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(HomeGarden247.com, October 08, 2021 ) 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% during the forecast period.
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With the rising consumption of coffee beverage along with the rising prices of coffee beans and demand for organic and all-natural ingredient based products, the market for chicory is projected to witness a positive outlook, in the coming few years. Also, chicory is a cheaper substitute ingredient that has multiple applications across various industries. Owing to its caffeine-free and health benefitting characteristics, it has great potential to cater existing as well as newer application areas, with ongoing and continuous research. Thus, with all these factors accumulatively, the chicory market is expected to witness a substantial growth potential in the coming few years.
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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 the instant powder across the globe. Also, the majority key players prevailing in the market, offer a wide range of instant pwoders of chicory to the players of various application industry. Apart from that, the ease of consumption is one of the majority factor, 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.
By plant-part, the root segment is projected to account for the largest share in the market during the forecast period
The root of the chicory plant has the most beneficial nutrients, required by majority of the manufacturing players of various industries. The chicory-root consists of high inulin content, which is largely used as a fiber ingredient in various food & beverage products, also its other essential nutrients are consumed in other industry applications, such as dietary supplements. Thus, the root plant-part segment dominates the majority market share.
By application, the food & beverage segment is projected to account for the largest share in the market during the forecast period
The chicory market, on the basis of application, was dominated by the food & beverage segment in 2019. Chicory is largely popular as an alternative to coffee. Also, its leaves are consumed in various salads across the globe. Owing to its inulin and other essential nutrient contents, the food & beverage manufacturers prefer adopting to this ingredients. Furthermoe, its lower price points make it suitable for majority of the organic and all-natural food & beverage product manufatcurers. All these factors result into the dominance of this segment, in the global market.
Asia Pacific is projected to grow at the highest growth rate during the forecast period
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.
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Key Market Players:
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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