Carob Powder's Natural Sweetness and Health Benefits Set to Stir Up the Global Market with a Steady Growth Forecast

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Oct 31, 2023, 06:45 ET

DUBLIN, Oct. 31, 2023 /PRNewswire/ -- The "Carob Powder Market Size, Share & Trends Analysis Report And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.

In light of burgeoning health and wellness consciousness globally, the carob powder market is poised to experience a substantial growth trajectory. The market size is projected to reach a valuation of USD 75.1 million by 2030, registering a Compound Annual Growth Rate (CAGR) of 4.2% from 2023 to 2030.

Carob powder, known for its natural sweetness, low-fat content, and caffeine-free attributes, is gaining traction as a healthier alternative to conventional cocoa powder. Besides being rich in fiber and gluten-free, carob powder finds extensive applications across bakery, confectionery, and pet food industries, thanks to its naturally sweet flavor and high dietary fiber content.

The report highlights the dominant share held by the natural product segment in the market in 2022, largely attributed to the widespread use, popularity, and accessibility of natural carob powder, particularly as a crucial ingredient in chocolate making.

Moreover, the cost-effectiveness and ready availability of natural carob powder further contribute to the market's growth. The growing consumer inclination towards plant-based or vegan food ingredients has also augmented the demand for carob powder, which is derived from the carob tree and serves as a natural substitute for cocoa powder.

In 2022, the Business to Business (B2B) segment commanded the largest revenue share, driven by the escalating use of carob powder in confectionery, pastry goods, sauces, spreads, drinks, and various other products. The advent of premium artisanal products and nutritious baked goods has spurred spending among industry players over the past several years, leading to an upswing in the global bakery market.

The report underscores Europe's substantial market share in 2022, attributed to its status as one of the world's largest consumers of baked goods and chocolates. The escalating trend towards plant-based or plant-derived products, spurred by a growing vegan populace, is further catalyzing the demand for carob powder in Europe.

Some of the key highlights from the report include:

The Asia Pacific region is predicted to witness the fastest CAGR over the forecast period. The surging prevalence of diabetes in countries like India and China is expected to shift consumer preferences towards sugar-free alternatives, thereby enhancing the product's appeal.
The organic product segment is forecasted to grow at the fastest CAGR over the forecast timeframe, driven by the surging demand for organic goods in tandem with rising health and wellness awareness.
The Business to Consumer (B2C) segment is anticipated to exhibit the fastest CAGR over the forecast period, with the growing trend of at-home baking among consumers seeking maximum nutritional benefits, resulting in elevated product usage.

The report encompasses a detailed analysis spanning 80 pages and covers a forecast period from 2022 to 2030. It provides a thorough examination of the market dynamics, key players, and various strategies employed by industry participants to secure a higher market share, including partnerships, M&As, and global expansions.

For more information about this report visit https://www.researchandmarkets.com/r/dnm5d5

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SOURCE Research and Markets