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Global Chicory Market Size, Trends & Analysis - Forecasts to 2026 By Type (Flour, Extracts, Roasted, Instant Powder, and Other types); By Form (Cubes, Liquid, Powder, and Other forms); By Application (Cosmetics & Personal Care, Feed & Pet Food, Dietary Supplements, and Food & Beverages); By Plant-part (Leaf, Root, and Other plant-parts); By Region (North America, Europe, Asia Pacific, MEA, and CSA); End-User Landscape, Vendor Landscape, and Company Market Share Analysis & Competitor Analysis
Chicory perennial herbaceous plant belongs to the dandelion family, mostly famous for salads. The root of chicory is used as an adjective and replacement for coffee by roasting the herb. Chicory is gaining popularity due to the benefits associated with the plant such as reduction in the risk of heart diseases, detoxification of the liver and gallbladder, boosting the immunity system, and reduction in arthritis pain, prevention of heartburn, and bacterial infections. The chicory roots are extensively used as a natural source of probiotics and also helps in reducing weight. As per the recent studies done by GME, the chicory market is projected to achieve the highest growth at a CAGR of 5.5% in the middle of 2020-2026 timespan. With rising consumption of coffee and increasing coffee beans prices, the coffee and other food & beverage manufacturers are shifting their interest towards adopting chicory ingredients. Also, the easy crop cultivation process brings many start-ups into consideration for adopting chicory as the backbone for their products.
Flour, extracts, roasted, instant powder, and other types are the segmentation of the chicory market based on type. The instant powder is dominating the chicory market. The instant powder offers convenient and ready to drink health products to the consumer, with associated benefits such as caffeine-free products with a similar taste as coffee. The segment is completely plant-based, rich in insulin, and all the aged group customers can consume the nutrient drink in their daily dietary routine thus creating a larger volume for targeting customers.
Cubes, liquid, powder, and other forms are the categorization of the chicory market based on the form. The powder segment is the fastest-growing segment of this market. Wide availability and acceptance of the segment cover a large spectrum of applications, including cosmetics & personal care, feed & pet food, dietary supplements, and food & beverages, led to building the powder segment position in the market. Also, many companies as the leading coffee manufacturer are using chicory powder for improving taste and aroma.
The application offered by chicory products is cosmetics & personal care, feed & pet food, dietary supplements, and food & beverages. The food & beverages segment holds the maximum market share of the chicory products and is expected to grow upwards in the aforementioned duration. Chicory is a cheap substitute to an array of the ingredient of the food & beverage industry with 100% organic and contains all-natural ingredients, thus highly excepted by the consumers around the globe. Increasing use of chicory instead of sugar and fat in distinct food and beverages is expected to create huge demand over the coming years.
Leaf, root, and other plant-parts are the bifurcations of chicory products based on plant-part. Root based plant part is the largest growing segment of the chicory market owing to continuous development and innovations leads to various uses of chicory root products. The chicory root-based plant part is completely natural with a wide range of benefits and is available in multiple forms after processing.
Asia-Pacific is estimated to register the highest CAGR of the chicory market within the 2020-2026 period. The reason behind the significant growth of the product in the region is due to untapped potential, rising awareness among the customer, and increasing investment by the key players on the product. Increasing economic growth of the region with a higher risk of chronic disease issues is creating opportunities for the chicory market in the APAC region. The growing food & beverages setups in the region and rising production capacity of chicory will enhance the demand for chicory products in the region.
The key players operating in the market include Starwest Botanicals, Murlikrishna Foods Pvt Ltd, Farmvilla Food Industries Pvt Ltd, PMV Nutrient Products Pvt Ltd, Pioneer Chicory, Reily Foods Company, Cargill Incorporated, Leroux, Sensus, BENEO GmbH, Delecto Foods Pvt Ltd, Cosucra Groupe Warcoing, Herbs & Crops Overseas, Jamnagar Chicory Industries, Shaanxi Sciphar Natural Product Co Ltd., NP Nutra, Narasu’s Coffee Company, Organic Herb Trading Co, Nature’s Gold Production, and STOKROS Company Ltd. among others.
Please note: This is not an exhaustive list of companies profiled in the report.
In July 2020, BENEO GmbH announced its expansion of root-based chicory production facility placed in Chile by the year 2022 with an investment of around EUR 50 million.
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The Global Chicory Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Chicory Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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