Carob Powder Market | Size, Share, and Report | 2031
The carob powder market size is projected to reach US$ 38.88 million by 2031 from US$ 26.81 million in 2023. The market is expected to register a CAGR of 4.6% during 2023–2031. Rising demand for gluten-free products continues to be a key trend in the carob powder market.
Carob Powder Market Analysis
The gluten-free and allergen-free attributes of carob powder have positioned it as a fundamental ingredient in the development of gluten-free products and snacks as well as food products tailored to specific dietary restrictions or allergies in people. Its natural, gluten-free status makes it a go-to choice for manufacturers willing to create products that cater to those with celiac disease or gluten sensitivities, providing a safe alternative for the preparation of gluten-free baked goods, confectioneries, etc. Moreover, it is free of common allergens such as dairy, nuts, and soy, which proves to be beneficial for individuals with multiple allergies or sensitivities, allowing them to enjoy a wider range of snacks and treats without fear of adverse reactions. Thus, the demand for carob powder is surging significantly due to increasing health concerns, especially among the youth.
Carob Powder Market Overview
Carob powder is often used as a healthier alternative to cocoa, as it is naturally caffeine-free, lower in fats, and boasts a sweet, mild flavor with an undertone of roasted notes. The gluten-free, vegan-friendly, and clean-label status of this ingredient makes it a favored choice among health-conscious consumers. Furthermore, the natural sweetness of carob powder reduces the need for additional sweeteners in recipes; this attracts a clientele of people aiming to reduce their sugar intake. It can be incorporated into a wide range of food and beverage items, including baked food items, chocolate substitutes, smoothies, and dietary supplements. Further, the sustainable cultivation of carob trees in arid regions aligns with the trend of environmentally conscious food production as well as consumption.
Strategic Insights
Carob Powder Market Drivers and Opportunities
Low Allergenicity of Carob Powder
Carob powder is naturally free from common allergens such as gluten, dairy, and nuts, making it suitable for individuals with food sensitivities or allergies. Although molecular biology studies indicate the presence of certain allergens in carob, they aren’t fully characterized yet. Moreover, they can be easily deactivated through heat processing, thereby nullifying the allergenicity of carob proteins. Thus, low allergenicity characteristics drive the use of carob powder in various food products, including those targeted at consumers with specific dietary restrictions.
Growing Adoption of Vegan and Plant-Based Diets
The gluten-free and allergen-free attributes of carob powder have positioned it as a fundamental ingredient in the development of gluten-free products and snacks tailored to individuals with dietary restrictions or allergies. Its natural gluten-free status makes it a go-to choice for manufacturers looking to create products that cater to those with celiac disease or gluten sensitivities, providing a safe alternative in gluten-free baked goods, confectionery, and other food items. growing adoption of vegan and plant-based diet has seen to leave a positive impact on the Carob Powder Market.
Carob Powder Market Report Segmentation Analysis
Key segments that contributed to the derivation of the carob powder market analysis are application and grade.
- Based on grade, the carob powder market is divided into conventional and organic. The organic segment held a larger market share in 2023.
- Based on application, the carob powder market is divided into bakery and confectionery, pharmaceuticals and nutraceuticals, and others. The bakery and confectionery segment held the largest market share in 2023.
Carob Powder Market Share Analysis by Geography
The geographic scope of the carob powder market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific dominates the carob powder market, and the market in this region is driven by the burgeoning demand for this ingredient in the bakery and confectionary industry. While carob powder is not native to the region, it has gained traction due to the increasing demand for healthier and natural food alternatives. Health-conscious consumers in countries such as Japan, Australia, and South Korea are turning to carob powder as a low-fat, caffeine-free, and allergen-free substitute for cocoa. The growing awareness of dietary restrictions, including gluten intolerance and lactose intolerance, further benefits the market in Asia Pacific.
Carob Powder Market Report Scope
Carob Powder Market News and Recent Developments
The carob powder market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the key developments in the carob powder market are mentioned below:
- California Cultured, a US-based startup, partnered with the Japanese chocolate giant Meiji. As per this partnership, California Cultured signed a 10-year deal with Meiji to supply its flavanol cocoa powder for incorporation into the latter’s chocolate offerings. (Source: California Cultured, Company Website, 2024)
- Azure Standard—a premier US-based distributor of healthy food and products for home, health, and garden—acquired Missy J’s Carob & Sweet Treats. (Source: Missy J's, Company Website, 2023)
Carob Powder Market Report Coverage and Deliverables
The “Carob Powder Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Carob powder market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Carob powder market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Carob powder market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the carob powder market
- Detailed company profiles
Have a question?
Shejal
Shejal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Get Free Sample For