Carob Extract Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Global Market Analysis Highlights Key Drivers and Regional Trends

The latest analysis report on the Carob Extract Market by unveils promising growth prospects, with global sales reaching US$ 240 Million in 2024. With a projected Compound Annual Growth Rate (CAGR) of 7.0% from 2024 to 2031, the market is expected to soar to a valuation of US$ 380 Million by the end of the forecast period. Notably, Carob Extract in gum form is anticipated to lead revenue generation, boasting a CAGR of over 5.8% during the same timeframe.

Key Drivers Influencing Market Expansion

The exponential growth of the Carob Extract Market is propelled by several key factors:

• Use as a Natural Sweetener and Flavoring Ingredient: Carob extract serves as a natural sweetener and flavoring agent in food and beverages, coupled with its utilization as a thickening agent in skincare and hair products.
• Rising Global Production: Global carob production has seen consistent growth since 2006, contributing to price stabilization and encouraging manufacturers to produce more carob extract.
• Demand for Healthier Sugar Substitutes: With an increasing number of individuals suffering from diabetes globally, there's a growing demand for healthier alternatives to sugar. Carob extract serves as a natural and healthier substitute, driving its adoption in various products.
• Gluten-Free Trend: The prevalence of celiac disease and the gluten-free trend worldwide have led to a surge in demand for organic gluten-free substitutes, positioning carob powder as a favorable option.
• Preference for Organic Food: Consumer preference for organic food is on the rise globally, creating growth opportunities for organic carob powder in the market.
• Innovative Marketing Strategies: Companies are popularizing carob powder as a perfect vegan and gluten-free substitute for cocoa powder, further fueling market growth.

Regional Growth Projections

Europe emerges as a significant market for Carob Extract, with a market size of US$ 95 Million in 2024 and expected to reach US$ 150 Million by 2031. Notably, countries like Switzerland, Germany, France, and the United Kingdom are among the top chocolate-consuming nations, driving demand for carob products.

Country-Wise Analysis

United States Carob Extract Market Analysis:

The United States carob extract market is projected to experience significant growth from 2024 to 2031. This growth is driven by consumers' increasing preference for healthier foods, leading to a sugar reduction movement. As awareness about the adverse effects of excessive sugar intake spreads, more Americans are turning to sugar substitutes, with over 141 million using them in 2021. Carob extract, known for its use as a natural sugar substitute and a cocoa alternative, is expected to witness growing demand in the US market.

United Kingdom Carob Extract Market Analysis:

In the United Kingdom, the carob extract market is anticipated to grow steadily from 2024 to 2031. The rise in organic food sales is a significant factor contributing to this growth. With European Union per capita expenditure on organic foods exceeding US$108 in 2020, consumer preference for organic products is on the rise. Consequently, organic carob products are expected to gain traction in the UK market.

China Carob Extract Market Analysis:

China's carob extract market is poised for substantial growth from 2024 to 2031. The country's high diabetic population, which reached 140 million in 2022, is driving demand for healthier sugar substitutes. Carob extract, being a natural sweetener that does not spike sugar levels, is likely to witness increased demand in China as a sugar substitute.

South Korea Carob Extract Market Analysis:

In South Korea, the carob extract market is expected to see significant growth in the coming years. The country's thriving skincare and cosmetics industry, particularly the trend towards organic skincare, presents opportunities for carob extract. Brands focusing on natural ingredients like Innisfree, Whamisa, and COSRX are likely to drive the use of carob extract in skincare products, contributing to market growth.

Japan Carob Extract Market Analysis:

Japan's carob extract market is projected to grow steadily from 2024 to 2031. The prevalence of diabetes, with around 20 million people at risk or suffering from the condition according to the Ministry of Health, Labor, and Welfare survey in 2018, is expected to drive demand for sugar substitutes. Carob extract, offering a natural alternative to sugar, is positioned to capitalize on this demand in the Japanese market.

Category-Wise Insights

Carob extract in gum form is projected to witness substantial revenue growth, attributed to its versatile applications in the food processing, beauty, and textile industries, coupled with its health advantages.

Competitive Landscape

Key players in the Carob Extract Market include Altrafine Gums, Savvy Foods, DuPont, Carob S.A, Stavros Parpis Foods Ltd., Carob World, AEP Colloids, Australian Carobs Co., Tate and Lyle, and Cargill Pvt. Ltd.

Segmentation of the Carob Extract Market:

By Form:

• Powder
• Gum

By Application:

• Bakery and Confectionery
• Nutrition and Supplements
• Dairy Product
• Pharmaceuticals
• Others

By Distribution Channel:

• Online Retail
• Retail Stores
• Online B2B
• B2B Direct Supply

By Region:

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

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