Newark, Nov. 28, 2022 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the chicory market will grow from USD 739.61 million in 2022 and reach USD 1226.81 million by 2030. In just eight years, the increasing use of chicory in appetizers, salads, and as the alternative to crackers & gluten-containing products are also helping to drive market growth. Further, high medicinal values and health advantages associated with the consumption of chicory and consumers' increasing preference towards healthy beverages are also anticipated to drive market growth during the forecast period.
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Key Insight of the Chicory Market
Asia Pacific to account for the largest market size during the forecast period
Asia Pacific is expected to have the largest market share in the chicory market. Key factors favouring the growth of the chicory market in Asia Pacific include the changing lifestyles, increasing choices as well as raised demand for clean label foods, the increasing population, increasing demand for healthy & natural food ingredients, growing incidences of obesity and diabetes, and the growing disposable incomes. Further, the higher inclination of the food & beverages industry for using chicory in different products, rising demand for gluten-free starters, increased customer awareness to maintain digestive health, and the higher demand for prebiotics is expected to drive market growth in this region.
The powder segment is expected to augment the chicory market during the forecast period.
The powder segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the rising adoption by food manufacturers for flavouring coffee and tea products.
The instant powder segment market size is 208.42 million in 2022
The instant powder segment is anticipated to dominate the market over the forecast period owing to the vast availability & acceptability of instant powder worldwide. Further, by 2030, the roasted segment will likely dominate the market due to the increased demand for roasted chicories in commercial applications such as instant coffee and tea powder production.
The root segment is anticipated to dominate the market by 49.16% in 2030
The root segment is expected to dominate the market in the forthcoming years, owing to the rising application in the pharmaceutical industry. Chicory root provides 7.9 grams of carbs, 0.7 grams of fibre, and 3.9 grams of sugar per half-cup serving. Chicory root includes various nutrients, including folate, calcium, phosphorus, and potassium. It also supplies limited amounts of magnesium, vitamin C, and vitamin A. Chicory root inulin can raise the added fibre content of foods and aid in promoting healthy digestion.
The food & beverages segment accounted for the largest market share of 41.12% in 2022
The food & beverages segment held the largest share in the global chicory market, owing to the rising disposal incomes. Also, the increasing awareness about the benefit of chicory in preventing chronic diseases such as heart disease, hypertension, diabetes, osteoporosis, and certain types of cancer is helping to boost the segment's market growth. The dietary supplements segment exhibited the highest CAGR during the forecast period due to increased demand for sports nutrition. Also, nutritional supplements are available in different forms, including liquids, tablets, soft gels, capsules, powders, and gel caps.
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Market Dynamics
Driver: Preference for chicory as a cheaper substitute for coffee with multiple health benefits:
The preference for chicory as a less expensive substitute for coffee is driving the market growth. Furthermore, chicory is a caffeine-free herb that is a popular coffee substitute. Chicory coffee is made by grinding, brewing, and roasting the roots of the chicory plant. Chicory tastes similar to coffee, featuring a slightly earthy & nutty flavour. Many large companies holding bestselling brands have raised chicory content in the coffee sachets to 49% from 30%. Also, the increasing adoption of chicory in industries such as food & beverage, pharmaceutical and dietary supplement stimulates market growth. Products made from chicory, such as roasted chicory powder, that can be used as a coffee substitute have a lower price and multiple health benefits and hence are gaining popularity among customers and processing industries.
Restraint: The lack of consumer awareness:
The high technical expertise required to produce certain chicory-based products and limited consumer awareness hinders the market growth. Also, the health risks associated with excessive chicory consumption hamper the market growth.
Opportunity: The growth in applications of chicory across different industries:
The companies are concentrating on improving technology to extend the life of chicory products in applications like beverages, animal nutrition, and dairy products at the regional level. Chicory leaves and roots can be used for salads in preparing different recipes. Additionally, the chicory is utilized for treating cancer, constipation, loss of appetite, high blood pressure, gallbladder complaints, and other health situations. Chicory contains many nutrients, such as vitamins A, K, C and B group vitamins. Chicory is an excellent source of minerals such as manganese, vitamins, iron, and copper. Inulin fibre present in the roots of chicory functions as a type of prebiotic and aids in the growth of helpful gut bacteria. The development of novel chicory products and raised adoption of chicory in naturotherapy due to its medicinal properties is anticipated to offer the opportunity factor for market growth. Furthermore, the increasing demands for new technology, as well as the emergence of modern retail, are also helping to drive market growth.
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Some of the major players operating in the 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 cover 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 U.K., 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 Million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. 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.
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