Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
The COVID-19 pandemic has hit a majority of companies, out of which many food and beverage companies were hit due to severe disruption in the supply chain. The outbreak of COVID in the carob powder market caused distribution since it spread across the globe. Due to the COVID-19 pandemic, the demand for food has been rising but, due to supply chain disruption, they stopped producers supplying their products to the market. The COVID-19 has acted as a massive restraint on the carob powder manufacturing market in 2020 as supply chains were disrupted due to the restrictions and consumption decline due to lockdowns imposed by governments globally. In the COVID-19 pandemic, people were more inclined toward consuming safe, reliable and healthy foods. Thus, there is increased sales of traditional, healthy food items. However, packaged and processed food, and other bakery products have experienced a decrease in their sales due to which the demand for carob in these industries has declined.
The growing popularity of confectionery and baked items among consumers and rising carob chocolate sales are key factors fueling market growth. Awareness about the carob market where carob is the healthier ingredient for cocoa powder is the most important driving factor. Rising disposable income and an increasing vegan population are boosting sales of raw carob powder. Carob powder is a dietary fibre. It is used for bakeries and confectionery and its natural flavour helps in propelling the carob market industry. Carob powder products have anti-inflammatory, anti-cancer, anti-diabetic and neuroprotective qualities, all of which are driving carob flour demand from the dietary supplement and pharmaceutical industries.
The reduced availability of carob powder increased the cost of carob powder in the market. The decrease in the availability of substituents like cocoa beans and powder will hinder the demand for the carob powder market.
A variety of carob powder applications potentially increases the growth opportunities of the market. Increases the expansion and strategic planning created a major opportunity for the carob powder market.
The presence of unskilled labour, the cost of carob powder and the limited presence of raw material is a major challenge faced by the Carob powder market.
The report provides in-depth analysis of the global carob powder market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. An Increased popularity of confectionery and baked item among consumers and rising carob chocolate demand boost the carob powder market. It is expected to witness a growth at a specific CAGR from 2022-2028.
The global carob powder market comprises of different market segment like product type, application, and geography.
The product types studied in the global carob powder market are, Natural carob powder and Organic carob powder. The natural carob powder segment accounts for the largest share in the carob powder market. To increase the nutritional value of food, demand for natural carob powder. Natural carob powder accounts for 59.3 % of the global carob powder market share. The use of natural carob powder as a raw material in artificial chocolates has become extremely popular. Carob powder used increased as it is high in calcium, fiber and protein and thus it offers various health benefits. It is considered to be vegan, gluten-free, caffeine-free and naturally sweet, which reduces the need for sugar
The carob powder finds its application in business to business and business to customers. The B2B segment accounts for the largest share in the carob powder market. The B2B segment is growing due to the increased use of carob powder in confectionery and baking items. Growing carob powder ingredient demand in the production of baked items is driving the growth of the B2B market. The increased consumption of bakery products, especially packaged food, increased demand for natural food additives and flavors boosted growth of the global carob market. The increased investments in the production of nutritious baked goods and premium food items.
The global carob powder market is studied for the following regions: North America, Europe, Asia-Pacific and Rest of the world (RoW). Europe is likely to witness rising demand for carob powder across the country. Increasing urbanization, a rising working class population and competitive pricing is fueling the popularity of the carob powder market. Europe is mainly driven by high consumption of bakery and confectioneries and dairy products. Furthermore, consumers of this region seek products which contain ingredients and additives for preventing health issues. Moreover, the increasing use of carob for pet food and other animal feed in Europe is contributing to the growth of the carob market.
The competitive landscape analysis of carob powder market is certainly based range of market players operating in the food and beverage industry market with growth of bakery and confectionery industry around the world. Besides, number of market players offered wide range of products for different application in various geographic locations. The market has major competitive analysis based on new product launches as well as other developments.
The key players studied in market are The Australian carob Co, The carob Kitchen, Frontier CO-op, Oak Heven Inc, Barry Heven Inc, Barry Farm Foods, Now Foods, Ingredients UK Ltd, Jedwards International Inc, OUASDI International, Alpine herb company Inc and among other.
Carob is widely cultivated in gardens and landscapes for its edible pods, and as an fabaceae. Carob powder is a sort of carob pod-based cuisine. After drying, the pod is ground into a powder. The flavor of carob seed flour is sweet and chocolate-like and it is frequently used in place of cocoa powder. Carob bean powder has a lot of calcium, fiber and protein, therefore it has various health advantages. Carob also includes nearly no saturated fat and no cholesterol, which makes it a favorite choice among health-conscious consumers. Rising disposable income and an increasing vegan population are fueling the carob powder market demand. Further, the growing popularity of confectionery and baked items fuels market growth. The global carob powder market comprises different market segments like product type, application and geography. The product types studied in the global carob powder market are, Natural carob powder and Organic carob powder. The natural carob powder segment accounts for the largest share in the carob powder market. Carob powder finds its application from business to business and business to customers. The B2B segment growing in the carob powder market. The global carob powder market is studied for the following regions: North America, Europe, Asia-Pacific and Rest of the world (RoW). Europe is likely to witness rising demand for carob powder across the country.
1) What are the drivers for Carob Powder market?
Ans: The key driving factors of the market are the increased use of carob powder into bakery, confectionery industry
2) Who are the key players in the Carob Powder Market market?
Ans: The key players studied in market are The Australian carob Co, The carob Kitchen, Frontier CO-op, Oak Heven Inc, Barry Heven Inc, Barry Farm Foods, Now Foods, Ingredients UK Ltd, Jedwards International Inc, OUASDI International, Alpine herb company Inc and among other and among others.
3) Which region is gaining majority of Carob Powder market share during the forecast period (2022-2028)?
Ans: Europe region is account largest share in the carob powder market owing to the growing consumption of bakery, confectionery and dairy products.
