PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1427104
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1427104
Global Market Analysis Highlights Key Drivers and Regional Trends
The latest analysis report on the Carob Extract Market by Fairfield Market Research 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
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
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.
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'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.
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'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.