Global Carob Market - 2022-2029

Global Carob Market - 2022-2029

Market Overview

Carob market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of 4.80% during the forecast period (2022-2029). Carob is the flowering evergreen tree or shrub of the legume family. It is also known as Locust bean and St. John's bread. It is widely cultivated for its pods and as an ornamental tree in gardens and landscapes. Portugal is the largest producer of carob, followed by Italy and Morocco. Carob pods are used in animal feed. Various mammals eat ripe pods of carob. Carob is used for diarrhea, diabetes, persistent heartburn, obesity, athletic performance, and high cholesterol. Carob is used as a flavoring agent in the food and beverage industry. Carob powder and chips can also be used as a chocolate alternative in most recipes.

Market Dynamics:

Increasing industrial application of the carob drives the market growth

Carob is a flavoring agent in the food and beverage industry and a chocolate substitute. Carob flavor and extract are used as ingredients in food products. Carob is used in various skin care products and medications. It's usually labeled as C. siliqua, the scientific name for carob gum. The gum comes from the seeds. Carob gum is mostly used in cosmetics as a binder. It is a great stabilizer for liquids. Many food manufacturers used carob gum to enhance food texture in processed foods such as baked goods, salad dressings, and meat products. Carob is also used in fudge, chocolate milkshakes, and brownies. Carob is a rich source of fibers. Carob contains a low amount of fat and sugar. Carob is naturally sweet; hence it completes the sugar craving. It is a great alternative to dairy products. Carob has double the amount of calcium compared to cocoa. It is caffeine- and fat-free. It is an excellent source of vitamins and minerals. It contains vitamin A, B- 2, B-3 and B6. It contains minerals like copper, calcium, manganese, potassium, magnesium, selenium and zinc. The seeds produce a gum used in food manufacturing as a thickener, food stabilizer, and emulsifying agent for ice cream, candy, salad dressings, and other products. However, carob tree is used for land care. The trees require less water to survive and are resistant to drought, take to rocky, arid soil, and tolerate salt. Carob pods are used as feed for livestock.

Moreover, carob has many health benefits that increase consumption. Carob is a naturally rich source of fiber and free from caffeine, so it is ideal for people with high blood pressure. Carob contains low sugar and fat, which make it great dietary addition or chocolate substitution for people looking to lose weight. The high vitamin content in the carob is good for hair and skin health. Carob contains polyphenols, an antioxidant known to reduce the risk of heart disease. It is polyphenol-rich foods such as carob to the diet may help reduce high cholesterol. Carob's tannins, dietary compounds found in plants, differ from regular plant tannins and have a drying effect on the digestive tract that helps tackle toxins and prevent harmful bacterial growth in the intestines.

Market Segmentation:

Powder segment accounted for the highest share in global carob market

In 2021, powder had the highest revenue share of over XX percent. Carob powder is known as carob flour. Carob powder is the common ingredient used in desert and baked goods. It is high in fiber, calcium and antioxidant and low content in fat. Carob pods contain sweet pulp and seeds. This pulp produces carob powder, which has an earthy, rich, nutty taste similar to chocolate. It is often used in the place of cocoa powder or chocolate. Carob powder may be raw or roasted. The lightly roasted powder is sweeter than dark-roasted powder. Carob powder contains virtually no fat. Carob powder is free from sodium. It’s a good option for people who follow a low-sodium diet. Low sodium content prevents the risk of diseases like high blood pressure, heart attack, stroke, osteoporosis and kidney problems. Carob powder contains high fiber, which is helpful to stay fuller longer to help eat less. It helps to prevent constipation and maintain healthy bowels.

The bakery and confectionery segment have gained a major share in the global carob market. The bakery & confectionery industry possesses high growth potential and is anticipated to garner a remarkable position in the food processing sector. It is attributed to a surge in demand for bakery & confectionery items, owing to a busy lifestyle and an increased preference for fresh & ready-to-eat convenience foods comprising high nutritional values. An upsurge in 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.

Geographical Penetration:

Europe America is the dominating region during the forecast period

In 2021, Europe is expected to generate the highest market share in the forecast period. Some major countries in the region, like Italy, Spain, and Portugal, generate the highest revenue. Portugal is the largest producer of carob. In 2018, Portugal consumed the highest volumes of carob (38K tonnes). Increased demand for carob for the bakery & confectioneries and dairy products in Europe drives the market growth. Increased demand for natural components and additives in food items containing carob help increase carob sales in the region. Also, the increased demand for carob for animal feed and pet food in Europe has led to the carob market's expansion. Increased demand for carob powder in various confectionery and baking products has boosted the global carob market's growth. It is expected to significantly increase the market's revenue contribution during the forecast period. Moreover, consumers are moving towards healthier alternatives like carob powder products would further increase the market growth for carob. Some major key players were actively working to create a strong position in the overall food and beverages industry with carob products.

Competitive Landscape:

There are several established participants in the industry and local manufacturers; hence, the market is fragmented. Some major market players are Altrafine Gums, Pedro Perez, Savvy Carob Co. Ltd., DuPont, Carob S.A., Stavros Parpis Foods Ltd., TIC Gums Inc. And AEP Colloids, among others. In August 2020, DKSH Business Unit Performance Materials has become a key distribution partner for Carob germ meal with Polygal in 14 markets across Europe, including Belgium, Denmark, Finland, France, Germany, Iceland, Italy, the Netherlands, Norway, Spain, Sweden, Portugal, Switzerland and the UK. Under this agreement, DKSH provided marketing and sales as well as distribution and logistics for Polygal's Polygum Carob Pro-TN (carob germ meal) for use in gluten-free bakery products and other applications. In May 2022, WNWN, a UK-based company, announced the world's first consumer sale of cacao-free chocolate. Starting on May 18, its boxes of dark chocolate tins that are primarily made from fermented barley and carob are available to buy online in its home country. In November 2021, AgriTech start-up CarobWay, Ltd., together with Israel's oldest environmental arm, the Jewish National Fund (JNF-KKL), kicked off a nationwide research initiative for carob trees. The start-up announced it also sealed agreements with R&D farms and local farming communities in Israel to optimize carob cultivation to develop innovative carob-derived products. The start-up also established its first 70-hectare (173 acres) modern carob grove in the Upper Galilee region.

COVID-19 Impact:

Negative impact on the global carob market

COVID 19 has a significant negative impact on the carob market. Covid impact slows down the growth of the carob industry. Decrease the demand for fast food and chocolates and food atoms made in restaurants due to the changing eating habit of the consumers. Consumers were moving toward healthy and fresh eating habits that lower the carob value and hamper the market growth. Research and development slow down during the pandemic due to the virus. Due to the demand shortage, the carob industry is hampered by the manufacturers of chocolates, bakeries, beverage servings, the food sector, and other dairy goods. The food processing industries were completely closed during the pandemic, negatively impacting the market. Medical supplies and life support products heavily influence the carob market. The government has implemented strict lockdown and social isolation measures throughout the planet. It has taken all of the necessary steps and has raised public awareness. The government established food restrictions and labor stoppage orders. Various governments throughout the globe have imposed stringent lockdown and social isolation norms ever since the outbreak of the coronavirus pandemic. Market closures brought to halt the eating out habits, and a drop in demand for various food and beverages have all contributed to the industry’s decline.

The global carob market report would provide an access to approximately 61 market data tables, 54 figures and 170 pages