SAN FRANCISCO, January 13, 2022 / PRNewswire / – The size of the global carob chocolate market is expected to attain USD 1.31 billion for 2028, posting a CAGR of 6.4% over the forecast period, according to a new report from Grand View Research, Inc.. The growing demand for products as a healthier alternative, coupled with the growing expansion of online retail in the nutritional food sector, is acting as a major factor. Growing consumer demand for foods of higher nutritional and sensory quality has encouraged the introduction of carob ingredients in bakery products.
Insights and key findings from the report:
- North America accounted for the majority of global revenue in 2020. The growing number of health-conscious consumers in the region is driving demand for the product, as it is primarily marketed as a substitute for chocolate without caffeine or theobromine content.
- Chip Products Segment Projected to Post Fastest CAGR Over Forecast Period
- The growing trend toward making products with natural ingredients and clean-label products is expected to drive demand for carob chocolate products, including carob chocolate chips.
- The Others segment is expected to post the fastest CAGR during the forecast period. The Others segment includes independent supermarkets, airport retail stores, gyms, and e-commerce websites.
- Companies have been expanding their customer base by distributing products through various distribution channels.
Read the 80 page market research report, “Analysis report of trends, participation and size of the carob chocolate market by product (bars, chips), by distribution channel (health and specialty stores, supermarkets and hypermarkets), by region and segment forecasts, 2021 – 2028“, by Grand View Research
Carob is a good source of antioxidants, as a tablespoon of processed powder has about 25 calories, no saturated fat, no cholesterol, and 6 g of carbohydrates. Compared to carob powder, cocoa powder has more fat and caffeine. Carob also contains three times more calcium than cocoa powder, is high in iron, and is claimed to lower cholesterol. Growing awareness of these benefits is driving product sales.
Increased consumer demand for organic products has led several manufacturers to enter new industries with a large number of product launches. In this sense, brands are presenting organic carbohydrate chocolates. for example in january 2020, Carobou, the official importer and producer of The Australian Carob Co., launched organic carob chocolate bars under the Aussie brand USA, which is USDA Certified Organic, Soy Free, and Caffeine and Theobromine Free.
The supermarkets and hypermarkets segment accounted for the highest share of revenue in 2020. Supermarkets / hypermarkets offer a variety of products. Due to the growing demand for healthy products, many of these stores have increased shelf space and provide trained professionals who guide customers on product quality, offer food samples, and provide expert recommendations. The market is characterized by the presence of small family-owned companies and startups. Key players are focusing on expanding their portfolios by introducing new products.
Market segmentation:
Grand View Research has segmented the global carob chocolate market based on product, distribution channel and region:
- Carob Chocolate Product Outlook (Revenue, USD Million, 2016 – 2028)
- Prospects for the carob chocolate distribution channel (revenue, USD million, 2016 – 2028)
- Supermarkets and Hypermarkets
- Convenience stores and pharmacies
- Healthy and specialized stores
- Others
- Carob Chocolate Regional Outlook (Revenue, USD Million, 2016-2028)
- North America
- Europe
- Germany
- United Kingdom
- France
- Belgium
- The Netherlands
- Pacific Asia
- central and South America
- middle East & Africa
List Of Key Players Of Carob Chocolate Market
- Missy J’s
- CAROBÚ LLC
- The algarrobo kitchen
- Rare carob
- Food Foundations
- D&D chocolates
- Iswara
- carob tree
- Super Goodies UK
- carob world
See more studies related to types of chocolate and confectionery, published by Grand View Research:
- chocolate market – The size of the world chocolate market was valued at USD 130.56 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.6% between 2020 and 2027. Increased awareness is expected of dark chocolate as a healthier confectionery product, consisting of antioxidants that protect the skin from harmful ultraviolet rays. to promote market growth in the coming years.
- Vegan Chocolate Confectionery Market – The size of the global vegan chocolate confectionery market was valued at USD 467.2 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 14.8% from 2021 to 2028. The growing acceptance of veganism among consumers, especially among millennials and the workforce, has been fueling the demand of the product.
- Gluten-free chocolate market – The size of the global gluten-free chocolate market was estimated at USD 1.4 billion in 2018 and is expected to register a CAGR of 7.8% during the forecast period. The increasing prevalence of celiac disease is the key factor driving demand for the product.
Browse through Grand View Research coverage of the Global food and beverage consumer industry.
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About the Grand View Research
Grand View Research, a US-based market research and consulting firm, provides syndicated and customized research reports and consulting services. Registered in California and based in San Francisco, the company has more than 425 analysts and consultants, and each year adds more than 1,200 market research reports to its extensive database. These reports offer an in-depth analysis of 46 industries in the world’s top 25 countries. 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 assess the opportunities that lie ahead.
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