Global Carob Extract Market by Form (Powder and Gum), Carob Extract in Gum form is expected to a CAGR of over 5.8% from 2023 to 2033.
Industry: Food and Beverages
Published Date: March-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 250
Report ID: PMRREP33366
Newly-released Carob Extract Market analysis report by Persistence Market Research reveals that global sales of Carob Extract in 2022 were held at US$ 223.5 Million. With a projected CAGR of 5.5% from 2023 to 2033, the market is expected to reach a US$ 405.5 Million valuation by the end of the forecast period. Carob Extract in Gum form is expected to generate significant revenue, with a CAGR of over 5.8% from 2023 to 2033.
| Attributes | Details |
|---|---|
| Carob Extract Market (2022) | US$ 223.5 Million |
| Carob Extract Market (2033) | US$ 405.5 Million |
| Carob Extract Market CAGR (2023 to 2033) | 5.5% |
| United States Carob Extract Market CAGR (2023 to 2033) | 4.4% |
| Key Companies Covered |
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As per the research of Carob Extract Market by Persistence Market Research - a market research and competitive intelligence provider, historically, from 2018 to 2022, the value of the Carob Extract Market increased at around 6.2% CAGR. With an absolute dollar opportunity of US$ 168 Million, the market is projected to reach a valuation of US$ 405.5 Million by 2033.
The key driver influencing Carob Extract Market is its use as a natural sweetener or flavoring ingredient in food and beverages. Carob gum is also used as a thickening agent for gels, lotions, and creams for skin and hair products. Carob has antioxidant properties that are used to fight free radicals and reduce aging effects on the skin. For these properties, carob extract is also used in skincare products, for instance, Nuria beauty brand uses carob extract in their skin shielding essence.
The global production of Carob in 2019 was around 47K metric tons and in 2021 it became around 49.7K metric tons. The global production of carob has seen consistent year-on-year growth since 2006. This increase in global production is likely to result in a stabilized price, thus encouraging manufacturers to produce more carob extract.
The estimated number of people suffering from diabetes in 2021 was around 537 million, which is expected to grow with changed lifestyles and food habits. The growth in the number of diabetic patients globally can result in the demand for healthier substitutes for sugar. For instance, the global market size for natural sweeteners grew up to US$ 22.5 Million in 2020. The market is further expected to grow to create opportunities for carob extract as a healthier and natural alternative to sugar.
In 2022, about 1 to 1.5% of the global population was affected by Celiac Disease and the global prevalence of celiac disease was 1.4% as reported by blood tests and about 0.7% by biopsy. The only way to deal with celiac disease is to cut down on gluten completely. This has led to a gluten-free trend worldwide with the gluten-free food market valued at over US$ 6.6 billion in 2022. This trend is expected to fuel the market for carob powder as it can be used as an organic gluten-free substitute in many food products.
Consumers’ preference for organic food is a growing trend worldwide. In 2020, sales of organic food globally were over US$ 12.6 Billion which increased by nearly US$ 18 billion in the last two decades. This significant growth in consumers’ preference for organic food is likely to create growth opportunities for organic carob powder in the market.
Carob products manufacturing companies are popularizing the use of carob powder as a perfect vegan and gluten-free substitute for cocoa powder by mentioning various recipes on their websites. These strategies can significantly fuel the growth of the market.
Europe is a prominent market for Carob Extract with a market size of US$ 89.8 Million in 2022 and US$ 95.5 Million in 2023. It is projected that Europe will have a market of Carob Extract market worth US$ 162.8 Million in 2033.
European countries are among the top chocolate-consuming countries in the world. In 2021, Switzerland for instance consumed around 11.6 kg of chocolate per capita, while countries including Germany, France, and the United Kingdom consumed around 5.7 kg, 3.6 kg, and 3 kg of chocolate per capita, respectively.
Over 32 million adults in the European Union were diagnosed with diabetes in 2019 and over 24 million people were estimated to have diabetes but left undiagnosed. With the growing number of diabetic patients, healthier chocolate substitute demand is expected to increase creating an environment for carob powder as a cocoa substitute and carob extract as a natural and healthier sweetener.
