Carob Market Snapshot (2023 to 2033)

The global carob market is expected to garner a market value of USD 761.6 million in 2023, further accumulating a market value of USD 1,129.3 million by registering a CAGR of 4.0% in the forecast period from 2023 to 2033. The growth of the carob market can be attributed to the increasing awareness regarding the benefits of the same, along with its medicinal properties. The market for carob registered a CAGR of 1.9% in the historical period 2018 to 2022.

Data Points Key Statistics
Estimated Base Year Value (2022) USD 732.3 million
Expected Market Value (2023) USD 761.6 million
Anticipated Forecast Value (2033) USD 1,129.3 million
Projected Growth Rate (2023 to 2033) 4.0% CAGR

Carob (Ceratonia siliqua) is a native plant to the eastern Mediterranean especially in Middle East countries. Carob is also called a locust bean and is primarily cultivated for its edible pods in majorly Mediterranean regions which include Southern Europe, North Africa, and the Canary Islands. Carob powder is also used as a substitute for cocoa powder in various bakery products.

Carob-based bars are consumed as an alternative to chocolate-based bars worldwide. Carob does not contain caffeine and theobromine (which is intolerant to some animals) and therefore is widely used in chocolate-flavored pet food for dogs and other animals. Carob pod meal is widely used as a rich source of energy for livestock, particularly for ruminants. Carob in the food industry is used as a thickening, gelling, stabilizing, or substitute for low-calorie food products.

Carob is fat-free, rich in pectin, and contains a high amount of proteins. Carob is primarily used in the production of confectionery and bakery products and a variety of beverages. Carob is also used for making flour and molasses and is a substitute for coffee.

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2018 to 2022 Carob Demand Analysis vs Forecast 2023 to 2033

The global demand for carob is projected to increase at a CAGR of 4.0% during the forecast period between 2023 and 2033, reaching a total of USD 1129.3 million in 2033, according to a report from Future Market Insights (FMI). From 2018 to 2022, sales witnessed significant growth, registering a CAGR of 1.9%.

The use of carob is increasing in nearly all age groups. This is owing to the nutritional health benefits provided by carob. In addition, the multi-purpose use of carob in different food products along with the same being used for the livestock industry. Furthermore, the use of carbon in mainstream food and desserts is paving the way for innovation in the food market.

Which are Some Prominent Drivers of the Carob Market?

Increasing use in the food and beverage industry accelerating market growth

The global carob market driving factors are increasing demand for bakery products coupled with the convenience of foods. Increasing opportunities in the bakery and confectionery industry is also another factor in driving the carob market along with the rise in the production of carob.

Increasing demand for carob powder in various bakery products and confectionery has strengthened the growth of the global carob market and hence is projected to significantly expand the revenue contribution of the market over the forecast period. Carob syrup is used as a natural sweetener and is considered a rich source of calcium. Hence, the global carob market is expected to increase its revenue contribution over the forecast period significantly.

Multi-purpose use of carob favoring the growth of the market

Carob is also used for treating diarrhea and cancer helps in reducing cholesterol levels, and are some of the factors driving the global carob market. Carob powder is widely used as an alternative to cocoa powder due to its health benefits, a major driving factor for the global carob market. Hence, the global carob market is expected to observe robust growth over the forecast period.

Nandini Roy Choudhury
Nandini Roy Choudhury

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What are the Challenges Faced by the Carob Market?

Rising costs of carob derailing growth of the market

The reduced supply of carob powder across the globe is reducing the opportunities for adding the same in different food products. In addition, rising market costs of carob are hampering the growth of the same. Moreover, reduced availability of substitutes such as cocoa beans and powder will reduce carob market demand, lowering global market value and size.

Region-Wise Insights

Countries CAGR (2022)
United States 9.6%
Germany 5.4%
China 4.6%
Japan 3.1%
India 27.7%

Chronic Diseases and Nutritional Content of Carob Bolstering Growth in North America?

Increasing health awareness and gluten-free food making carob popular

The high disposable income of the consumers in this region is motivating consumers to spend more on healthy food substitutes. This, in turn, is expected to support the growth of the North American carob market. In addition, increasing health awareness among consumers and the high prevalence of chronic diseases bolstered the carob market demand. Moreover, the prevalence of caffeine intolerance and sodium intolerance population is expected to create more demand for carob in this region.

