Carob Market: Snapshot
The carob market may observe extensive growth opportunities through the forecast period of 2024-2030 on the grounds of the rising use in applications such as pharmaceuticals, dairy products, food and beverages, cereals, and bakery products. Carob is extracted from the carob tree (Ceratonia siliqua). The heightened awareness about carob as a healthy substitute may bring expansive growth opportunities for the carob market across the forecast period of 2024-2030.
The global carob market can be segmented into organic and conventional on the basis of category. Based on form, the global carob market can be classified into gum, powder, and others. The escalating popularity of carob as a healthy food alternative may bring exponential growth for the carob market.
The report on the global carob market highlights the important factors that are necessary for the growth of a business. The exhaustive report analyses varied aspects across a plethora of growth parameters such as competitive landscape, regional assessment, emerging trends, and others. The report further plays an important role in helping the stakeholder to understand the impact of COVID-19 on the carob market.
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Carob Market: Competitive Landscape
Numerous players are in competition for gaining an upper hand across the carob market. The manufacturers in the carob market try to increase their presence through novel product launches. Activities such as mergers, acquisitions, joint ventures, collaborations, and partnerships also help the players in the carob market to cement their position.
The players in the carob market are also involved in research and development activities for discovering novel innovations and formulations that provide good quality and add to the nutritional value of the products. Some well-entrenched players in the carob market are Cyber colloids, Madanargan, The Hain Celestial, Australian Carobs, Creta, Lewis Confectionary, and Savvy Foods.
Carob Market: Advantages that Display Growth Potential
The global carob market may gain immense growth on the grounds of the varied advantages it offers to a plethora of end-users. Here are some cutting-edge advantages that bring extensive growth for the carob market.
Disease-resistant properties: Carobs contain polyphenols that act as robust antioxidants. These antioxidants neutralize the free radicals and they are also good for the gut. Thus, this factor may bring good growth opportunities for the carob market.
Tackles Diarrhea: Carob has tannin and fiber that helps in normalizing the bowel movement. Tannins also assist in controlling the cancerous growth of harmful microorganisms. These aspects help to overcome diarrhea.
Diabetic-friendly: Carobs are useful in managing blood sugar levels. In addition, the carob is naturally sweet. Therefore, carobs can serve as a feasible alternative for sugar across products such as ice cream and chocolates.
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Carob Market: Recent Developments
The carob market is always observing great innovations. Some of the recent developments are as follows:
- Pharmactive recently launched CSAT+, a mix of carob bean extracts that helps in weight management
- Polygal recently discovered a gluten-free ingredient to add in bakery item named Polygum Carob Pro-TN
- Supertreats, a London-based startup recently announced a range of minimally processed healthy confectionary for kids containing carob powder
Carob market: Regional Dimensions
The carob market can be geographically segmented into North America, the Middle East and Africa, Latin America, Europe, and Asia Pacific. Europe may harness sufficient growth for the carob market during the forecast period of 2024-2030 and emerge as the largest growth contributor. The growing popularity of bakery and confectionery products is bringing considerable growth for the carob market.
Asia Pacific may also record rapid growth across the forecast period due to the expanding awareness about the health benefits of carob. The Middle East and Africa may also garner moderate growth between 2024 and 2030. The magnifying demand for bakery products may serve as a prominent growth accelerator for the region.
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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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