Abstract
Summary
The carob market size was valued at $198,363.8 thousand in 2020 and is estimated to reach $384,882.3 thousand by 2030, registering a CAGR of 6.2 from 2021 to 2030.
The carob tree, or Ceratonia siliqua, has fruit that looks like a dark brown pea pod, which carries pulp and seeds. Carob is a sweet and healthy substitute for chocolate as it has a lot of fiber, antioxidants, low amounts of fat and sugar, no caffeine and no gluten. Furthermore, carob gum is mainly used as an adhesive or binder, a stabilizer for liquids, a fragrance and a texture enhancer. Growing use of carob in food pressing, pharmaceuticals, textiles and paper industries is expected to accelerate the growth of the global carob market during the forecast period.
Rise in popularity of clean label color products is attributable to rise in health concerns among consumers and increase in awareness with regard to the health benefits associated with organic and plant-based food additives and ingredients. Consumer perception about organically grown food is that they are healthy and serve as a nutritious alternative to conventionally grown products, thereby driving the growth of the carob market. Furthermore, carob finds its application in nutrition and supplement and animal feed industry as it is considerable sources of fiber. Carob is suitable as a pig feed. A study performed in a commercial pig farm in Greece looked at how feeding carob affected meat quality in pigs. A total of 160 weaning piglets were fed diets, containing either 0 or 75 or 100 or 125 g of carob pods per kg of feed. The results showed carcass weight was significantly higher with the addition of 75 or 100 g/kg carob pods. The use of carobs pods in pig feeding at the level of 125 g/kg feed did not have any effect on body weight. Carob pods are therefore suggested as a potential feed for fattening pigs.
The outbreak of COVID-19 has largely and negatively impacted the carob market. This is attributed to the lockdown implemented across various countries, which has hampered food processing and other processing industries. The pandemic is having a profound impact on the world, and is still affecting many parts of the world. Nutrition and supplements, dairy products, bakery and confectionery companies are heavily impacted due to lockdown, which in turn hampered the growth of the product market in COVID-19 period.
According to the carob market analysis, the carob market is segmented into product type, application, distribution channel and region. On the basis of product type, the market is categorized into powder, gum, and others. By application, it is classified into bakery and confectionery, nutrition and supplements, dairy products, pharmaceuticals and others. On the basis of distribution channel, it is divided as online retail, retail stores, online b2b and b2b direct supply. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Italy, Spain, Portugal, Greece, Germany, France, UK and Rest of Europe), Asia-Pacific (China, Japan, Australia, South Korea and Rest of Asia-Pacific), and LAMEA (Turkey, Brazil, South Africa, Saudi Arabia and Rest of LAMEA).
The major players operating in the market are Altrafine Gums, Pedro Perez, Savvy Carob Co. Ltd., DuPont, Carob S.A., Stavros Parpis Foods Ltd., AEP Colloids, TIC Gums Inc., Australian Carobs Pty Ltd. and Tate & Lyle.
KEY BENEFITS FOR STAKEHOLDERS
• The study provides an in-depth analysis of the global carob market with current trends and future estimations to elucidate the imminent investment pockets in the market.
• The report provides information regarding drivers, restraints, and opportunities with impact analysis.
• A quantitative analysis from 2020 to 2030 is provided to showcase the financial competency of the market.
• Porter’s five forces model of the industry illustrates competitiveness of the market by analyzing various parameters such as threat of new entrants, threat of substitutes, bargaining power of the buyers, and bargaining power of the suppliers operating in the market.
• Value chain analysis in the report provides a clear understanding of the roles of stakeholders involved in the value chain.
• Competitive intelligence highlights business practices followed by leading market players across various regions.
KEY MARKET SEGMENTS
• By Product Type
o Powder
o Gum
o Others
• By Application
o Bakery and Confectionery
o Nutrition and Supplements
o Dairy products
o Pharmaceuticals
o Others
• Distribution Channel
o Online retail
o Retail Stores
o Online B2B
o B2B Direct Supply
• By Region
o North America
U.S.
