population, and competitive pricing are boosting the popularity of supermarkets and hypermarkets in developed and developing regions. Supermarkets and hypermarket is a one-stop shops for a wide variety of products. Thus, easy accessibility and availability of different brands further increase the consumer base of retail stores.
Retail stores include supermarket hypermarkets and specialty stores that focus on maximizing product sales to increase their profit margins. Supermarkets and hypermarkets effectively display a variety of carob products of different brands. In North America and Europe, supermarkets and hypermarkets are the most preferred retail outlets for the purchase of consumer goods.
Retail stores are expected to possess a 40% market share of the carob market.
Key start-up players in the carob market are Savvy Foods Ltd and CarobWay
In September 2022, CarobWay, a key start-up player, announced that it is planning to grow and export carob in a sustainable way and is assuring fair trade to the growers.
Some of the key players identified across the value chain of the global carob market include Australian Carobs Pty Ltd., CAROB S.A., EURODUNA AMERICAS INC., CyberColloids Ltd., The Hain Celestial Group, Inc., Carobs Australia Inc., Creta Carob, Lewis Confectionery Pty Ltd and MADANARGAN.
The companies are expected to expand their business by enhancing their product portfolio in the global carob market. The companies are projected to frame certain strategies in the future in order to gain a competitive advantage in the global carob market till 2033
Recent Developments
| Attribute | Details |
|---|---|
| Market Value in 2023 | USD 761.6 million |
| Market Value in 2033 | USD 1,129.3 million |
| Growth Rate | CAGR of 4.0% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
Form, Distribution Channel, Application, Region |
| Regions Covered |
North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled |
United States of America, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Malaysia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled |
Australian Carobs Pty Ltd.; Euroduna Americas Inc.; CyberColloids Ltd.; The Hain Celestial Group Inc.; Savvy Foods Ltd.; Carobs Australia Inc.; Creta Carob; Lewis Confectionery Pty Ltd; Frontier Co-op; Oak Haven Inc. |
| Customization | Available Upon Request |
The global carob market is anticipated to grow at a CAGR of 4.0% from 2023 to 2033, reaching a value of USD 1,129.3 million by 2033.
The Asia Pacific region is forecast to be the most lucrative for carob market growth, with a CAGR of 22% from 2023 to 2033.
The prominent carob players are Carob SA, The Australian Carob Co., Savvy Carob, Carobana, and Terra Carob.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Form 5.1. Solid 5.2. Liquid 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Distribution Channel 6.1. Fitness Stores 6.2. Health Stores 6.3. Online Stores 6.4. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 7.1. Bakery Products 7.2. Dairy Products 7.3. Nutrition & Supplements 7.4. Pharmaceuticals 7.5. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Australian Carobs Pty Ltd. 18.2. Euroduna Americas Inc. 18.3. CyberColloids Ltd. 18.4. The Hain Celestial Group Inc. 18.5. Savvy Foods Ltd. 18.6. Carobs Australia Inc. 18.7. Creta Carob 18.8. Lewis Confectionery Pty Ltd 18.9. Frontier Co-op 18.10. Oak Haven Inc. 19. Assumptions & Acronyms Used 20. Research Methodology
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