The recent price increases in cocoa occurring worldwide have led to the search for alternative cocoa-based products; carob is being used as a nutritious sweetener alternative to cocoa and cocoa-based products (e.g., chocolate). The present study evaluated the physicochemical, microbiological, nutritional, sensorial, phenolic, and antioxidant profiles of a carob-based spreadable product in comparison with two commercially available similar chocolate–hazelnut spreads. Moreover, the economic impact of the newly developed product was also estimated. The carob-based product was slightly more acidic (pH 5.3) and had an increased water activity (a_w = 0.67) when compared to the commercial chocolate spreads. Ongoing microbiological analysis and sensory evaluation suggest that the developed product has a shelf life of over six months. In terms of nutritional value, the product is suitable for vegans, as it contains no added dairy, eggs, or preservatives, while it is also high in fiber and very low in sodium. Total phenolic (TPC) and total flavonoid (TFC) contents were quantified spectrophotometrically, while antioxidant capacity was assessed using the DPPH radical scavenging assay. Comparatively, the developed carob-based product exhibited higher TPC but lower TFC, whereas antioxidant activity was the same as the other two cocoa-based spreads. Market analysis indicates that there is a considerable margin of profit for the developed product against competition. In conclusion, this research denotes the functional properties of carob-based products with enhanced potential health benefits compared to conventional cocoa-based products. Finally, it also highlights the better nutritional profile and the competitiveness that the carob-based products exhibit when compared to their cocoa-based counterparts.