The trend of consuming a gluten-free diet is also supporting the growth of the regional carob market. Numerous health benefits offered by carbs, like low cholesterol, more antioxidants, and high fiber, are attracting more consumers. Carob is increasingly used in the manufacturing of pet food items and is propelling regional market growth due to the increasing population of pets across the region. Thus, due to the aforementioned reasons, North America is expected to hold a 29.1% market share for the carob market in 2023.

Pet Food and Animal Feed Increasing Demand for Carob in Europe?

The nutritional qualities of carob boost the growth of the market

The carob products market in Europe is primarily driven by the high consumption of bakery & confectioneries and dairy products. Consumers in this region seek products, which contain natural ingredients and additives for preventing health issues.

The increasing use of carob for pet food and other animal feed in Europe has been contributing to the growth of the carob market. The confluence of all these abovementioned facts has encouraged food & beverages as well as animal feed manufacturers to use healthy & natural additives such as stevia. Thus, owing to the reasons mentioned above, Europe is expected to possess a 24.5% market share for the carob market in 2023.

Carob-based Products Attracting Consumers in the Asia Pacific?

Urbanization and retail sectors creating lucrative opportunities for the carob market

The growing fad of gluten-free diets along with the easy availability of carob-based products is increasing the demand for carob in the Asia Pacific market. In addition, the nutritional benefits of carbs are attracting a larger consumer base, especially in countries like India and China. In addition, urbanization, along with the penetration of retail stores, is changing the dynamics of the carob market. Thus, Asia Pacific is expected to procure a 22% market share for the carob market in 2023.

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Category-Wise Insights

Ready-to-Eat Convenience Foods Creating Opportunities for Carob?

The inclination toward sweetly packaged food bolsters demand carob

The bakery & confectionery industry has high growth potential and is anticipated to garner a remarkable position in food processing. This is attributed to the surge in demand for bakery & confectionery items, owing to busy lifestyles and an increase in preference for fresh & ready-to-eat convenience foods comprising high nutritional values.

Upsurge in the consumption of bakery products, especially the packaged variety, has augmented the demand for natural food additives and flavors, thereby supplementing the growth of the global carob market. Thus, the bakery and confectionery segment is expected to hold a 35% market share for the carob market in 2023.

Easy Accessibility and Availability Favoring Carob Sales in Retail Sectors?

Wide variety of products increasing sales of carob products in retail stores

Increasing urbanization, a rising working-class population, and competitive pricing are boosting the popularity of supermarkets and hypermarkets in developed and developing regions. Supermarkets and hypermarket is a one-stop shops for a wide variety of products. Thus, easy accessibility and availability of different brands further increase the consumer base of retail stores.

Retail stores include supermarket hypermarkets and specialty stores that focus on maximizing product sales to increase their profit margins. Supermarkets and hypermarkets effectively display a variety of carob products of different brands. In North America and Europe, supermarkets and hypermarkets are the most preferred retail outlets for the purchase of consumer goods.

Retail stores are expected to possess a 40% market share of the carob market.

Start-ups for Carob Market

Key start-up players in the carob market are Savvy Foods Ltd and CarobWay

In September 2022, CarobWay, a key start-up player, announced that it is planning to grow and export carob in a sustainable way and is assuring fair trade to the growers.

Market Competition

Some of the key players identified across the value chain of the global carob market include Australian Carobs Pty Ltd., CAROB S.A., EURODUNA AMERICAS INC., CyberColloids Ltd., The Hain Celestial Group, Inc., Carobs Australia Inc., Creta Carob, Lewis Confectionery Pty Ltd and MADANARGAN.

The companies are expected to expand their business by enhancing their product portfolio in the global carob market. The companies are projected to frame certain strategies in the future in order to gain a competitive advantage in the global carob market till 2033

  • Australian Carobs Pty Ltd, a key player in the carob market, is focusing on offering different products made of carobs, such as raw carob powder, roasted pure carob powder, carob syrup, and carob nibbles.
  • Cyber Colloids, another key player, is offering carob gums. Thus, the company is focusing on offering carob food products to all age groups.

