Carob Chocolate Market Size Worth USD Size Worth $1.31 Billion By 2028

Carob Chocolate Industry Overview

The global carob chocolate market size is expected to reach USD 1.31 billion by 2028, registering a CAGR of 6.4% over the forecast period, according to a new report by Grand View Research, Inc. The growing product demand as a healthier alternative, coupled with the growing expansion of online retail in the nutritional foods sector is acting as a major driver. The growing consumer demand for foods of higher nutritional and sensory quality has encouraged the introduction of carob ingredients, in bakery products. Carob is a good source of antioxidants, as one tablespoon of it processed into a powder has approximately 25 calories, no saturated fat, no cholesterol, and 6g of carbohydrate. As compared to carob powder cocoa powder has more fat and caffeine. Carob also contains three times as much calcium as cocoa powder, has a high iron content, and is claimed to reduce cholesterol. Growing awareness regarding such benefits is driving product sales.

 

Carob Chocolate Market Segmentation

Grand View Research has segmented the global carob chocolate market on the basis of product, distribution channel, and region:

 

Based on the Product Insights, the market is segmented into Bars, Chips, Others

  • The chocolate bars segment held the largest market share of more than 42% in 2020 and is expected to maintain dominance over the forecast period. These are among the most popular chocolate types in the world. Bars can be homogeneous throughout or layered with a variety of nuts, fruits, etc. Carob Kitchen Australia, for instance, a leading manufacturer in Australia, offers a variety of dietetic, gluten-free, and vegan carob chocolate bars.
  • However, the chips segment is projected to register the fastest CAGR during the forecast period. A majority of consumers across the world are switching to healthier alternatives from sugary and cocoa chips to low-fat carob chocolate chips as they are naturally sweet, thereby driving this segment’s growth. The rising trend for preparing products using natural ingredients, clean-label products is expected to boost the demand for chocolate chips.

 

Based on the Distribution Channel Insights, the market is segmented into Supermarkets & Hypermarkets, Convenience Stores & Drug Stores, Healthy & Specialty Stores, Others

  • The supermarkets & hypermarkets segment accounted for the largest revenue share of over 40% in 2020. Supermarkets & hypermarkets offer significant advantages to consumers, such as freedom of selection, lower prices, and high visibility of international brands. This makes them a suitable platform for all types of customers. Owing to the increasing demand for healthy products, many of these stores have been increasing shelf space and providing trained professionals that guide customers regarding the quality of the products, offer food samples, and provide expert recommendations.
  • The convenience stores channel is projected to register a CAGR of more than 6% from 2021 to 2028. These stores offer ease of purchase and have an extensive network, which drives the segment growth. Health & specialty stores are also among the prominent distribution channels. An increasing number of customers have been purchasing chocolates from these stores, especially those who are very certain about the specifications and ingredients of the products.  Customers also consider these stores as an alternative to supermarkets as it eliminates the need to wait in long check-out lines.

 

Carob Chocolate Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Central & South America
  • Middle East & Africa

 

Key Companies Profile & Market Share Insights

The market is characterized by the presence of a few established players and new entrants. Companies have been implementing various expansion strategies, such as mergers & acquisitions, capacity expansions, strengthening their online presence, and new product launches, to gain a competitive advantage.

Some of the key players operating in the carob chocolate market include:

  • Missy J’s
  • CAROBOU LLC
  • The Carob Kitchen
  • Uncommon Carob
  • Foundations Food
  • D&D Chocolates
  • Iswari
  • Caroboo
  • Supertreats U.K.
  • Carob World

 

Order a free sample PDF of the Carob Chocolate Market Intelligence Study, published by Grand View Research.

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