GVR Report cover Carob Powder Market Size, Share & Trends Report

Carob Powder Market Size, Share & Trends Analysis Report By Product (Natural, Organic), By Application (B2B, B2C), By Region (North America, Europe), And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-4-68038-216-7
  • Number of Pages: 80
  • Format: Electronic (PDF)

Carob Powder Market Size & Trends

The global carob powder market size was valued at USD 56.57 million in 2023 and is expected to grow at a CAGR of 4.0% from 2024 to 2030. Increasing awareness about health and wellness has led to a growing demand for healthier food options. Carob powder is often perceived as a healthier alternative to cocoa powder because it is naturally sweet, low in fat, and contains no caffeine. It is also gluten-free and rich in fiber. Furthermore, because it has a naturally sweet flavor and is high in dietary fiber, it is used in the confectionery, bakery, and pet food sectors. Carob powder has various health benefits such as high in protein, fiber, and calcium. In addition, the powder is also considered caffeine-free, gluten-free, and vegan eliminating its further fortification with sugar thus making it a go-to choice for health-conscious consumers.

Carob powder is free from common allergens such as dairy, soy, and nuts, making it suitable for individuals with allergies or dietary restrictions. It is also a popular choice among vegans as a substitute for cocoa powder, which is derived from cacao beans. The caffeine-free nature of carob powder makes it highly popular and it is ideal for users who are caffeine intolerant resulting in their increased adoption among caffeine-intolerant consumers thus driving the market growth. Additionally, this product has roughly three times as much calcium as cocoa. Because of this, it is particularly well-liked by women and people with calcium deficiencies.

U.S. Carob Powder Market size and growth rate, 2024 - 2030

Carob powder possesses several functional properties that make it desirable in the food industry. It acts as a natural thickening agent, imparts a smooth texture to products, and enhances the flavor profile. These properties make this product a sought-after ingredient in various applications, including confectionery, bakery, and beverages. Additionally, carob trees are considered a sustainable crop due to their ability to thrive in arid regions with minimal water requirements. Moreover, these trees contribute to soil health and have a positive impact on the environment. The sustainability aspect of the production of this product appeals to environmentally conscious consumers. Such factors are expected to surge the market growth in the coming years.

Consumers are increasingly seeking natural and organic food products. Carob powder is derived from the pods of carob trees without the need for additional processing, making it a natural ingredient. Additionally, organic carob powder, which is produced without the use of synthetic chemicals, caters to the demand for organic food choices. This ingredient is used in various food and beverage applications. It is commonly used as a cocoa powder substitute in baked goods, chocolate products, hot beverages, and ice creams. The versatility of this ingredient opens up opportunities in both commercial food production and home cooking further driving the market growth.

As the vegan population across the globe is growing, the demand for plant-based or vegan food and beverages is also growing. With the increasing demand for vegan food and beverages, the use of carob powder is also expected to grow offering key growth opportunities for the global market. According to the data published by The Future of Plant-based, the average annual growth of the launch of food products claimed plant-based or vegan has increased 21% during the period 2015 to 2019 whereas the growth for plant-based beverages grew 58% during the same period. Such factors are expected to expand the scope of this ingredient as a vegan ingredient in the formulation of various food products in the upcoming years.

Due to sedentary lifestyles and changing healthy habits the diabetic population is significantly growing across the globe. According to the data published by the International Diabetes Federation (IDF), in 2021 approximately 537 million adults aged 20 – 79 years have diabetes. Moreover, this figure is expected to reach 643 million by 2030 and 783 million by 2045. However, consumers are becoming more conscious and are opting for options that are healthier. This scenario is expected to increase the application of carob powder as a natural sweetener, which eliminates the need to fortify with additional sugar.

Market Concentration & Characteristics

The degree of innovation in the Carob Powder market is influenced by product development, technology integration, sustainability initiatives, and market trends. Companies seek to differentiate themselves by introducing variations like organic and gluten-free options, integrating sustainable packaging solutions, promoting ethical supply chains, and capitalizing on the increasing demand for plant-based and allergen-free products.

The market largely consists of smaller and medium-sized enterprises, with a few larger players. However, as the demand for natural and plant-based products, including carob powder, continues to rise, there is potential for increased merger and acquisition activities in the future.

Carob Powder Market Concentration & Characteristics

Regulations significantly influence the carob powder market, impacting product quality, safety, labeling, trade, and sustainability practices. These regulations encompass standards for quality and safety, packaging and labeling requirements, trade and import/export regulations, organic and sustainability standards, and governing health and nutrition claims.

In the carob powder market, there are several potential substitutes that consumers may consider. Some of these substitutes include cocoa powder, cacao powder, and other alternative flour and powders like almond flour, coconut flour, and tigernut flour. Cocoa and cacao powder are popular substitutes due to their similar chocolate-like flavor profiles, although they may have different nutritional profiles.

Application Insights

B2B accounted for a share of 86.9% in terms of application in the global market in 2023. This is attributed to the increasing application of carob powder in confectionery and bakery products along with sauces, spreads, beverages, and others. Over the past few years, the global bakery industry has been witnessing growth as the industry participants have been increasingly spending on the development of healthy baked goods and premium artisanal products. As a result, carob powder is expected to find utility as a functional ingredient in the manufacturing of these baked goods.

