Chicory Market worth $905 million by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Nov. 20, 2020 /PRNewswire/ -- According to the new market research report "Chicory Market by Product Type (Extracts, Roasted, Instant Powder, Flour), Form (Powder, Cubes, Liquid), Plant Part, Application (Food & Beverage, Dietary Supplement, Feed & Pet food, Cosmetics & Personal Care), and Region - Global Forecast to 2025", published by 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%, in terms of value. Rising prices of coffee beans along with increasing consumption of coffee, is navigating the coffee and other food & beverage manufacturers to adopt to chicory ingredient, as a cheaper substitute to coffee. Also, high medicinal values and health benefits associated with the consumption of chicory, is expected to further propel the market. Furthermore, easy cultivation process of the crop and rising number of new entrants in the market, is substantially snowballing the growth prospects.
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The instant powder type segment is projected to witness significant growth during the forecast period.
Based on type, the chicory market is dominated by instant powder. Additionally, it is further projected to grow at a faster growth rate during the forecast period. Instant chicory is another exclusive type and one of the most known products produced by processing chicory roots in the market. The instant powder provides consumers with convenience and ready-to-drink healthy products, offering benefits such as being caffeine-free and providing a similar taste to coffee. It is also a 100% plant-based, rich-in-inulin, and nutrient drink consumed by consumers across various ages in their daily dietary routine. This type of chicory may be linked to several health benefits, including reduced inflammation, decreased blood sugar, and improved digestive health. Thus, owing to all these factors, the instant powder segment is expected to grow at a faster rate during the forecast period.
The powder segment is projected to account for a major share in the chicory market during the forecast period
By form, the chicory market is segmented into powder, liquid, cubes, and other forms. The powder segment dominated the global chicory market, on the basis of the form, in 2019. The wide availability and acceptability of the powder form of chicory across an array of applications, including food & beverages, dietary supplements, cosmetics & personal care, and pet food & feed, led to its leading position in the market. Also, the demand for powder chicory is high because most coffee manufacturing companies mix chicory powder with coffee so as to enhance its taste and aroma. This is also an effective way for coffee manufacturers to protect margins. Thus, it contributed to a majority share of the global chicory market and also is the projected to be the fastest growing segment during the forecast period.
Browse in-depth TOC on "Chicory Market"
129 – Tables
34 – Figures
186 – Pages
The root segment, by plant-part in the global chicory market, is projected to grow at a faster rate during the forecast period.
The chicory market, on the basis of plant-part, was dominated by the root segment in 2019. Also, the same segment is projected to grow at a faster rate during the forecast period. The continuous developments and innovations introduce various uses of chicory root products. Chicory root is a completely natural food with many proven benefits and, after processing, is available in multiple forms. The chicory root plant-part of chicory is the most widely known, adopted, and offered in the market. Belgium, France, and the Netherlands are the largest chicory root producing countries in 2018. According to the data provided by FAOSTAT, Belgium had produced over 421,270 tonnes (464,370.68 tons) of chicory root in 2018.
On the basis of application, the food & beverage segment is expected to hold the majority share and grow at the fastest rate in the global chicory market.
The chicory plant is quite versatile, and it has found its application in many areas; it is best known for its association with coffee. Chicory is primarily an organic and all-natural ingredient and a cheaper substitute to an array of ingredients in the food & beverage industry. It is mainly consumed as blends or alternative in caffeine-containing beverages such as coffee, which is largely consumed across the globe. The young leaves can be used in salads, and the root can be boiled and eaten like a vegetable. Thus, finding its most important and wide application in the food & beverage industry, the market is expected to grow at a substantial rate during the forecast period.
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The Europe region dominated the chicory market with the largest share in 2019, whereas 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.
Key Players:
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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