Carob Extract Market Report 2024: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts to 2031 - ResearchAndMarkets.com

The "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)" report has been added to ResearchAndMarkets.com's offering.

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.

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.

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.

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.

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

A selection of companies mentioned in this report includes

• Altrafine Gums
• Savvy Foods
• DuPont
• Carob S.A
• Stavros Parpis Foods Ltd.
• Altrafine Gums
• AEP Colloids
• Australian Carobs Co.
• Tate and Lyle
• Cargill Pvt. Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/7b3yzj

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