Written by rockyrai » Updated on: September 27th, 2024
IMARC Group's report titled "Carob Powder Market Report by Product (Natural, Organic), Application (B2B, B2C), and Region 2024-2032". The global carob powder market size reached US$ 60.9 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 91.9 Million by 2032, exhibiting a growth rate (CAGR) of 4.68% during 2024-2032.
Factors Affecting the Growth of the Carob Powder Industry:
The growing demand for carob powder due to increasing consumer preferences for natural and healthier alternatives is offering a positive market outlook. Carob powder has a low-fat content, high fiber, and the absence of caffeine and theobromine, which makes it appealing to a wider consumer base. Its nutritional profile aligns with dietary preferences, emphasizing wholesome and minimally processed food items that are free from various chemicals. Apart from this, the rising focus on healthier consumption habits among individuals is bolstering the market growth.
The rising focus on vegan and plant-based diets is catalyzing the demand for plant-derived alternatives like carob powder. Consumers are increasingly seeking alternatives to animal-derived products. In addition, carob emerges as an attractive option due to its plant-based origin and versatile applications in vegan recipes. Its use in dairy-free chocolates, desserts, and beverages caters to the needs of individuals adhering to plant-based lifestyles. Besides this, the increasing utilization of carob powder as an essential ingredient in the formulation of vegan-friendly food products, along with innovations in plant-based food sector, is supporting the market growth.
The escalating demand for carob powder on account of the increasing awareness among individuals about food allergies and intolerances is propelling the market growth. The rising adoption of allergen-free ingredients like carob powder among individuals is impelling the market growth. Besides this, carob powder is a safer option for individuals with dietary restrictions, such as gluten and lactose intolerance. Furthermore, consumers are increasingly seeking allergen-friendly alternatives to maintain their health. Additionally, manufacturers are leveraging the allergen-free properties of carob to meet the needs of consumers with food sensitivities.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/carob-powder-market/requestsample
Leading Companies Operating in the Global Carob Powder Industry:
Carob Powder Market Report Segmentation:
By Product:
Natural represents the largest segment on account of rising preferences for wholesome alternatives.
By Application:
B2B holds the biggest market share due to the thriving food and beverage (F&B) sector.
Regional Insights:
Europe enjoys a leading position in the carob powder market, which can be attributed to the increasing focus on eco-friendly practices.
Global Carob Powder Market Trends:
Carob powder is widely employed in various food and beverage applications. Moreover, manufacturers are prioritizing natural and functional ingredients like carob powder as a viable alternative to cocoa powder and other additives. It is used in numerous confectionery, bakery, beverages, and dairy alternatives. Besides this, ongoing product innovation is leading to the development of new formulations and blends, which is impelling the market growth.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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