Recent Developments

  • February 2023: Carob House, a prominent carob maker, revealed the debut of a new range of carob-based snacks and beverages. The fresh offerings seek to appeal to consumers with health concerns who are searching for an organic and without sugar option to chocolates.
  • March 2023: The Hain Celestial Group, a large food and drink business, purchased Carob Products, a prominent maker of carob-based goods. The purchase is a component of Hain Celestial's plan to grow its range of organic and sustainable food and drink goods.
  • April 2023: The European Union allowed the application of carob extract as a form of sugar in food and drinks. The clearance is likely to raise the need for carob extract in the European market.

Report Scope

Attribute Details
Market Value in 2023 USD 761.6 million
Market Value in 2033 USD 1,129.3 million
Growth Rate CAGR of 4.0% from 2023 to 2033
Base Year for Estimation 2022
Historical Data 2018 to 2022
Forecast Period 2023 to 2033
Quantitative Units Revenue in USD million and CAGR from 2023 to 2033
Report Coverage Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis
Segments Covered

Form, Distribution Channel, Application, Region

Regions Covered

North America; Latin America; Europe; Asia Pacific; Middle East and Africa

Key Countries Profiled

United States of America, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Malaysia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Israel

Key Companies Profiled

Australian Carobs Pty Ltd.; Euroduna Americas Inc.; CyberColloids Ltd.; The Hain Celestial Group Inc.; Savvy Foods Ltd.; Carobs Australia Inc.; Creta Carob; Lewis Confectionery Pty Ltd; Frontier Co-op; Oak Haven Inc.

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Key Segments Profiled in the Carob Industry Survey

By Form:

  • Solid
  • Liquid

By Distribution Channel:

  • via Fitness Stores
  • via Health Stores
  • via Online Stores
  • via Other Distribution Channels

By Application:

  • for Bakery Products
  • for Dairy Products
  • for Nutrition & Supplements
  • for Pharmaceuticals
  • for Other Applications

By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

Frequently Asked Questions

What is the anticipated growth of the carob market until 2033?

The global carob market is anticipated to grow at a CAGR of 4.0% from 2023 to 2033, reaching a value of USD 1,129.3 million by 2033.

Which region is forecast to be the most lucrative for carob market growth?

The Asia Pacific region is forecast to be the most lucrative for carob market growth, with a CAGR of 22% from 2023 to 2033.

Which are some prominent carob players?

The prominent carob players are Carob SA, The Australian Carob Co., Savvy Carob, Carobana, and Terra Carob.

Table of Content
  • 1. Executive Summary
  • 2. Market Overview
  • 3. Market Background
  • 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
  • 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Form
    • 5.1. Solid
    • 5.2. Liquid
  • 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Distribution Channel
    • 6.1. Fitness Stores
    • 6.2. Health Stores
    • 6.3. Online Stores
    • 6.4. Others
  • 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application
    • 7.1. Bakery Products
    • 7.2. Dairy Products
    • 7.3. Nutrition & Supplements
    • 7.4. Pharmaceuticals
    • 7.5. Others
  • 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
    • 8.1. North America
    • 8.2. Latin America
    • 8.3. Western Europe
    • 8.4. Eastern Europe
    • 8.5. South Asia and Pacific
    • 8.6. East Asia
    • 8.7. Middle East and Africa
  • 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
  • 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
  • 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
  • 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
  • 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
  • 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
  • 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
  • 16. Key Countries Market Analysis
  • 17. Market Structure Analysis
  • 18. Competition Analysis
    • 18.1. Australian Carobs Pty Ltd.
    • 18.2. Euroduna Americas Inc.
    • 18.3. CyberColloids Ltd.
    • 18.4. The Hain Celestial Group Inc.
    • 18.5. Savvy Foods Ltd.
    • 18.6. Carobs Australia Inc.
    • 18.7. Creta Carob
    • 18.8. Lewis Confectionery Pty Ltd
    • 18.9. Frontier Co-op
    • 18.10. Oak Haven Inc.
  • 19. Assumptions & Acronyms Used
  • 20. Research Methodology
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