Carob Chocolate Market Size Worth $1.31 Billion By 2028: Grand View Research, Inc.
SAN FRANCISCO, Jan. 13, 2022 /PRNewswire/ -- The global carob chocolate market size is expected to reach USD 1.31 billion by 2028, registering a CAGR of 6.4% over the forecast period, according to a new report by Grand View Research, Inc. The growing product demand as a healthier alternative, coupled with the growing expansion of online retail in the nutritional foods sector is acting as a major driver. The growing consumer demand for foods of higher nutritional and sensory quality has encouraged the introduction of carob ingredients, in bakery products.
Key Insights & Findings from the report:
- North America accounted for the maximum share of the global revenue in 2020. The rising number of health-conscious consumers in the region is boosting the product demand as it is majorly promoted as a substitute for chocolate with no caffeine or theobromine content
- The chips product segment is projected to register the fastest CAGR during the forecast period
- The rising trend for preparing products using natural ingredients and clean-label products is expected to boost the demand for carob chocolate products, including carob chocolate chips
- The others segment is expected to register the fastest CAGR during the forecast period. The others segment includes independent grocery stores, airport retail stores, gym stores, and e-commerce websites
- Companies have been expanding their customer base by distributing products through various distribution channels
Read 80 page market research report, "Carob Chocolate Market Size, Share & Trends Analysis Report By Product (Bars, Chips), By Distribution Channel (Health & Specialty Stores, Supermarkets & Hypermarkets), By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research
Carob is a good source of antioxidants, as one tablespoon of it processed into a powder has approximately 25 calories, no saturated fat, no cholesterol, and 6g of carbohydrate. As compared to carob powder cocoa powder has more fat and caffeine. Carob also contains three times as much calcium as cocoa powder, has a high iron content, and is claimed to reduce cholesterol. Growing awareness regarding such benefits is driving product sales.
The increased consumer demand for organic products has prompted several manufacturers to enter new industries with a slew of product launches. In this regard, brands are coming up with organic carbo chocolates. For instance, in January 2020, Carobou, the official importer and producer of The Australian Carob Co., released organic carob chocolate bars under the brand Aussie USA, which is USDA-certified organic, soy-free, and caffeine-theobromine-free.
The supermarkets & hypermarkets segment accounted for the maximum revenue share in 2020. Supermarkets/hypermarkets offer a variety of products. Owing to the increasing demand for healthy products, many of these stores have been increasing shelf space and providing trained professionals that guide customers about the quality of the products, offer food samples, and provide expert recommendations. The market is characterized by the presence of small companies owing to family businesses and startups. Key players are focusing on expanding their portfolios by introducing new products.
Market Segmentation:
Grand View Research has segmented the global carob chocolate market on the basis of product, distribution channel, and region:
- Carob Chocolate Product Outlook (Revenue, USD Million, 2016 - 2028)
- Bars
- Chips
- Others
- Carob Chocolate Distribution Channel Outlook (Revenue, USD Million, 2016 - 2028)
- Supermarkets & Hypermarkets
- Convenience Stores & Drug Stores
- Healthy & Specialty Stores
- Others
- Carob Chocolate Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- U.S.
- Europe
- Germany
- U.K.
- France
- Belgium
- The Netherlands
- Asia Pacific
- China
- Australia
- Central & South America
- Brazil
- Middle East & Africa
- South Africa
List of Key Players of Carob Chocolate Market
- Missy J's
- CAROBOU LLC
- The Carob Kitchen
- Uncommon Carob
- Foundations Food
- D&D Chocolates
- Iswari
- Caroboo
- Supertreats U.K.
- Carob World
Check out more studies related to chocolate types and confectionaries, published by Grand View Research:
- Chocolate Market – The global chocolate market size was valued at USD 130.56 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.6% from 2020 to 2027. Rising awareness regarding dark chocolate as a healthier confectionery product, which consists of antioxidants that protect the skin from harmful ultraviolet rays, is expected to promote the market growth over the next few years.
- Vegan Chocolate Confectionery Market – The global vegan chocolate confectionery market size was valued at USD 467.2 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 14.8% from 2021 to 2028. Increasing acceptance of veganism among consumers, especially among millennials and the working population, has been fueling the product demand.
- Gluten-free Chocolate Market – The global gluten-free chocolate market size was estimated at USD 1.40 billion in 2018 and is expected to register a CAGR of 7.8% over the forecast period. Increasing prevalence of the celiac disease is the key factor driving the product demand.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.
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