United States Carob Extract Market Analysis:
The market in the United States is expected to grow to be worth US$ 79.3 Million with an absolute dollar growth of US$ 27.5 Million from 2023 to 2033. The market in the United States has grown at a CAGR of 4.7% from 2018 to 2022 and is expected to grow at a CAGR of 4.4% from the year 2023 to 2033.
Consumers’ preference for healthier foods is influencing the sugar reduction movement with WHO and health influencers spreading awareness about the harmful effects of excess sugar intake. With this movement, people are transitioning towards healthier sugar substitutes without compromising the taste. This has led to over 141 million Americans using sugar substitutes in 2021. This is expected to gain demand for carob extract in the U.S. as it can be used as a natural sugar substitute and carob powder can be used as a cocoa alternative.
United Kingdom Carob Extract Market Analysis:
The market in the United Kingdom is expected to grow to be worth US$ 30.1 Million with an absolute dollar growth of US$ 11 Million. The market in the country has grown at a CAGR of 5% from 2018 to 2022, and is expected to grow at a CAGR of 4.7% from 2023 to 2033.
Organic food sales are increasing and gaining demand in the United Kingdom as in 2020, European Union’s per capita expenditure on organic foods was over US$ 108 per individual. With this consumer preference for organic foods organic carob products are anticipated to gain demand in the United Kingdom
China Carob Extract Market Analysis:
In China, the market is expected to grow to be worth US$ 34.7 Million with an absolute dollar growth of US$ 16.1 Million from 2023 to 2033. The market has grown at a CAGR of 7.7% from 2018 to 2022 and is expected to grow at a CAGR of 6.5% from the year 2023 to 2033.
In 2022, China had the highest number of diabetic patients in the world with the number rising up to 140 million. This can significantly increase the demand for healthier sugar substitutes in China. As carob extract is a natural sweetener that does not increase sugar levels. It can gain carob extract demand as a sugar substitute in China.
South Korea Carob Extract Market Analysis:
The market in South Korea is expected to grow to be worth US$ 16.3 Million with an absolute dollar growth of US$ 7.1 Million from 2023 to 2033. The market has grown at a CAGR of 6.9% from 2018 to 2022 and is expected to grow at a CAGR of 5.9% from 2023 to 2033.
South Korea is known for its skincare and cosmetics. The growing trend of organic skincare with brands like Innisfree, Whamisa, and COSRX is focusing on using natural ingredients for their product formulation. Carob extract can also be used as an organic ingredient in skincare which is likely to create growth opportunities for carob extract in the South Korean market.
Japan Carob Extract Market Analysis:
The market in Japan is expected to grow to be worth US$ 29.3 Million with an absolute dollar growth of US$ 11.2 Million from 2023 to 2033. The market has grown at a CAGR of 5.4% from 2018 to 2022 and is expected to grow at a CAGR of 4.9% from 2023 to 2033.
According to the Ministry of Health, in 2018, Labor and Welfare survey around 20 million people in Japan were suffering or at risk of getting diabetes. This can significantly influence the sugar substitute demand in the market resulting in an opportunity for carob extract as a substitute.
Which Form of Carob extract Market Is Projected to Garner Significant Revenue Growth?
The gum form of carob extract is projected to witness significant growth with a CAGR of 6% from 2018 to 2022 and is expected to grow at a CAGR of 5.8% from 2023 to 2033.
Carob gum has wide applications in the food processing industry as a stabilizing agent and thickening agent for ice creams, desserts, fruit syrups, and baby foods. In the beauty industry, it is used to make lotions and creams. Additionally, carob gum is also used in textile printing to help maintain the fabric’s natural texture. Apart from the industrial uses, carob gum also has health advantages as it is a dietary fiber approved in the United States Thus a variety of uses is expected to broaden the demand prospects for carob gum in the forthcoming years.
Key players in the Carob Extract Market are 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.
Some of the recent developments in the Carob Extract Market are:
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The global market is estimated to be valued at US$ 237.5 Million in 2023.
The market was reported at US$ 223.5 Million in 2022.
The market is expected to reach a valuation of US$ 405.5 Million in 2033.
The market registered a CAGR of 6.2% over the last 4 years.
The market is projected to witness a CAGR of 5.5% from 2023 to 2033.
The United States is projected to witness a market size of US$ 79.3 Million and is expected to grow at a 4.4% CAGR from 2023 to 2033.
Key players in the Carob Extract Market are 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.
