The global carob powder market size is expected to reach USD 69.8 million by 2027, expanding at a CAGR of 5.0% over the forecast period, according to a new report by Grand View Research, Inc. Growing popularity of carob powder as a healthier alternative to cocoa powder in the bakery and confectionery sector is expected to remain a key factor driving the industry. Furthermore, growing demand for gluten-free diet in developed economies, including U.S., Germany, France, and U.K., is projected to promote the spending on carob powder as a natural ingredient in the commercial and household sectors in the near future.
Over
the past few years, the buyers have been shifting their focus towards the
incorporation of healthier ingredients, including carob powder, which contains
fiber, calcium, protein, and no saturated fats. These features are expected to
promote the utility of carob powder as an ingredient for manufacturing various
confectionery products.
The
B2C (Business-to-Consumer) segment is expected to expand at the fastest CAGR of
6.7% from 2020 to 2027. As consumers worldwide are becoming more interested in
healthier food options, they are practicing baking at home to avail the actual
nutrition benefits. Moreover, increasing demand for artisanal bakery and
confectionery products is expected to contribute to the segment growth in the
coming years.
Asia
Pacific is expected to expand at the fastest CAGR of 6.1% from 2020 to 2027.
Millennials have been increasingly adopting a healthy lifestyle in the
countries, including China, Japan, and South Korea, owing to which they are
shifting towards healthier food products. Moreover, shifting consumer
preferences for the consumption of sugar-free alternatives owing to growing
prevalence of diabetes in countries, such as India and China, are expected to
increase popularity of carob powder in the upcoming years.
Full Research Report On Carob Powder Market Visit Here:
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Carob Powder
Market Report Highlights
- Organic
products are expected to expand at the fastest CAGR of 5.5% from 2020 to
2027. This growth is attributed to increased importance of
organic-labelled products in the food and beverage industry at the global
level
- The B2C
application segment is expected to register the highest CAGR of 6.7% from
2020 to 2027. Growing consumer awareness regarding the health benefits of
carob flour, coupled with high visibility of these products, is expected
to contribute to the segment growth
- Europe held
the largest share of 40.2% in 2019. Strong presence of health-conscious
consumers in key countries, including Germany, U.K., and France, is
expected to prompt the consumption of carob powder as an alternative
intermediate for manufacturing confectionery products at the domestic
level
- Key market
players include THE AUSTRALIAN CAROB CO.; The Carob Kitchen; Frontier
Co-op.; Oak Haven Inc.; Barry Farm Foods; NOW Foods; Ingredients UK Ltd;
Jedwards International, Inc.; OUASDI INTERNATIONAL; and Alpine Herb
Company Inc.
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Carob Powder
Market Segmentation
Grand View Research has
segmented the global carob powder market on the basis of product, application,
and region:
Carob Powder
Product Outlook (Revenue, USD’000, 2016 - 2027)
- Natural
- Organic
Carob Powder
Application Outlook (Revenue, USD’000, 2016 - 2027)
- B2B
- Bakery
- Confectionery
- Others
- B2C
Carob Powder
Regional Outlook (Revenue, USD’000, 2016 - 2027)
- North America
- U.S.
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- Australia
- Central & South America
- Brazil
- Middle East & Africa
- South Africa
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company, registered
in the State of California and headquartered in San Francisco. The company
provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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