Report ID:
Region:
Global |
Published Date: Upcoming |
Pages:
165
| Tables: 55 | Figures: 60
Carob is vegan, gluten-free, caffeine-free, and naturally sweet, and therefore does not require sugar to be fortified. Furthermore, because carob has almost little saturated fat and no cholesterol, it is gaining popularity among health-conscious customers. Consumers' preference for healthier alternatives to cocoa powder is projected to broaden the market reach in the coming years. Carob powder is also used in the confectionery, baking, and pet food sectors. As the vegan population grows, vendors around the world are launching vegan food products in a variety of food categories to gain a larger market share. Such considerations are predicted to broaden the application of carob as a vegan ingredient in the formulation of a variety of food products in the future. Some of the prominent players in the carob market include THE AUSTRALIAN CAROB CO., The Carob Kitchen, Frontier Co-op., Oak Haven Inc. and others.
This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.
Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.
The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the Packaged Foods & Meats by segment aggregation, the contribution of the Packaged Foods & Meats in Food, Beverage & Tobacco and vendor share.
To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.
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