Carob Powder Market To Hold a High Potential for Growth by 2030: Grand View Research Inc.

 Carob Powder Market Growth & Trends

The global carob powder market size was estimated to reach USD 75.10 million in 2030 and is anticipated to expand at a CAGR of 4.0% from 2024 to 2030, according to a new report by Grand View Research, Inc. Growing demand for healthier food options as a result of rising health and wellness awareness. As carob powder is naturally sweet, low in fat, and free of caffeine, it is frequently seen as a healthier alternative to cocoa powder. Additionally, it is fiber-rich and gluten-free. Carob powder is also used in the bakery, confectionery, and pet food industries because of its naturally sweet flavor and high dietary fiber content. Such factors are driving the global market.

The natural segment dominated the market by holding the major share in 2023. The widespread use, popularity, and accessibility of natural carob powder, specifically used as a key ingredient in chocolate. Furthermore, natural carob powder is inexpensive and accessible, which is a key component driving the industry. Additionally, the preference of consumers for plant-based or vegan food ingredients has boosted the demand for carob powder. As a natural substitute for cocoa powder, carob powder is made from the carob tree. Such factors are driving the growth of the segment.

The B2B segment held the larger market size in 2023. The rising use of carob powder in confectionery and pastry goods as well as sauces, spreads, drinks, and other products is contributing to the growth of the segment. The development of premium artisanal products and nutritious baked goods has increased spending among industry participants over the past several years, leading to a rise in the worldwide bakery market. Therefore, it is anticipated that carob powder will be useful as a functional component in the creation of these baked items.

Europe accounted for a significant share of the market in 2023. One of the world's biggest consumers of baked goods and chocolate is Europe. Additionally, customers are gravitating more and more towards plant-based or plant-derived products owing to the increasing vegan population. Eventually, this will increase the demand for carob powder in Europe. Moreover, With the growing popularity of vegan and plant-based diets in Europe, carob powder has gained attention as a suitable ingredient.

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Carob Powder Market Report Highlights

• Asia Pacific is expected to grow with the fastest CAGR over the forecast period from 2024 to 2030. The rising prevalence of diabetes in nations like India and China is predicted to change consumer preferences towards sugar-free options, which would boost the appeal of carob powder.
• The organic segment is estimated to grow with a higher CAGR over the forecast period. The demand for organic goods, including carob powder, has increased as consumers’ awareness of health and wellness has increased thus driving the demand for organic carob powder.
• The B2C segment is anticipated to grow with a faster CAGR over the forecast period. The increasing trend of at-home baking among consumers to gain maximum nutritional benefits is resulting in increased use of carob powder thus driving the market growth.

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Carob Powder Market Segmentation

Grand View Research has segmented the carob powder market on the basis of product, application, and region:

Carob Powder Product Outlook (Revenue, USD Thousand, 2018 - 2030)

• Natural
• Organic

Carob Powder Application Outlook (Revenue, USD Thousand, 2018 - 2030)

• B2B
  • Bakery
  • Confectionary
  • Others
• B2C

Carob Powder Regional Outlook (Revenue, USD Thousand, 2018 - 2030)

• North America
  • US.
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia & New Zealand
• Central & South America
  • Brazil
• Middle East & Africa
  • South Africa

List of Key Players in Carob Powder Market

• THE AUSTRALIAN CAROB CO.
• The Carob Kitchen
• Frontier Co-op.
• Chatfield’s
• OliveNation
• NOW Foods
• Ingredients UK
• Jedwards International, Inc.
• Eurl Ouasdi International
• Healthworks

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.