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Carob Chocolate Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global carob chocolate products market was valued at USD 3.2 billion in 2022 and is projected to expand at a CAGR of 6.3% from 2023 to 2030. Carob chocolate is a natural, healthy, and low-calorie alternative to regular chocolate. Carob is a legume that grows on the Carob tree and is native to the Mediterranean region. It is naturally sweet and does not contain any caffeine or theobromine, which are stimulants found in cocoa. Carob also has a higher concentration of dietary fiber and minerals than regular chocolate, making it a healthier option for consumers.
Rising health consciousness among consumers is driving the demand for carob chocolate products. Consumers are increasingly opting for healthy alternatives to traditional confectionery items. To meet this demand, manufacturers are introducing carob-based products with natural ingredients and no artificial sweeteners. Furthermore, the growing vegan population is also driving the demand for carob chocolate as a vegan alternative to regular chocolate.
The growing demand for organic and sustainable food is augmenting the demand for carob chocolate products. Organic chocolate products are becoming increasingly popular among health-conscious consumers due to their health benefits. Organic carob chocolate products are also gaining traction as they are free of artificial preservatives, flavors, and colors.
In addition, the increasing demand for gluten-free products is propelling the demand for carob chocolate products. Carob chocolate is a gluten-free substitute for regular chocolate and is a rich source of fiber. The growing number of health-conscious consumers with food allergies and intolerances is also driving the demand for carob chocolate products.
The increasing availability of carob chocolate products in retail stores, supermarkets, and online stores is another factor driving the market growth. Manufacturers are introducing various carob-based products, such as carob chips, carob bars, carob cakes, carob spreads, and carob syrups. The increasing number of product launches is further expanding the scope of the market. For instance, in April 2021, Goodio launched a range of carob chocolate bars with different flavors, such as salted licorice and rosemary.
Product Insights
The carob chocolate products market is mainly driven by the health benefits associated with carob chocolates. Carob chocolate is low in fat and sugar, and is a rich source of dietary fiber and several minerals such as potassium, magnesium, calcium, and iron. Due to its low-calorie content, carob chocolate is a preferred choice for fitness enthusiasts and health conscious consumers. Furthermore, increasing demand for natural and organic food products is one of the major factors driving the growth of the carob chocolate market. According to an article published by the University of Australia, in March 2020, the demand for natural and organic food products is expected to grow at a CAGR of 11.9% from 2018 to 2024.
In addition, the increasing popularity of veganism is also contributing to the growth of the carob chocolate market. According to an article published by Statista, in February 2020, the vegan population in the United States alone has grown by 600% in the last three years, and is expected to further increase in the coming years. Carob chocolate is a vegan-friendly alternative for milk chocolate and is free from animal-derived ingredients. This is further expected to increase the demand for carob chocolate products in the near future.
Distribution Channel Insights
The supermarkets and hypermarkets segment held the largest market share of over 41.3% in 2022. This segment is expected to remain dominant over the forecast period due to the convenience of shopping, low prices, and availability of a wide variety of carob chocolates in these stores. According to a study by the International Chocolate Organization, consumers prefer to shop for carob chocolates at supermarkets as they offer a wide range of products and provide a convenient shopping experience.
The online segment is expected to expand at the highest CAGR of 12.6% over the forecast period. The increasing penetration of the internet and the availability of a wide range of carob chocolates online are driving the growth of the online segment. Moreover, online stores provide customers with discounts and promotional offers, which is further driving the growth of the segment. In addition, the presence of several e-commerce platforms and online retailers has made it easier for customers to purchase carob chocolates online.
Type Insights
The organic carob chocolate segment is expected to witness the highest CAGR of 10.4% over the forecast period. The growing awareness about the health benefits of organic carob chocolate and the increasing demand for vegan and organic products are the key factors driving the market. Furthermore, the increasing trend of health consciousness among consumers, the rise in disposable income, and the surge in the demand for organic carob chocolate are also contributing to the growth of this segment.
The conventional carob chocolate segment accounted for the largest revenue share of 63.2% in 2022. The increasing consumer preference for conventional carob chocolates due to their taste and affordability is a major factor driving the segment. The availability of various flavors in the conventional carob chocolate segment such as dark, semi-sweet, and white is also a key factor for its high market share. Additionally, the presence of various key players such as Nestle and Ferrero in the conventional carob chocolate segment is another factor driving its growth.
Regional Insights
Europe accounted for the largest revenue share of the global carob chocolate products market in 2020 and is expected to continue its dominance throughout the forecast period. The presence of major manufacturers such as Carob Kitchen, Crio Bru, and Pascati Chocolate is expected to drive the growth of the market in the region. In addition, the rising demand for vegan and organic products is also driving the growth of the carob chocolate products market in Europe.
The Asia Pacific region is expected to witness the fastest growth in the coming years, owing to the increasing number of health-conscious consumers in the region. The growing demand for natural and organic products among consumers is also expected to drive the growth of the carob chocolate products market in this region. For instance, in January 2021, Taiwanese manufacturer, Green Plugging Food Co., Ltd., launched a new carob chocolate snack product in Japan.
Financial Projections
In this part of the Carob Chocolate Products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your Carob Chocolate Products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a Carob Chocolate Products business comes from sales of the product, retail or wholesale. Here you will find a list with a description of each of them and other possible sources of profit such as fundraising, the sale of merchandise, and leasing the place for parties and corporate events.
Projecting Expenses
In this section, all the regular expenses related to keeping the Carob Chocolate Products business running will be described. The list of operating expenses includes raw materials, production costs, wages, marketing and advertising, utilities, insurance policies, taxes, and others.
Key companies & market share insights
Some of the key companies operating in the carob chocolate market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In May 2022, Guittard Chocolate launched a carob chocolate bar.
– In June 2022, Chocolove launched a line of carob chocolate bars.
– In July 2022, Green & Blacks launched a range of carob chocolate bars.
Some of the prominent players in the carob chocolate market include:
– Guittard Chocolate Company
– Chocolove
– Green & Blacks
– Cacao Prieto
– Cadbury
– Ghirardelli
– Lindt & Sprüngli
– Nestle
– Theo Chocolate
– Mars, Incorporated
Global Carob Chocolate Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global carob chocolate products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Carob Bars
– Carob Chips
– Carob Powders
– Carob Syrups
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Organic
– Conventional
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Market Outlook for Carob Chocolate Products?
[A]: The global carob chocolate products market is expected to grow at a CAGR of 5.4% during the forecast period, 2021–2027. Increasing demand for vegan-friendly and natural products, growing awareness about health benefits associated with carob products, and increasing consumer demand for carob chocolate products are the major factors driving the growth of the carob chocolate products market.
[Q]: Who are the Leading Players in the Carob Chocolate Products Market?
[A]: The major players in the global carob chocolate products market are Carobana S.L., Carob Kitchen Ltd., Carob Plus, Carob Mill Foods Ltd., Carobana, Carobel GmbH, and Carob World.
[Q]: What are the Major Product Types Available in the Carob Chocolate Products Market?
[A]: The major product types available in the global carob chocolate products market are carob powder, carob syrup, carob chips, carob bars, carob chips, and carob butter.
[Q]: What are the Major Applications of Carob Chocolate Products?
[A]: The major applications of carob chocolate products are confectionery products, food products, beverages, and ice creams.
[Q]: What are the Major Regions Covered in the Carob Chocolate Products Market?
[A]: The major regions covered in the global carob chocolate products market are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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