Newark, Oct. 16, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 739.61 million in 2022 global chicory market will reach USD 1226.81 million in 2032. The opportunity element for market expansion is the increased demand for supplemental products and energy bars due to health consciousness. Additionally, the method used to extract inulin from chicory roots is similar to that used to extract saccharose from sugar beets. Additionally, throughout the projection period, the market expansion is being driven by consumers in developed countries who are becoming more aware of the nutritional benefits of chicory. To improve health and avoid illness, chicory has also grown tremendously in popularity as an ingredient in prebiotic animal feed additives. It is envisaged that consumers who care about their health will indirectly affect chicory consumption by choosing beef products with fewer chemicals and antibiotics.
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Key Insight of the Global Chicory Market
Asia Pacific will dominate the market during the forecast period.
Due to customers' rising interest in nutritious dietary supplements, the Asia Pacific region now monopolises the chicory market. The increasing preference of Asian consumers for natural and herbal products and treatments for illnesses is also boosting the market's expansion. Additionally, the rising demand for probiotic goods among consumers, the rising number of new players, the expanding retail locations, and the sizable client base are boosting market expansion in this area. Due to rising production and growing knowledge of the product's health benefits, Europe is anticipated to have the quickest growth during the projection period. Additionally, throughout the projected period, the market expansion will be supported by increased demand for clean-label goods, the popularity of plant-based foods, and the substantial production and consumption of chicory in the region.
In 2022, the powder segment dominated the market with the largest market share of 32.16% and market revenue of 237.85 million.
The form segment is divided into liquid, cubes, powder, and others. In 2022, the powder segment dominated the market with the largest market share of 32.16% and market revenue of 237.85 million.
In 2022, the instant powder segment dominated the market with the largest market share of 28.18% and market revenue of 208.42 million.
The type segment is divided into flour, roasted, instant powder, extracts, and others. In 2022, the instant powder segment dominated the market with the largest market share of 28.18% and market revenue of 208.42 million.
In 2022, the root segment dominated the market with the largest market share of 43.09% and market revenue of 318.69 million.
The plant-part segment is divided into root, leaf, and others. In 2022, the root segment dominated the market with the largest market share of 43.09% and market revenue of 318.69 million.
In 2022, the food and beverage segment dominated the market with the largest market share of 34.12% and market revenue of 252.35 million.
The application segment is divided into dietary supplements, food & beverages, cosmetics & personal care, and feed & pet food. In 2022, the food and beverage segment dominated the market with the largest market share of 34.12% and market revenue of 252.35 million.
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Advancement in market
Chicory, the top contextual commerce advertising platform, and Food52, a leading innovator in the food, cooking, and home spaces, announced their strategic partnership to enhance the site's revenue generation capabilities and improve the shopping experience for Food52's recipe enthusiasts. Chicory's contextual advertising and shoppable technology solutions combine perfectly with online recipe material, enabling Food52's audience to explore, buy, and enjoy gourmet goods with unmatched efficiency and simplicity. As a result of this collaboration, chicory's distinctive shoppable ingredients button is now available for more than 50,000 Food52 recipes. Visitors to the website can quickly and easily buy the ingredients for their preferred recipes with the help of this shopable technology. Visitors can complete their checkout at their favourite retailer thanks to Chicory's partnerships with more than 60 top retailers.
Market Dynamics
Driver: the increasing awareness about chicory.
The growing awareness about chicory as a healthy alternative to coffee is driving its popularity in the consumer market. It tastes similar to coffee but does not have caffeine. It also improves bowel movements and helps in managing blood sugar levels. It is also known to improve the body's ability to metabolise carbohydrates, which reduces insulin resistance and thereby supports stable blood sugar levels. It also provides some appetite control, which can aid in lowering calorie consumption and eventually help with weight loss. All these benefits have driven its popularity amongst consumers, and therefore, the increasing awareness about chicory and its benefits will drive the market's growth.
Restraints: bloating and gas are some of the side-effects of chicory.
Chicory is safe to consume every day, however, it needs to be a stipulated amount. If taken in excess, it can cause Gas, bloating, and belching. Furthermore, the dearth of evidence supporting the possible benefits of chicory and the lack of evidence-based documentation exploring the possible side effects of chicory leave a significant consumer market untapped. For instance, there isn't enough trustworthy information to determine whether chicory is safe when applied topically. The chicory plant may irritate the skin when handled. All of these will hamper the market’s growth.
Opportunities: the growing applications of chicory.
The chicory plant's flowers are a natural remedy for minor illnesses such as gallstones, sinus issues, wounds, and bruises. It is also used as a tonic and appetite stimulant. Additionally, it is a great source of beta-carotene. People take chicory for various ailments, including high blood pressure, constipation, indigestion, and liver and heart health. A natural supplement called chicory can help fight the effects of ageing. Numerous antioxidants are present in chicory, increasing its popularity and application in various products. Therefore, the growing applications of chicory will propel the market's growth during the forecast period.
Challenges: The popularity of coffee.
The popularity of mainstream coffee is high. The coffee market is well-established, with a significant number of regular consumers. Multiple brands are offering a wide variety of coffee, which is significantly larger than chicory products in the market, making the availability, accessibility and affordability of coffee superior to chicory. Therefore, the popularity of coffee will hamper the market's growth.
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Some of the major players operating in the global chicory market are:
• Wilmar Delecto Foods Pvt Ltd
• Cargill Incorporated
• Pioneer Chicory
• Starwest Botanicals
• Leroux
• Organic Herb Trading Co.
• Nature’s Gold Production
• Jamnagar Chicory Industries
• STOKROS Company Ltd
• FARMVILLE
Key Segments covered in the market:
By Form
• Liquid
• Cubes
• Powder
• Others
By Type
• Flour
• Roasted
• Instant Powder
• Extracts
• Others
By Plant Part
• Root
• Leaf
• Others
By Application
• Dietary Supplements
• Food & Beverages
• Cosmetics & Personal Care
• Feed & Pet Food
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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