From 2022 to 2032, the global consumption of carob powder is anticipated to grow quickly at a CAGR of 6.3%. The market for carob powder was estimated to be worth $54.9 billion globally in 2021, and by the end of 2032, it is expected to be worth US$105.9 billion.
A carob-based dish is made with carob powder. The pod is ground into a powder after drying. Carob seed flour has a delicious, chocolate-like flavour. It is frequently substituted for chocolate or cocoa powder. Carob seed powder can be used to make delicacies like cookies, cakes, and other sweets. This ingredient works well in yoghurt, carob chocolate, and smoothies.
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Key Takeaways from Market Study:
- Global carob powder market to reach a valuation of US$ 105.9 billion by 2032.
- Market in North America projected to increase at 6.7% CAGR over forecast period.
- Market in China accounts for 46.7% share of global market.
- B2B sales channel expected to rise at 6.7% CAGR from 2022 to 2032.
“Carob powder manufacturers across the world are launching vegan food products in various food categories to capture a larger market share as the vegan population grows. Such considerations are projected to broaden the scope of carob powder as a vegan ingredient in the creation of diverse food products over the coming years,” says a Fact.MR analyst
What’s Impeding Carob Powder Market Growth?
“Presence of Alternatives & High Cost of Carob Powder Products Restraining Market Expansion”
Limited availability and the presence of alternatives in the carob powder market are some of the significant issues the carob market will face over the coming years, even hurting the sales growth of carob gum.
Raw material shortages, the high cost of carob powder products, and the lack of knowledge about the benefits of carob powder are factors that are hampering market growth.
Competitive Landscape:
Product innovation is projected to be a key success factor for the worldwide carob powder industry. Carob powder manufacturers are boosting their investments in the manufacture and development of carob-based confectionery products.
As the carob powder market becomes increasingly competitive, leading competitors are concentrating their efforts on achieving higher production capacity to meet consumer expectations.
Key Companies Profiled:
- THE AUSTRALIAN CAROB CO.
- Frontier Co-op.
- Barry Farm Foods
- NOW Foods
- Ingredients UK Ltd.
- Jedwards International, Inc.
- Alpine Herb Company Inc.
Winning Strategy:
Market players have been working tirelessly to introduce emerging innovations and products to keep the market strong in the broader food and beverage industry. To differentiate themselves from the competition, industrial giants are engaging in various marketing techniques such as acquisitions, mergers, and collaborations.
With the increasing demand for carob powder in the worldwide industry, carob powder manufacturers are expected to see profitable growth prospects over the coming years.
Key Segments Covered in Carob Powder Industry Research:
· By Product Type :
- Natural Carob Powder
- Organic Carob Powder
· By Sales Channel :
- B2B Sales of Carob Powder
- B2C Sales of Carob Powder
· By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Questionnaire answered in the Market outlook Report of Carob Powder include:
- What is the key strategy deployed by large players to maximize Carob Powder growth?
- What are the main challenges faced by players in the Carob Powder Demand?
- With the advent of technological advancement, how will the Carob Powder landscape change over the forecast period?
- What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Carob Powder size?
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