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Global Chicory Market (2020 to 2025) - Growth in Applications of Chicory Across Various Industries Presents Opportunities - ResearchAndMarkets.com

·5-min read

The "Chicory Market by Product Type (Extracts, Roasted, Instant Powder, Flour), Form (Powder, Cubes, Liquid), Plant Part, Application (Food & Beverage, Dietary Supplement, Feed & Pet food, Cosmetics & Personal Care), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The chicory market is projected to grow at a CAGR of 5.7% from 2020 to reach USD 905.3 million by 2025.

Factors such as the rising costs of coffee beans, increasing consumption of organic foods and beverages, and the growing number of applications of chicory are projected to drive the growth of the chicory industry during the forecast period. However, the growth of the chicory market is inhibited by factors, such as health risks associated with heavy consumption of chicory. In addition, higher technical expertise required for producing certain chicory-based products along with limited consumer awareness inhibits the growth of this market.

By type, the instant powder segment is projected to grow at the highest CAGR during the forecast period.

Owing to the functional benefits and availability of instant powder have led to an increase in demand for it. Also, it's largely consumed across B2B as well as B2C segments as well. Moreover, demand for caffeine-free ready-to-drink beverages to boost the demand for instant powder. In its instant form, chicory is ideal for all types of drinks and a wide range of desserts. Its slightly caramelized taste gives them deep flavors with a hint of bitterness. The majority of the players prevailing in the chicory market offer the instant powder type of chicory, and hence, it is expected to grow at a substantial rate, in the coming years.

By form, the powder form is estimated to account for the fastest growth rate.

The powdered form of chicory is the most widely known chicory product in the market. In powder form, roasted chicory can be consumed by itself or easily mixed with coffee, enhancing various flavors, adding a touch of sweetness, and reducing the caffeine content of an array of beverages. Most chicory manufacturing and processing companies across the world mainly produce and market roasted chicory powder. The demand for powder chicory is high because most coffee manufacturing companies mix chicory powder with coffee so as to enhance its taste and aroma. This is also an effective way for coffee manufacturers to protect margins.

By plant-part, the root segment is projected to grow at the highest CAGR during the forecast period.

Chicory roots are also being used widely in pet foods and feed, as chicory is highly digestible for ruminants and has a low fiber concentration. Chicory roots are a substitute for oats for horses due to their protein and fat content. Apart from these applications, the chicory roots are widely demanded by the food & beverage manufacturing companies. All these reasons are causing the demand for chicory roots to rise, and hence, in many countries, the cultivation of chicory roots is witnessing an increase. Thus, the market is projected to witness a positive outlook in the coming years.

By application, the food & beverage segment is expected to record the highest CAGR during the forecast period.

Chicory finds its most important and wide application in the food & beverage industry. Furthermore, chicory is generally considered to be healthy because of its high inulin content, and thereby is demanded by most of the food & beverage companies. The flowers and leaves may be used in salads and flavored vinegar. Apart from that, chicory flour extracted at the very initial stage of processing, is used as filler and flavor enhancer in many bakery products, such as breads, cookies, and cakes. Thus, the food & beverage application of chicory are witnessing an increase, in turn driving the growth.

The Asia Pacific region is projected to grow at the highest CAGR during the forecast period

The market for chicory is still in the nascent stage in the region, particularly in countries, such as India, Japan, and other developing countries, in the region. This is attributed to the countries in the region with a dense population, of which a majority of the population is either unaware of such health benefitting ingredients or have limited spending power for premium organic and all-natural food products.

Market Dynamics

Drivers

  • Rise in Concern Regarding Negative Effects due to High Intake of Caffeine

  • Preference for Chicory as a Cheaper Substitute for Coffee

  • High Medicinal Values and Health Benefits Associated with the Consumption of Chicory

  • Easy Cultivation Process of the Chicory Crop

  • Recent Government Regulations Upholding the Dietary Fiber Status for Chicory Roots

Restraints

  • High Dependency on Mainstream Products Such as Coffee

  • Health Risks Associated with Heavy Consumption of Chicory

Opportunities

  • Rise in Demand for Chicory and Chicory-Based Products Across Several Emerging Markets

  • Growth in Applications of Chicory Across Various Industries

Challenges

  • Higher Technical Expertise Required for Producing Certain Chicory-Based Products

  • Limited Consumer Awareness About Chicory Products

Companies Mentioned

  • Beneo Ghmb

  • Cargill Incorporated

  • Cosucra Groupe Warcoing

  • Delecto Foods Pvt Ltd

  • Farmvilla Food Industries Pvt Ltd

  • Herbs & Crops Overseas

  • Jamnagar Chicory Industries

  • Leroux

  • Murlikrishna Foods Pvt Ltd

  • Narasu's Coffee Company

  • Nature's Gold Production

  • Np Nutra

  • Organic Herb Trading Co

  • Pioneer Chicory

  • Pmv Nutrient Products Pvt Ltd

  • Reily Foods Company

  • Sensus

  • Shaanxi Sciphar Natural Product Co Ltd

  • Starwest Botanicals

  • Stokros Company Ltd

For more information about this report visit https://www.researchandmarkets.com/r/dy7jgs

View source version on businesswire.com: https://www.businesswire.com/news/home/20201203005875/en/

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