Chicory Market

Chicory Market Size, Growth, Forecast (2023-2028)

The Global Chicory Market size is valued at US$ 695 Million in 2022 and is anticipated to increase at US$ 1005 Million by 2028, with a growing CAGR 5.70% of in the next six years.

Market Overview:

Chicory was originally used as a medicine by the Egyptians and was found in areas such as Europe and Asia. Chicory, a member of the dandelion family, is a perennial herbaceous plant and is used primarily in salads. Chicory roots are roasted and used as an adjective in place of coffee. Chicory is gaining popularity for its health benefits, such as preventing heartburn, reducing arthritis pain, bacterial infections, strengthening the immune system, detoxifying the liver and gallbladder, reducing digestive problems, and reducing risk of heart disease. Chicory roots are widely used as a natural source of probiotics and are also beneficial for weight loss. The growing awareness that chicory plants are a great source of the vitamins, magnesium, minerals, folate and potassium will drive the growth of this market. Since ancient times, the dried root of chicory has been used as a medicine. When dried and roasted, the chips serve as a substitute for caffeine-free coffee. Chicory root adds fiber to foods and has a creamy texture and is smooth on the palate like fat.

Chicory Market Growth:

Consumers these days want to eat a healthy diet, but lifestyle changes and busy work schedules prevent them from meeting their daily needs.

REPORT COVERAGE:

Drivers:

The demand for healthy drinks or bars containing natural ingredients will increase chicory market size in future. Sales of chicory products will also increase by proposing to food and beverage companies to engage in research and development activities to improve the profile of food in terms of nutritional and multifunctional values. One of the main factors driving the development and growth of the world chicory market is regional integration and free trade agreements. Another factor in the growth of this market is the rise of modern retail formats and the growing friends of food courts and specialty stores in shopping malls. Chicory is currently 10 times cheaper than coffee. Rising world prices have led to a further rise in prices for coffee powder, making it impossible for companies to absorb the higher costs of raw materials. Large coffee companies with several of the best-selling brands have increased the chicory content in their brand-name sachets from 30% to 49%. The increased functionality of chicory in the pharmaceutical sector is also affecting market growth. This led to a significant increase in the cultivation of chicory roots, which led to an increase in the production of instant chicory powder in major countries. Therefore, people prefer more chicory because it is cheaper, has health benefits, and does not contain caffeine. Free trade helped consolidate the supply chain and as a result trade activity between countries became active, which has greatly benefited chicory manufacturers as they now have access to other countries and consequently have boosted the growth of the global chicory market. As health-related problems like obesity and diabetes increase, demand for chicory increases, aids weight loss, and lowers blood sugar function.

The increasing market demand for chicory is due to usage in food and beverage products, as well as nutritional supplements due to their health benefits. There is a growing demand for complementary products and energy bars due to health awareness, and opportunities exist for chicory market products. The growing trend and demand for clean labels and healthy foods has opened up new opportunities for innovation and new uses for chicory market in a variety of products. Chicory market can be used in the pharmaceutical industry, especially during the production of tablets and syrups, increasing the demand for the product. Consumers have easy access to these products at specialty stores, shopping centers, etc. Shopping malls and supermarkets will increase the visibility of a wide range of products containing chicory ingredients and will also help the market grow. Prebiotics within the dietary supplement market and this will have a positive impact on the chicory market. Another major factor driving the demand for chicory ingredients is the growing demand for healthy beverages around the world. Therefore, the rising need for healthy foods is having a positive impact on the global chicory market.

Restraints:

Lack of awareness limits the growth of the chicory market. The growth of the market is hampered by factors such as the health risks associated with excessive consumption of chicory. Furthermore, the high technical expertise required to produce certain chicory-based products, coupled with limited consumer awareness, hampers the development of this market.

Chicory Market Segmentation Analysis:

By type, the instant powder segment dominated the global chicory market in 2019. This is because instant powder is widely available around the world. Furthermore, the main dominant market players offer a wide range of chicory powders to players in a variety of application industries.

Depending on the form, the powder form is used in a variety of applications. Other forms are of relatively limited use and are offered by very few players on the market. Furthermore, the powdered form is primarily manufactured by the major industry players, contributing to the largest share of the global chicory market by form in 2019.

By application, the food and beverage sector was dominant in 2019. Chicory is widely used as an alternative to coffee. In addition, the leaves are consumed in various salads around the world. Food and beverage manufacturers prefer this ingredient because of the inulin content and other essential nutrients.

Impact of COVID 19 on the Chicory Market:

The coronavirus pandemic has significantly increased the consumption of ready-to-drink and ready-to-drink beverages. This mainly includes beverages such as coffee, juices, and balms. The work-from-home culture has been revitalized due to the closure and curfew of various local and central governments. As work and life stress increases and life is busy, the world's population begins to consume more and more coffee to increase concentration and focus on work. To meet this growing demand, coffee manufacturers have increased or increased their production capacity and volume. This led to a simultaneous increase in chicory consumption. This is because it is used as a blend of most ready-to-mix and ready-to-drink coffee products. Because it does not contain caffeine and is a healthy and inexpensive coffee substitute, manufacturers have started to include it primarily in their coffee processing processes. Consumers also prefer chicory mixes to minimize the health risks associated with caffeine. Therefore, the pandemic has strengthened the growth prospects of chicory, not only a cheaper replacement for coffee, but also provides health benefits.

Geographical Segmentation Analysis:

• North America - the United States and Canada
• Europe - United Kingdom, Spain, Germany, Italy, and France
• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
• Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

Regional Analysis:

The global chicory market is geographically segmented into North America, Asia Pacific, Eastern Europe, Western Europe, Middle East and Africa, and Latin America. Chicory root is mainly found as a wild plant that grows on the roadside in European regions. Currently, it is also found in regions such as Australia and North America. The rise in usage from the food and beverage sector is supporting the market domination of chicory in Europe. Chicory is grown mainly in the Netherlands, northern France, and Belgium. The market in North America is likely to see high growth in terms of increased selection of chicory and increased demand for clean-labeled foods. Europe is followed by Latin America. In North America, chicory root is used in the pharmaceutical industry to promote market growth. In Asia Pacific, developing countries such as China and India are among the fastest growing regions due to pro-government policies and financial support for chicory agriculture.

Key Players in the Market:

Major Key Players in the Global Chicory Market are

• Jarrow Formulas
• Cosucra
• Delecto Foods Private Limited
• Shaanxi Sciphar Natural Products Co., LTD
• Starwest Botanicals
• Wilmar Delecto Foods Pvt Ltd
• Pioneer Chicory
• Leroux
• Organic Herb Trading Co
• Nature 's Gold Production
• StokrosCompany Ltd
• Jamnagar Chicory Industries
• Farmville
• The Tierra Group
• Beneo-Orafti SA
• Ciranda, Inc
• Sensus BV
• Wuxi Cima Science Co. Ltd
• Fenchem, Inc.,etc