The Latin America, Middle East and Africa Carob Market would witness market growth of 10.3% CAGR during the forecast period (2021-2027).
Carob powder is like cocoa powder and can be used as a substitute for cocoa. It contains natural sweetener, which reduces the requirement of adding sugar while preparing different food recipes. In addition, carob can also be turned into baking chips and syrup. There are several carob products available in the market including carob chips, which are becoming more popular among the consumers. Many consumers prefer the taste of carob and thus, they use carob and chocolate chips in their cookie & brownie recipes. The natural sweetness of carob helps manufacturers in eliminating the addition of more sugar in their products.
The high cultivation of carob in this region is attracting key companies to expand their reach in this region. Carob-based products like carob powder and carob chips are highly popular in the region due to their great taste, color, and high nutritive value. This would support the growth of the carob market in this region. Moreover, the rising income level of the consumers is motivating them to spend more on the consumption of healthy food substitutes.
In addition, the rising cases of various diseases like diabetes in this region are motivating consumers to opt for healthier food products and thus, bolstering the growth of the regional market. However, carob is a bit expensive than cocoa powder, which would restrict its adoption among consumers and manufacturers and hence, hinder the growth of the carob market in this region.
The Gum market dominated the South Africa Carob Market by Product in 2020, thereby, achieving a market value of $2,944 Thousands by 2027. The Powder market is estimated to grow at a CAGR of 11.5% during (2021 - 2027). Additionally, The Others market is expected to witness highest CAGR of 12% during (2021 - 2027).
Based on Product, the market is segmented into Gum, Powder, and Others. Based on Application, the market is segmented into Bakery & Confectionery, Nutrition & Supplements, Dairy Products, Pharmaceuticals, and Others. Based on Distribution Channel, the market is segmented into Supermarket/Hypermarket, Direct Supply, E-commerce, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Carob Market is Predict to reach $351.7 Million by 2027, at a CAGR of 9.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include TIC Gums, Inc. (Ingredion Incorporated), DuPont de Nemours, Inc., The Hain Celestial Group, Inc., Tate & Lyle PLC, Euroduna Americas, Inc. The Carob Kitchen, NOW Foods, Inc., Jedwards International, Inc., Alpine Herb Company, Inc., and Barry Farm Foods.
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