(Entertainment-NewsWire.com, February 03, 2021 ) According to MarketsandMarkets, the global chicory market size is estimated to be valued at USD 685 million in 2020 and is projected to reach USD 905 million by 2025, recording a CAGR of 5.7%, in terms of value. Rising prices of coffee beans along with increasing consumption of coffee, is navigating the coffee and other food & beverage manufacturers to adopt to chicory ingredient, as a cheaper substitute to coffee. Also, high medicinal values and health benefits associated with the consumption of chicory, is expected to further propel the market. Furthermore, easy cultivation process of the crop and rising number of new entrants in the market, is substantially snowballing the growth prospects.
Based on type, the chicory market is dominated by instant powder. Additionally, it is further projected to grow at a faster growth rate during the forecast period. Instant chicory is another exclusive type and one of the most known products produced by processing chicory roots in the market. The instant powder provides consumers with convenience and ready-to-drink healthy products, offering benefits such as being caffeine-free and providing a similar taste to coffee.
By form, the chicory market is segmented into powder, liquid, cubes, and other forms. The powder segment dominated the global chicory market, on the basis of the form, in 2019. The wide availability and acceptability of the powder form of chicory across an array of applications, including food & beverages, dietary supplements, cosmetics & personal care, and pet food & feed, led to its leading position in the market.
The chicory plant is quite versatile, and it has found its application in many areas; it is best known for its association with coffee. Chicory is primarily an organic and all-natural ingredient and a cheaper substitute to an array of ingredients in the food & beverage industry. It is mainly consumed as blends or alternative in caffeine-containing beverages such as coffee, which is largely consumed across the globe. The young leaves can be used in salads, and the root can be boiled and eaten like a vegetable. Thus, finding its most important and wide application in the food & beverage industry, the market is expected to grow at a substantial rate during the forecast period.
The European market accounted for the largest share in 2019. According to FAOSTAT, Europe contributed to over 95.5% of the global production of chicory roots. According to the same data, Belgium is the largest chicory roots producing county in Europe, followed by France, the Netherlands, and Poland.
Asia Pacific is projected to witness a higher growth rate during the forecast period. This is attributed to factors such as untapped potential, growing awareness among the population, rising investments from the global key players, and increasing economic developments, among others. The densely populated countries in the region with higher risks of chronic diseases such as obesity and heart-related issues are expected to bolster the growth in demand for chicory. The growing food & beverage industry, along with the rising cultivation and production of chicory, is further driving the demand and growth prospects for the chicory market in Asia Pacific.
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as Cosucra Groupe Warcoing (Belgium), Delecto Foods Pvt Ltd (India), BENEO GmbH (Germany), Sensus (Netherlands), Leroux (France), Cargill Incorporated (US), Reily Foods Company (US), Pioneer Chicory (India), PMV Nutrient Products Pvt Ltd (India), Farmvilla Food Industries Pvt Ltd (India), Murlikrishna Foods Pvt Ltd (India), Starwest Botanicals (US), STOKROS Company Ltd (Russia), Nature’s Gold Production (Netherlands), Organic Herb Trading Co (UK), Narasu’s Coffee Company (India), NP Nutra (US), Shaanxi Sciphar Natural Product Co Ltd. (China), Jamnagar Chicory Industries (India), and Herbs & Crops Overseas (India).
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