Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Chicory market.
Trusted Business Insights presents an updated and Latest Study on Chicory Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Chicory market during the forecast period.
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Industry Insights, Market Size, CAGR, High-Level Analysis: Global Chicory Market
The global chicory market size was estimated at USD 220.6 million in 2018 and is expected to expand at a CAGR of 4.2% during the forecast period. Increasing awareness regarding the health benefit of chicory is the key growth driver. Chicory is used for the treatment of constipation, loss of appetite, high blood pressure, gallbladder disorders, and cancer among other health conditions. The paste of chicory leaves can be directly applied on skin in case of swelling and inflammation. Apart from the health benefits, application in food and beverage industry is anticipated to further fuel the product demand.
Rising demand for gluten-free appetizers is anticipated to boost the consumption of chicory in Europe. Introduction of innovative chicory recipes is anticipated to boost the product demand. Rising use of chicory in salads, appetizers, and as the alternative to crackers and gluten containing products is projected to further drive consumption. Market players are expanding their operations and storage capacity to meet the rising demand. The retailers are looking to capitalize on this growth with developing more pre-packaged option for consumers.
In Italy, chicory is grilled with olive oil while in U.S., it is used in pizza, pasta, and risotto recipes. Such diverse uses are anticipated to bode well for the product demand in the forthcoming years. Chicory holds several healing properties and promotes growth of healthy microbial flora in the gut. Its root contains high amount of natural inulin. Studies have shown that, replacing sugar with the root can help prevent or reduce the onset of diabetes. This factor is expected to create growth opportunities for the market in near future.
Product Insights of Global Chicory Market
Chicory root held the largest market share of 70.4% in 2018 and is projected to register the fastest CAGR during the forecast period. Increasing use of the roots as an alternative to coffee is expected to fuel the demand. Chicory coffee helps prevent various disorders including high blood pressure, liver disorders, skin inflammation, and osteoarthritis and other bone diseases. The coffee is gaining popularity among caffeine sensitive population which is expected to further drive the product demand in the forthcoming years.
Chicory leaf segment is expected to expand at a CAGR of 3.5% from 2021 to 2026. Rising health consciousness is driving the demand for natural and organic products. Manufacturers majorly focus on organic and natural products to cater to the rising demand which is expected to fuel the product demand. Awareness regarding the medicinal benefits are anticipated to drive the product demand in developed countries such as U.S., Germany, Netherlands, and France.
Application Insights of Global Chicory Market
Food and beverages segment held the leading share of the chicory market in 2018. In developed countries such as U.S., Italy, and Germany among others, chicory is mixed with coffee and beet root to mask better taste of coffee. In U.S., it is largely consumed in salads and as a natural appetizer and snacking option.
Increasing awareness regarding the benefit of chicory in prevention of chronic diseases such as heart diseases, hypertension, diabetes, osteoporosis, and certain types of cancer. The presence of essential nutrients such as B6 and manganese help maintain brain health.
Inulin is extracted from chicory root and is used in various dietary supplements as an alternative to sugar. It is used in various dairy products including yogurts, cheese, and ice creams. The demand for dairy products is growing worldwide. Among various milk based products, yogurt and yogurt beverages are gaining popularity owing to the presence of high amount of prebiotics. Inulin is mainly used as fat and sugar alternative and texture modifier. It is also used to enhance nutritional content of foods and beverages to increase their dietary fiber content. These factors are expected to drive the product demand over the forecast period.
Regional Insights of Global Chicory Market
Europe held the largest market share of 82.2% in 2018. Increasing health awareness and consumption of chicory coffee are the major regional growth drivers. In 2018, Belgium accounted for 47.3% of global revenue share. Increasing demand for sugar alternatives is projected to drive the regional market over the forecast period.
North America is expected to grow at a CAGR of 5.2% over the forecast period. Increasing production coupled with the rising awareness regarding the health benefits of the product is expected to drive the market. U.S. is one of the largest consumers of chicory and accounted for more than 80% share of North America market in 2018.
Chicory Market Share Insights
The global market is highly fragmented in nature. Cargill, Incorporated is the major market player. Some of the other players operating in the market are Wilmar Delecto Foods Pvt Ltd., Starwest Botanicals, Leroux, Pioneer Chicory, Natures Gold Production, Organic Herb Trading Co., Jamnagar Chicory Industries, STOKROS Company Ltd., and FARMVILLA. The companies focus on Non-GMO and organic products to cater to the rising consumer demand.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Global Chicory Market Research Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global chicory market report on the basis of product, application, and region:
Product Outlook (Revenue, USD Million, 2019 – 2030)
Application Outlook (Revenue, USD Million, 2019 – 2030)
Food & Beverages
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