Global Carob Powder Market share and size, 2023

The B2C segment is anticipated to be the fastest-growing segment, growing at a CAGR of 5.6% from 2024 to 2030. The growth of the market is driven by health consciousness, dietary suitability, vegan trends, clean label preferences, unique flavor profiles, and accessibility through online retail channels. As consumers seek out healthier, allergen-free, and plant-based alternatives, carob powder provides an appealing option for a variety of homemade recipes and consumer-packaged goods. Moreover, as consumers worldwide are becoming more interested in healthier food options, they have been practicing baking at home to avail of the actual nutrition benefits. This trend is expected to promote the utility of carob powder as a baking agent in making home recipes over the next few years.

Product Insights

Natural carob powder accounted for a share of 56.3% of the global market revenues in 2023. This can be attributed to the wider penetration, popularity, and easy availability of natural carob powder, which is the raw material for chocolates. In addition, natural carob powders are low in price making them easily accessible which is a major factor driving the segment. Moreover, the growing consumer preference for natural and plant-based food ingredients has contributed to the rise in demand for carob powder. Carob powder is derived from the carob tree and is considered a natural alternative to cocoa powder.

The organic carob powder industry is expected to grow at a CAGR of 4.5% over the forecast period. Consumers are increasingly seeking organic food products due to concerns about pesticides, synthetic additives, and environmental sustainability. Organic carob powder is produced without the use of synthetic fertilizers, pesticides, or genetically modified organisms (GMOs), making it an attractive choice for health-conscious and environmentally-conscious consumers. The rise in health and wellness awareness has fueled the demand for organic products, including carob powder. Organic carob powder is perceived as a healthier alternative to conventional carob powder, as it is produced using organic farming practices that prioritize soil health, biodiversity, and natural inputs thus driving the growth of the market.

Regional Insights

As of 2023, Europe accounted for a share of 39.6% of the overall revenue. This is attributed to growing consumer interest in healthier alternatives to chocolate. Europe is among the largest consumers of chocolates and bakery products in the world. Moreover, consumers are increasingly shifting towards plant-based or plant-derived products, leading to an increase in the vegan population. This is eventually fueling demand for this product in the region. In Addition, the U.K. market is anticipated to grow at a CAGR of 2.6% over the forecast period from 2024 to 2030. This is attributed to its increasing use owing to its unique flavor and its versatility.

Carob Powder Market Trends, by Region, 2024 - 2030

The Asia Pacific carob powder market is expected to grow at a CAGR of 5.0% from 2024 to 2030. The growing popularity of carob powder owing to its rich nutritional content is the main factor driving the product demand in the region. Furthermore, the growing availability of carob powder at supermarkets and hypermarkets will boost the demand in the coming years. Moreover, shifting consumer inclination towards sugar-free alternatives owing to the growing prevalence of diabetes in countries, such as India and China, is expected to increase the popularity of this ingredient in the coming years.

The North America market of carob powder is expected to grow at a CAGR of 4.2% over the forecast period. Additionally, the U.S. carob powder industry is expected to grow at a CAGR of 3.9% from 2024 to 2030. This ingredient is low in fat and calorie content compared to cocoa powder and is perceived as a healthier choice. It is often used as a substitute for cocoa powder in various recipes, including baked goods, desserts, and beverages. Moreover, the demand for plant-based and vegan products is on the rise in North America. Carob powder, derived from the carob tree, is a naturally plant-based ingredient that serves as a suitable substitute for cocoa powder in vegan recipes. It allows consumers to enjoy chocolate-like flavors while adhering to their dietary preferences. Such factors are driving the market in the region.

Key Companies & Market Share Insights

Key industry players in this market face intense competition and have large customer bases for their products in both, regional and international markets. New product launches and establishment of strategic business units in developing economies including China and India are expected to remain the key strategies among the industry participants.

Key Carob Powder Companies:

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

Carob Powder Market Report Scope

Report Attribute

Details

Market size value in 2024

USD 59.46 million

Revenue Forecast in 2030

USD 75.10 million

Growth Rate

CAGR of 4.0% from 2024 to 2030

Base year for estimation

2023

Historical data

2018 - 2022

Forecast period

2024 - 2030

Report updated

January 2024

Quantitative units

Revenue in USD million/thousand and CAGR from 2024 to 2030

Report coverage

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

Segments covered

Product, application, region

Regional scope

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

Country scope

U.S.; Canada; Mexico; UK; Germany; France; Italy; Spain; China; India; Japan; Australia & New Zealand; South Korea; South Africa; Brazil

Key companies profiled

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

Customization scope

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

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Global Carob Powder Market Report Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest trends and opportunities in each of the sub-segment from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the carob powder market on the basis of product, application, and region.

Global Carob Powder Market Report Segmentation

  • Product Outlook (Revenue, USD Thousand; 2018 - 2030)

    • Natural

    • Organic

  • Application Outlook (Revenue, USD Thousand; 2018 - 2030)

    • B2B

      • Bakery

      • Confectionary

      • Others

    • B2C

  • Regional Outlook (Revenue, USD Thousand; 2018 - 2030)

    • North America

      • U.S.

      • 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

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