Carob Powder Market Size Worth $69.8 Million by 2027 | CAGR: 5.0%: Grand View Research, Inc.

SAN FRANCISCO, June 3, 2020 /PRNewswire/ -- 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.

Key suggestions from the report:

• 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.

Read 80 page research report with ToC on "Carob Powder Market Size, Share & Trends Analysis Report By Product (Natural, Organic), By Application (B2B, B2C), By Region (North America, Europe, Asia Pacific, CSA, MEA), And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/carob-powder-market

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.

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

Find more research reports on Consumer F&B Industry, by Grand View Research:

• Citrus Oil Market – Growing demand for natural products to increase the nutritional value of food and beverages is anticipated to drive the growth.
• Hot Drinks Market – Demand for drinks including green tea, lemon tea, and detox coffee and tea is growing owing to increasing awareness related to the health benefits of these product, which, in turn, is driving the market for hot drinks over the forecast period.
• Flaxseeds Market – Growing awareness related to health benefits of linseed is a main factor anticipated to drive the market over the forecast period.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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