Canada
Mexico
o Europe
Italy
Spain
Portugal
Greece
Germany
France
UK
Rest of Europe
o Asia-Pacific
China
Japan
Australia
South Korea
Rest of Asia-Pacific
o LAMEA
Turkey
Brazil
South Africa
Saudi Arabia
Rest of LAMEA
Table of Contents
1 INTRODUCTION
1.1 Report description
1.2 Key benefits for stakeholders
1.3 Key market segments
1.4 Research methodology
1.4.1 Secondary research
1.4.2 Primary research
1.4.3 Analyst tools and models
2 EXECUTIVE SUMMARY
2.1 Key findings of the study
2.2 CXO perspective
3 MARKET OVERVIEW
3.1 Market definition and scope
3.2 Key findings
3.2.1 Top investment pockets
3.3 Value chain analysis
3.4 Porter’s five forces analysis
3.5 Market dynamics
3.5.1 Drivers
- 3.5.1.1 Various application of carob in bakery and confectionery industry
- 3.5.1.2 Consumer preference for healthier bakery products
- 3.5.1.3 Change in culture & lifestyle of the emerging Asian market
3.5.2 Restraints
- 3.5.2.1 Availability of healthier substitutes
- 3.5.2.2 Stringent regulations and international quality standards
3.5.3 Opportunities
- 3.5.3.1 Upsurge in demand for natural sweeteners
- 3.5.3.2 Rise in adoption of carob for animal feed
- 3.5.3.3 Rapid growth of the retail sector
3.6 Market share analysis (2020)
3.6.1 By product type
3.6.2 By application
3.6.3 By distribution channel
3.6.4 By region
3.7 Pricing analysis
3.8 Parent market analysis
3.9 Impact of COVID-19 on carob market
4 CAROB MARKET, BY PRODUCT TYPE
4.1 Overview
4.1.1 Market size and forecast
4.2 Powder
4.2.1 Key market trends, growth factors, and opportunities
4.2.2 Market size and forecast
4.3 Gum
4.3.1 Key market trends, growth factors, and opportunities
4.3.2 Market size and forecast
4.4 Others
4.4.1 Key market trends, growth factors, and opportunities
4.4.2 Market size and forecast
5 CAROB MARKET, BY APPLICATION
5.1 Overview
5.1.1 Market size and forecast
5.2 Bakery and Confectionery
5.2.1 Key market trends, growth factors, and opportunities
5.2.2 Market size and forecast
5.3 Nutrition and Supplements
5.3.1 Key market trends, growth factors, and opportunities
5.3.2 Market size and forecast
5.4 Dairy products
5.4.1 Key market trends, growth factors, and opportunities
5.4.2 Market size and forecast
5.5 Pharmaceuticals
5.5.1 Key market trends, growth factors, and opportunities
5.5.2 Market size and forecast
5.6 Others
5.6.1 Key market trends, growth factors, and opportunities
5.6.2 Market size and forecast
6 CAROB MARKET, BY DISTRIBUTION CHANNEL
6.1 Overview
6.1.1 Market size and forecast
6.2 Online retail
6.2.1 Key market trends, growth factors, and opportunities
6.2.2 Market size and forecast
6.3 Retail Stores
6.3.1 Key market trends, growth factors, and opportunities
6.3.2 Market size and forecast
6.4 Online B2B
6.4.1 Key market trends, growth factors, and opportunities
6.4.2 Market size and forecast
6.5 B2B Direct Supply
6.5.1 Key market trends, growth factors, and opportunities
6.5.2 Market size and forecast
7 CAROB MARKET, BY REGION
7.1 Overview
7.1.1 Market size and forecast, by region
7.2 North America
7.2.1 Key market trends, growth factors, and opportunities
7.2.2 Market size and forecast, by product type
7.2.3 Market size and forecast, by application
