GVR Report cover Carob Chocolate Market Size, Share & Trends 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

  • Report ID: GVR-4-68039-689-7
  • Number of Pages: 80
  • Format: Electronic (PDF)

Report Overview

The global carob chocolate market size was valued at USD 801.8 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.4% from 2021 to 2028. Carob is a caffeine-free and natural sweetener, due to which has a high demand across the globe. Moreover, the flourishing e-commerce sector is anticipated to boost the market further. The COVID-19 pandemic has had a devastating impact on the global food and beverage industry. Restaurants, bakeries, supermarkets, and other health stores were closed due to quarantine measures and lockdown orders, resulting in disastrous consequences and plummeting sales at an alarming rate since March 2020. This scenario, which was witnessed across the globe, affected the sales of carob chocolate products drastically.

U.S. carob chocolate market size, by product, 2018 - 2028 (USD Billion)

The shifting consumer inclination toward healthier alternatives to cocoa powder is expected to expand the product scope. Carob powder, used to make chocolates, is high in calcium, fiber, and protein, and, thus, boasts of various health benefits. Furthermore, it contains virtually no saturated fat and no cholesterol, owing to which it is gaining popularity among health-conscious consumers.

In recent years, the millennial population has radically reshaped the food industry. Millennials have become more conscious about their health and fitness, and, thus, are willing to pay a premium price for product ingredients that are healthier and eliminate added sugars and caffeine. Citing these trends, numerous product manufacturers are launching various confectionery products, such as bars and treats.

People have been focusing on a healthy diet now more than ever to increase their immunity and maintain a balanced diet. Carob can be used to treat cancer and diarrhea and lower cholesterol levels, which, in turn, is significantly boosting its demand. Carob has various applications in the food and beverage industry; it has been gaining importance recently due to its rising application in confectionery, bakery, and other food & beverages products. However, the limited availability and the rising costs are hindering the manufacturing of carob chocolates.

Product Insights

The chocolate bars segment held the largest market share of more than 42% in 2020 and is expected to maintain dominance over the forecast period. These are among the most popular chocolate types in the world. Bars can be homogeneous throughout or layered with a variety of nuts, fruits, etc. Carob Kitchen Australia, for instance, a leading manufacturer in Australia, offers a variety of dietetic, gluten-free, and vegan carob chocolate bars.

However, the chips segment is projected to register the fastest CAGR during the forecast period. A majority of consumers across the world are switching to healthier alternatives from sugary and cocoa chips to low-fat carob chocolate chips as they are naturally sweet, thereby driving this segment’s growth. The rising trend for preparing products using natural ingredients, clean-label products is expected to boost the demand for chocolate chips.

Distribution Channel Insights

The supermarkets & hypermarkets segment accounted for the largest revenue share of over 40% in 2020. Supermarkets & hypermarkets offer significant advantages to consumers, such as freedom of selection, lower prices, and high visibility of international brands. This makes them a suitable platform for all types of customers. Owing to the increasing demand for healthy products, many of these stores have been increasing shelf space and providing trained professionals that guide customers regarding the quality of the products, offer food samples, and provide expert recommendations.

Global carob chocolate market share, by distribution channel, 2020 (%)

The convenience stores channel is projected to register a CAGR of more than 6% from 2021 to 2028. These stores offer ease of purchase and have an extensive network, which drives the segment growth. Health & specialty stores are also among the prominent distribution channels. An increasing number of customers have been purchasing chocolates from these stores, especially those who are very certain about the specifications and ingredients of the products.  Customers also consider these stores as an alternative to supermarkets as it eliminates the need to wait in long check-out lines.

Regional Insights

North America accounted for the largest revenue share of over 39.4% in 2020. The health benefits associated with the consumption of carob chocolate and the increasing interest in premium and seasonal chocolates are two prominent factors driving the North America regional market. Over the last few years, chocolate and fair-trade-certified food products have been gaining immense traction among consumers in North America.

Europe is expected to witness a CAGR of 5.6% from 2021 to 2028. The rising trend of eating healthy foods, owing to increasing health concerns, such as diabetes and obesity, is expected to fuel the demand for carob chocolates across Europe, especially in Spain, Germany, and the U.K. According to an article published by the International Nut & Dried Fruit Council in July 2018, 70% of Europeans preferred buying healthy foods with less salt, sugar, fat, and calories.

Key Companies & Market Share Insights

The market is characterized by the presence of a few established players and new entrants. Companies have been implementing various expansion strategies, such as mergers & acquisitions, capacity expansions, strengthening their online presence, and new product launches, to gain a competitive advantage.

For instance, in October 2020, The Carob World, a Portuguese company, launched carob flour in response to the increasing adoption of carob in the national and international markets. In December 2019, Missy J’s launched “Notella”, an unsweetened carob hazelnut spread. The product launch was in accordance with the dietary requirements of consumers. Some of the key players operating in the carob chocolate market include:

  • Missy J’s

  • CAROBOU LLC

  • The Carob Kitchen

  • Uncommon Carob

  • Foundations Food

  • D&D Chocolates

  • Iswari

  • Caroboo

  • Supertreats U.K.

  • Carob World

Carob Chocolate Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 858.7 million

Revenue forecast in 2028

USD 1.31 billion

Growth rate

CAGR of 6.4% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million/billion and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, distribution channel, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Germany; France; Belgium; U.K.; The Netherlands; China; Australia; Brazil; South Africa

Key companies profiled

Missy J’s; CAROBOU LLC; The Carob Kitchen; Uncommon Carob; Foundations Food; D&D Chocolates; Iswari; Caroboo; Supertreats U.K.; Carob World

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global carob chocolate market report on the basis of product, distribution channel, and region:

  • Product Outlook (Revenue, USD Million, 2016 - 2028)

    • Bars

    • Chips

    • Others

  • Distribution Channel Outlook (Revenue, USD Million, 2016 - 2028)

    • Supermarkets & Hypermarkets

    • Convenience Stores & Drug Stores

    • Healthy & Specialty Stores

    • Others

  • 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

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