North America Chicory Market is worth US $ xx million in 2021, and it is estimated that it will reach a valuation of US $ xx million by the end of 2026 with an annual compound rate of xx% between 2021 and 2026.
Chicory is a member of dandelion family that is a perennial herbaceous plant. This is mainly used in salads. In place of coffee, roasted chicory roots can be used as an adjective. This product has many health benefits where as it is used in the medicines by Egyptians. Some research studies shows that the chicory have benefits in preventing heart burn, bacterial infections, strengthening the immune system, detoxifying the liver and others. Chicory roots have beneficiaries in weight loss as it acts as a natural source of probiotics.
North America Chicory Market Growth:
Free trade agreements is promoting the growth rate of the chicory market in North America. E-commerce is also playing lead position is expanding the demand of the North America chicory market.
Increasing awareness over the availability organic food ingredients is major factor driving the demand of the North America chicory market. Rising incidences of the chronic illness and trend towards health lifestyle changes are likely to fuel the demand of the market to the extent. Growing expenditure along with the increasing disposable income are promoting the growth rate of the chicory market. Also, prevalence for the healthy drinks or bars which are made up of natural ingredients are bolstering the demand of the market tremendously. Also, free trade agreements is substantially to level up the growth rate of the North America chicory market. Implementing different strategies to specialize the chicory based products in malls and specialty stores is leveraging the growth rate of the market. Increasing awareness among consumers over the chicory based ingredients such as prebiotics and others is outraging the demand of the market in North America.
However, lack of complete knowledge over the use of the chicory ingredients in various forms is slowly hindering the demand of the market. Along with this, fluctuations in the availability of the raw materials and increasing cost of the raw materials due to less productivity are restraining the growth rate of the North America chicory market. In addition, there are lot of health benefits of chicory roots where the extracted products have various benefits. The extraction of different products from the chicory roots should be done one after the other under the guidance of the expertise. Lack of experienced people and difficulty in extracting the products are hindering the growth rate of the North America chicory market.
Impact of COVID 19 on the North America Chicory Market:
COVID 19 is a deadly disease that distracted many lives in unprecedented ways. Amid the COVID 19 pandemic, the demand for ready to mix beverages is increasing substantially from the recent years. Coffee, juices, and flavored mix drinks demand is quietly rising during the pandemic. Government imposed lockdown restrictions in respective countries to curb the spread of COVID 19. This led to work-from-home culture that boosted the demand for the beverages. During COVID 19, the demand for the chicory based products surged as there is an increasing awareness to maintain healthy diet. Chicory is caffeine free substitute for coffee that is highly increasing the demand of the market in North America. With the spread of health benefits of chicory roots, consumers are inclining towards these products that is expanding the growth rate of the market especially during the pandemic.
By Product Type, the North America chicory market is segmented into Roasted, Extracts, Instant Powder and Flour. Roasted segment is leading with the highest shares of the market by owing to increasing prevalence for the ready to mix drinks. Following roasted segment, instant powder segment is leading with the largest shares of the market in North America.
Based on the application, the North America chicory market is classified into Dietary Supplement, Feed & Pet Food, Food & Beverage and Cosmetics & Personal Care. Dietary supplement segment is leading with the highest shares of the market with the rising awareness over the availability of various diet supplements. Feed & pet food segment is augmented to have the significant growth opportunities in the coming years.
North America is leading with the highest shares of the market by owing to adoption of healthy diet and growing awareness over the benefits of chicory based products. Also, rising prevalence to adopt dietary supplements due to COVID 19 pandemic is evaluating the shares of the chicory market in North America. In addition, untapped potential and increasing investments from both private and government organizations are some other factors for the North America chicory market growth. US chicory market is having the largest shares from the past few years. Increasing production rate and growing demand for the caffeine free beverages are promoting the demand of the market in US. Presence of key players in this country and high investments on the development of organic based products to improve the quality of the food and beverages is substantially propelling the demand of the US chicory market. Rise in the number of companies labelling the caffeine free ingredients and creating awareness among consumers are enlarging the demand of the market in this country. Consumer preference towards the chicory roots and increasing awareness over the usage of chicory roots in various industries are attributed to evaluate the demand of the market. Chicory roots reduces the sugar and adds flavor and texture. It also contains inulin fiber that helps to promote the beneficial bacteria in the gut. This is used in the dietary supplements. These benefits are anticipated to promote the demand of the US chicory market.
Canada chicory market is next to US chicory market in dominating the shares with the rise in the awareness over the benefits of chicory root. Increasing number of people with chronic illness and their preference for the chicory root based products is expected to promote the demand of the market in this country.