Carob is obtained from the Ceratonia siliqua tree. The Mediterranean region, including Southern Europe, Northern Africa, and the larger Mediterranean islands, is native to this tree. Carob fruit resembles a dark brown pea pod that contains seeds and flesh. In the food sector, these seeds and pulp are utilised as thickeners, stabilisers, and natural sweeteners.
MARKET SCOPE
The "Global Carob Market Analysis to 2028" is a specialized and in-depth study of the food and beverages industry with a special focus on the global market trend analysis. The report aims to provide an overview of the carob market with detailed market segmentation by category, form, application, and geography. The report provides key statistics on the market status of the leading carob market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on category, the global carob market is segmented into organic and conventional.
- Based on form, the global carob market is segmented into solid and liquid.
- On the basis of distribution channel, the market is segmented into bakery and confectionery, dairy and frozen desserts, beverages, RTE and RTC foods, and others.
MARKET DYNAMICS
Drivers
- Growing awareness of carob as a healthier substitute for cocoa powder is significantly driving the market growth.
- The food manufacturers are replacing guar gum with carob gum as it displays similar properties which, is significantly contributing to the expansion of the carob market.
- The carob market is driven by caffeine-free property of carob powder, which makes it suitable for caffeine-intolerant consumers.
- Carob powder finds its utility in the confectionery, bakery, and pet foods industries as it has a natural sweetening flavor and is rich in dietary fiber is propelling the demand of carob in the market.
Restraints
- The limited availability, excessive cost, and availability of substitute product like cocoa beans and powder may impede the growth of the market.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The carob market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the carob market in these regions.
IMPACT OF COVID-19 ON CAROB MARKET
Various governments throughout the world have instituted tight lockdown and social isolation measures. Market closures decreased eating out habits, and a drop in demand for various food and beverages have all contributed to the market's decline. The food services sector, as well as other food industries such as the bakery sector, beverage servings, and dairy, are seeing a significant reduction in revenue generation. Since January 2020, the food services sector and other food industries such as bakery, beverage servings, and dairy have seen a significant decrease in revenue generation, resulting in lower sales of carob.
MARKET PLAYERS
The report covers key developments in the carob market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from carob market are anticipated to lucrative growth opportunities in the future with the rising demand for carob in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the carob market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- AEP Colloids
- Altrafine Gums
- Australian Carobs Pty Ltd.
- Carob S.A.
- Cyber colloids
- DuPont de Nemours, Inc.
- Savvy Carob Co Ltd
- Stavros Parpis Foods Ltd
- Tate and Tyle
- TIC Gums, Inc.
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.