7.2.4 Market size and forecast, by distribution channel
7.2.5 Market size and forecast, by country
- 7.2.5.1 U.S
- 7.2.5.1.1 Market size and forecast, by product type
- 7.2.5.1.2 Market size and forecast, by application
- 7.2.5.1.3 Market size and forecast, by distribution channel
- 7.2.5.2 Canada
- 7.2.5.2.1 Market size and forecast, by product type
- 7.2.5.2.2 Market size and forecast, by application
- 7.2.5.2.3 Market size and forecast, by distribution channel
- 7.2.5.3 Mexico
- 7.2.5.3.1 Market size and forecast, by product type
- 7.2.5.3.2 Market size and forecast, by application
- 7.2.5.3.3 Market size and forecast, by distribution channel
- 7.2.5.1 U.S
7.3 Europe
7.3.1 Key market trends, growth factors, and opportunities
7.3.2 Market size and forecast, by product type
7.3.3 Market size and forecast, by application
7.3.4 Market size and forecast, by distribution channel
7.3.5 Market size and forecast, by country
- 7.3.5.1 Italy
- 7.3.5.1.1 Market size and forecast, by product type
- 7.3.5.1.2 Market size and forecast, by application
- 7.3.5.1.3 Market size and forecast, by distribution channel
- 7.3.5.2 Spain
- 7.3.5.2.1 Market size and forecast, by product type
- 7.3.5.2.2 Market size and forecast, by application
- 7.3.5.2.3 Market size and forecast, by distribution channel
- 7.3.5.3 Portugal
- 7.3.5.3.1 Market size and forecast, by product type
- 7.3.5.3.2 Market size and forecast, by application
- 7.3.5.3.3 Market size and forecast, by distribution channel
- 7.3.5.4 Greece
- 7.3.5.4.1 Market size and forecast, by product type
- 7.3.5.4.2 Market size and forecast, by application
- 7.3.5.4.3 Market size and forecast, by distribution channel
- 7.3.5.5 Germany
- 7.3.5.5.1 Market size and forecast, by product type
- 7.3.5.5.2 Market size and forecast, by application
- 7.3.5.5.3 Market size and forecast, by distribution channel
- 7.3.5.6 France
- 7.3.5.6.1 Market size and forecast, by product type
- 7.3.5.6.2 Market size and forecast, by application
- 7.3.5.6.3 Market size and forecast, by distribution channel
- 7.3.5.7 UK
- 7.3.5.7.1 Market size and forecast, by product type
- 7.3.5.7.2 Market size and forecast, by application
- 7.3.5.7.3 Market size and forecast, by distribution channel
- 7.3.5.8 Rest of Europe
- 7.3.5.8.1 Market size and forecast, by product type
- 7.3.5.8.2 Market size and forecast, by application
- 7.3.5.8.3 Market size and forecast, by distribution channel
- 7.3.5.1 Italy
7.4 Asia-Pacific
7.4.1 Key market trends, growth factors, and opportunities
7.4.2 Market size and forecast, by product type
7.4.3 Market size and forecast, by application
7.4.4 Market size and forecast, by distribution channel
7.4.5 Market size and forecast, by country
- 7.4.5.1 China
- 7.4.5.1.1 Market size and forecast, by product type
- 7.4.5.1.2 Market size and forecast, by application
- 7.4.5.1.3 Market size and forecast, by distribution channel
- 7.4.5.2 Japan
- 7.4.5.2.1 Market size and forecast, by product type
- 7.4.5.2.2 Market size and forecast, by application
- 7.4.5.2.3 Market size and forecast, by distribution channel
- 7.4.5.3 Australia
- 7.4.5.3.1 Market size and forecast, by product type
