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Chicory Market Projected to Garner Significant Revenues by 2025

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Chicory Market Projected to Garner Significant Revenues by 2025

April 24
01:09 2021
Chicory Market Projected to Garner Significant Revenues by 2025

MarketsandMarkets™
The global chicory market size is estimated to be valued at USD 685 million in 2020 and is projected to reach USD 905 million by 2025, recording a CAGR of 5.7%

According to MarketsandMarkets, the global chicory market size is estimated to be valued at USD 685 million in 2020 and is projected to reach USD 905 million by 2025, recording a CAGR of 5.7%. The millennials prefer consuming this food and beverage that offer health benefits and are organic in nature, due to factors such as busier lifestyles, rising disposal incomes, growing awareness regarding preventive healthcare measures, and maintaining better health. Other factors driving the demand for this chicory include the growing applications of chicory, especially in the cosmetic & personal care industry in developing and underdeveloped countries, owing to its anti-inflammatory and anti-oxidants properties.

 Chicory Market

COVID-19 Analysis

Owing to the COVID-19 pandemic, the consumption of ready-to-mix and ready-to-drink beverages has witnessed a substantial increase. This largely includes drinks such as coffee, juices, and flavored milks. Due to the lockdowns and curfews imposed by various regional and national governments, the work-from-home culture experienced a boost. Due to the increased work-life stress and busier lifestyles, the population across the globe started increasingly consuming coffee in order to have increased concentration and focus on work. To cater to this growing demand, the coffee manufacturers boosted/enhanced their production capabilities and volumes. Owing to this, the consumption of chicory has increased simultaneously, as it is used as a blend in the majority of the ready-to-mix and ready-to-drink coffee products. As it is a caffeine-free, healthier, and low-cost substitute to coffee, manufacturers have largely started including it in the coffee processing process. Consumers are also leaning toward chicory blends to minimize health risks associated with caffeine. Thus, the pandemic has bolstered the growth prospects for chicory, not only being a cheaper substitute for coffee, but also due to its health benefits offerings.

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Opportunities: Growth in applications of chicory across various industries

A variety of trends have driven the use of chicory root fiber not only in food & beverage applications but also in other areas like in dietary supplements, pet food, cosmetics, and pharmaceutical industries. In the food and beverage industry, one of the present significant trends is in sugar reduction. Chicory root fiber can assist with sugar reduction by helping with flavor and texture. Chicory leaves and roots have been used for salads and in the preparation of various innovative and tasty recipes. Chicory is a nutritional powerhouse, containing vitamin K, A, C, and a long list of the B group vitamins. It is an excellent source of minerals like manganese, copper, iron, and potassium. The roots of chicory contain inulin fiber, a type of prebiotic that promotes the growth of beneficial bacteria in the gut; this is used widely as a dietary supplement.

According to the data provided by a study published in the British Journal of Nutrition and The National Center for Biotechnology Information, in 2017, chicory caused the colon environment to be less favorable for cancer development. In more recent times, dog food manufacturers have picked up on the potential benefits of chicory root and have started to include it in dog food, which further extends its potential in the pet food industry. However, the portion or quantity of chicory root used in dog food is quite minimal. A number of the popular and prominent dog food brands make use of chicory root. Examples include Acana, Orijen, Nature’s Logic, Fromm, Solid Gold, and Farmina. However, since the amount used in these products are too small, it is clear that it is not being used to provide significant nutrition in the animal. This points toward it being used for its probiotic properties or as a digestive aid. Many cosmetic companies are now using chicory ingredients in their products. The chicory root oligosaccharides work to boost the skin’s collagen while smoothing the appearance of fine lines and wrinkles. All these application areas increase the demand for chicory, hence bolstering the chicory production and growth potential in various countries.

By type, the instant powder segment is projected to account for the largest share in the chicory market during the forecast period

The instant powder segment dominated the global chicory market, on the basis of type, in 2019. This is due to the widespread acceptability and availability of instant powder across the globe. Also, the majority of key players prevailing in the market, offer a wide range of instant powders of chicory to the players of various application industries. Apart from that, the ease of consumption is one of the majority factors, that results in the largest consumption of instant powder type of chicory, across the globe.

By form, the powder segment is projected to account for the largest share in the chicory market by form during the forecast period

Powder form has usage across various application industries. The other forms have comparatively limited usage and also offered by very few players in the market. Also, the powder form is largely manufactured by the key players in the industry, owing to which it contributes to the largest share in the global chicory market, by form, in 2019.

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The Europe region dominated the chicory market with the largest share in 2019, whereas the Asia Pacific is expected to witness the highest growth rate.

The European market accounted for the largest share in 2019. According to FAOSTAT, Europe contributed to over 95.5% of the global production of chicory roots. According to the same data, Belgium is the largest chicory roots producing county in Europe, followed by France, the Netherlands, and Poland. Consumers of chicory in Europe witness a high preference for clean-label products due to the increase in awareness pertaining to the consumption of natural and free-from products. This, in turn, is projected to drive the chicory market in this region. The region also witnesses the concentration of maximum global players engaged in the manufacturing and marketing chicory products in the global market. Thus, the European region was the largest contributor to the global chicory market in 2019.

Asia Pacific is projected to witness a higher growth rate during the forecast period. This is attributed to factors such as untapped potential, growing awareness among the population, rising investments from the global key players, and increasing economic developments, among others. The densely populated countries in the region with higher risks of chronic diseases such as obesity and heart-related issues are expected to bolster the growth in demand for chicory. The growing food & beverage industry, along with the rising cultivation and production of chicory, is further driving the demand and growth prospects for the chicory market in Asia Pacific.

This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as Cosucra Groupe Warcoing (Belgium), Delecto Foods Pvt Ltd (India), BENEO GmbH (Germany), Sensus (Netherlands), Leroux (France), Cargill Incorporated (US), Reily Foods Company (US), Pioneer Chicory (India), PMV Nutrient Products Pvt Ltd (India), Farmvilla Food Industries Pvt Ltd (India), Murlikrishna Foods Pvt Ltd (India), Starwest Botanicals (US), STOKROS Company Ltd (Russia), Nature’s Gold Production (Netherlands), Organic Herb Trading Co (UK), Narasu’s Coffee Company (India), NP Nutra (US), Shaanxi Sciphar Natural Product Co Ltd. (China), Jamnagar Chicory Industries (India), and Herbs & Crops Overseas (India).

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