“The chicory market is projected to grow at a CAGR of 5.7% during the forecast period.”
According to MarketsandMarkets, the chicory market 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. Factors such as the rising costs of coffee beans, increasing consumption of organic foods and beverages, and growing number of applications of chicory are projected to drive the growth of the chicory industry during the forecast period. However, the growth of the chicory market is inhibited by factors, such as health risks associated with heavy consumption of chicory. In addition, higher technical expertise required for producing certain chicory-based products along with limited consumer awareness, inhibits the growth of this market.
“By type, the instant powder segment is projected to grow at the highest CAGR during the forecast period.”
Owing to the functional benefits and availability of instant powder have led to an increase in demand for it. Also, it’s largely consumed across B2B as well as B2C segments as well. Moreover, demand for caffeine-free ready-to-drink beverages to boost the demand for instant powder. In its instant form, chicory is ideal for all types of drinks and a wide range of desserts. Its slightly caramelized taste gives them deep flavors with a hint of bitterness.Majority of the players prevailing in the chicory market, offer the instant powder type of chicory, and hence, it is expected to grow at a substantial rate, in the coming years.
“By form, the powder form is estimated to account for the fastest growth rate.”
The powdered form of chicory is the most widely known chicory product in the market.In powder form, roasted chicory can be consumed by itself or easily mixed with coffee, enhancing various flavors, adding a touch of sweetness, and reducing the caffeine content of an array of beverages.Most chicory manufacturing and processing companies across the world mainly produce and market roasted chicory powder. 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. Hence, all of this results in exhibiting high growth potential for the powder form of chicory, during the forecast period.
“By plant-part, the root segment is projected to grow at the highest CAGR during the forecast period.”
Chicory roots are also being used widely in pet foods and feed, as chicory is highly digestible for ruminants and has a low fiber concentration. Chicory roots are a substitute for oats for horses due to their protein and fat content. Apart from these applications, the chicory roots are widely demanded by the food & beverage manufacturing companies. All these reasons are causing the demand for chicory roots to rise, and hence, in many countries, the cultivation of chicory roots is witnessing an increase. Thus, the market is projected to witness a positive outlook in the coming years.
“By application, the food & beverage segment is expected to record the highest CAGR during the forecast period.”
Chicory finds its most important and wide application in the food & beverage industry.Furthermore, chicory is generally considered to be healthy because of its high insulin content, and thereby is demanded by most of the food & beverage companies. The flowers and leaves may be used in salads and flavored vinegar. Apart from that, chicory flour extracted at the very initial stage of processing, is used as filler and flavor enhancer in many bakery products, such as breads, cookies, and cakes. Thus, the food & beverage application of chicory are witnessing an increase, in turn driving the growth.
“The Asia Pacific region is projected to grow at the highest CAGR during the forecast period”
The market for chicory is still in the nascent stage in the region, particularly in countries, such as India, Japan, and other developing countries, in the region. This is attributed to the countries in the region with a dense population, of which a majority of the population is either unaware of such health beneffiting ingredients or have limited spending power for premium organic and all-natural food products. However, people are becoming aware of the association of high risks of chronic diseases with unhealthy dietary lifestyles and the lack of essential nutrients in the body.Number of key players are also expanding and investing in the region. Thus, all these factors are projected to drive the major market growth in the coming few years.
Break-up of Primaries
- By Value Chain: Manufacturers– 85% and Suppliers– 15%
- By Designation: CXO’s- 33.7%,Managers–44.0%, and Executives–22.3%
- By Region: North America-60%,Europe – 18%,Asia Pacific – 10%, South America – 8%,and Middle East & Africa- 4%
Leading players profiled in this report include the following:
- 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)
Research Coverage
This report segments the chicory market on the basis of type, form,plant-part, application, and region. In terms of insights, this research report focuses on various levels of analyses—competitive landscape,pricing insights, end-use analysis, and company profiles—which together comprise and discuss the basic views on the emerging & high-growth segments of the chicory market, high-growth regions, countries, industry trends, drivers, restraints, opportunities, and challenges.
Reasons to buy this report
- To get a comprehensive overview of the chicory market
- To gain wide-ranging information about the top players in this industry, their product portfolio details, and the key strategies adopted by them
- To gain insights about the major countries/regions, in which the chicory market is flourishing