- 7.4.5.3.2 Market size and forecast, by application
- 7.4.5.3.3 Market size and forecast, by distribution channel
- 7.4.5.4 South Korea
- 7.4.5.4.1 Market size and forecast, by product type
- 7.4.5.4.2 Market size and forecast, by application
- 7.4.5.4.3 Market size and forecast, by distribution channel
- 7.4.5.5 Rest of Asia-Pacific
- 7.4.5.5.1 Market size and forecast, by product type
- 7.4.5.5.2 Market size and forecast, by application
- 7.4.5.5.3 Market size and forecast, by distribution channel
- 7.4.5.1 China
7.5 LAMEA
7.5.1 Key market trends, growth factors, and opportunities
7.5.2 Market size and forecast, by product type
7.5.3 Market size and forecast, by application
7.5.4 Market size and forecast, by distribution channel
7.5.5 Market size and forecast, by country
- 7.5.5.1 Turkey
- 7.5.5.1.1 Market size and forecast, by product type
- 7.5.5.1.2 Market size and forecast, by application
- 7.5.5.1.3 Market size and forecast, by distribution channel
- 7.5.5.2 Brazil
- 7.5.5.2.1 Market size and forecast, by product type
- 7.5.5.2.2 Market size and forecast, by application
- 7.5.5.2.3 Market size and forecast, by distribution channel
- 7.5.5.3 South Africa
- 7.5.5.3.1 Market size and forecast, by product type
- 7.5.5.3.2 Market size and forecast, by application
- 7.5.5.3.3 Market size and forecast, by distribution channel
- 7.5.5.4 Saudi Arabia
- 7.5.5.4.1 Market size and forecast, by product type
- 7.5.5.4.2 Market size and forecast, by application
- 7.5.5.4.3 Market size and forecast, by distribution channel
- 7.5.5.5 Rest of LAMEA
- 7.5.5.5.1 Market size and forecast, by product type
- 7.5.5.5.2 Market size and forecast, by application
- 7.5.5.5.3 Market size and forecast, by distribution channel
- 7.5.5.1 Turkey
8 COMPETITION LANDSCAPE
8.1 Competitive dashboard
8.2 Competitive heat map
8.3 MARKET PLAYER POSITIONING, 2020
9 COMPANY PROFILES
9.1 AEP COLLOIDS
9.1.1 Company overview
9.1.2 Key executive
9.1.3 Company snapshot
9.1.4 Product portfolio
9.2 ALTRAFINE GUMS
9.2.1 Company overview
9.2.2 Key executive
9.2.3 Company snapshot
9.2.4 Product portfolio
9.3 Australian Carobs Pty Ltd
9.3.1 Company overview
9.3.2 Key executives
9.3.3 Company snapshot
9.3.4 Product portfolio
9.3.5 Key strategic moves and developments
9.4 Carob S.A
9.4.1 Company overview
9.4.2 Key executives
9.4.3 Company snapshot
9.4.4 Product portfolio
9.5 DUPONT
9.5.1 Company overview
9.5.2 Key executive
9.5.3 Company snapshot
9.5.4 Product portfolio
9.5.5 Business performance
9.5.6 Key strategic moves and developments
9.6 Pedro Perez
9.6.1 Company overview
9.6.2 Key executives
9.6.3 Company snapshot
9.6.4 Product portfolio
9.7 SAVVY CAROB CO. LTD
9.7.1 Company overview
9.7.2 Key executive
9.7.3 Company snapshot
9.7.4 Product portfolio
9.8 STAVROS PARPIS FOODS LTD
9.8.1 Company overview
9.8.2 Company snapshot
9.8.3 Product portfolio
9.9 TIC GUMS INC
9.9.1 Company overview
9.9.2 Key executive
9.9.3 Company snapshot
9.9.4 Product portfolio
9.9.5 Key strategic moves and developments
9.10 TATE & LYLE PLC
9.10.1 Company overview
9.10.2 Key Executives
9.10.3 Company snapshot
9.10.4 Operating business segments
9.10.5 Product portfolio
9.10.6 R&D Expenditure
9.10.7 Business performance