Chicory Market Gears up for a Healthy Growth Outlook, Global Market Size to Reach over US$1 Billion by 2030
Global Industry for Chicory is Expanding with its Health Benefits, and Consumer Preference Toward Nutritious and Nutrient-dense Foods. Fairfield Market Research Analyses How the Market is Driven by Growing Uses in Industries Like Pharmaceuticals, Food & Beverages.
London, March 15, 2024 (GLOBE NEWSWIRE) -- Global chicory market size to rise high from US$741.2 Mn in 2022 to US$1,107.2 Mn by 2030. This notable growth predicted at a CAGR of 5.9 from 2023 to 2030 with its broad availability and range of health advantages.
Chicory is becoming popular as a functional food component due to its rich nutritional profile. It has inulin, a prebiotic fibre that helps with digestion and is believed to improve gut health. Customers' need for natural and practical ingredients is driving a boom in the chicory sector. Due to its well-known health benefits, chicory is helping the industry expand as consumers choose more nutritious, nutrient-dense foods.
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REPORT SCOPE
Report Attributes | Details | |
Base Year | 2022 |
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Forecast Year | 2023 – 2030 | |
Market Size in 2022 | US$741.2 Mn | |
Estimated Market Size in 2030 | US$1107.2 Mn | |
CAGR | 5.9% |
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Growth Drivers |
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Segmentation |
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Regional Coverage |
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The market is growing as more people turn to chicory as a coffee alternative. Chicory's distinct flavour profile and possible health benefits, coupled with customers' preference for healthy alternatives to regular coffee, have led to a notable development in the industry and provide a flexible choice for beverage connoisseurs.
Chicory's ability to improve flavour profiles and nutritional content, combined with its adaptability in a range of beverage formulas, makes it a significant participant in the dynamic world of functional beverages. In order to meet consumer demand for a wide variety of flavours as well as beneficial qualities in beverages, manufacturers should investigate novel beverage formulations.
“Growing awareness of health and wellness has led to increased interest in natural and functional foods. Chicory, particularly its root, is known for its health benefits, including its prebiotic properties, which support digestive health. This has driven demand for chicory-based products,” says the analyst at Fairfield Market Research.
Chicory market stands to benefit greatly from the growing popularity of organic and sustainable products. Ingredients that are ethically and environmentally sourced are becoming more and more important to consumers. Because it is a naturally occurring plant-based ingredient, chicory works nicely in this sustainability story.
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Key Research Insights
The chicory market is expanding at the quickest rate in Asia Pacific.
North America is the second-largest market, closely followed by Europe.
The chicory root segment dominates the market due to its widespread application across many sectors.
The market is dominated by the food and beverage industry.
Insights into Segmentation Analysis
Chicory Powder Stands out as the Most Favoured Form
The powder segment now dominates the chicory market because of its adaptability and simplicity in blending into a wide range of culinary and beverage items. Chicory powder is a popular choice for quick beverages, baking, and cooking applications due to its ease of blending.
The increased demand for powdered forms in consumer products, as manufacturers look for ingredients that offer both functionality and convenience, is another factor contributing to the segment's dominance.
In the chicory market, the liquid category is starting to rise at the quickest rate. Because they are so simple to incorporate into beverage recipes, liquid chicory products—such as extracts and concentrates—are becoming more and more popular.
Liquid forms are appealing for use in both conventional and novel beverages because they provide a concentrated source of flavour and functionality. The quick rise of liquid chicory in the market can be attributed to its ease of use in improving flavour profiles and offering health advantages.
Roasted Chicory Continues to Dominate Global Demand
The market is dominated by roasted chicory, which is widely utilised as both a substitute for coffee and a culinary ingredient. Its unique, strong flavour and the growing trend of consumers seeking for caffeine-free substitutes greatly add to its dominant position in the market.
Roasted chicory is a popular choice among manufacturers and customers due to its adaptability when combined with many types of beverages and culinary products. On the other hand, the instant powder category is rising at the quickest rate.
Instant powder is becoming more and more popular due to consumers' need for easy and quick solutions while preparing food and beverages.
Instant powder's versatility stems from its ease of use and the growing trend of people living mobile lives.
The segment's expansion is driven by its use in a variety of commodities, such as baked goods, soups, and instant beverages, which meet the changing needs of consumers for convenience without sacrificing quality or taste.
Chicory Root to Propel Ahead Through 2030
The chicory root segment held a dominant position in the market in 2022 due to its wide-ranging applications across multiple industries. Chicory root is in high demand in the food and pharmaceutical industries because it is a rich source of inulin, a prebiotic fibre with numerous health benefits.
The root's dominance in the market is mostly due to its widespread availability as well as its application in functional foods and nutritional supplements.
The market's fastest-growing sector is emerging as chicory leaf thanks to growing awareness of its nutritional benefits. Chicory leaves, which are abundant in vitamins and minerals, are being employed in salads, drinks, and health-conscious goods.
Chicory leaves are in high demand due to the growing trend of including leafy greens in diets because of their alleged health benefits, which is setting this market segment up for strong growth.
Key Report Highlights
The growing tendency of consumers towards functional foods and nutraceuticals offers a noteworthy prospect for the chicory industry.
The integration of chicory into functional meals, nutritional supplements, and health-focused snacks offers a promising path for market expansion as consumers look for food products with built-in health advantages.
Chicory markets stand to benefit greatly from the growing popularity of organic and sustainable products.
The functional beverage industry provides the chicory market with a potentially lucrative opportunity.
Insights into Regional Analysis
Europe Remains the Largest Chicory Market
Europe continues to be the key driving force and the biggest market for chicory, demonstrating a longstanding inclination toward consuming it as well as a strong infrastructure that facilitates its processing and cultivation.
Chicory is used in many different products by a well-established food and beverage business, which benefits the European market.
Chicory's domination is further aided by the region's emphasis on natural and organic alternatives, which complement its unique qualities. Because of its longstanding relationship with this adaptable plant, Europe continues to be a major driver of the global chicory industry, defining trends and influencing market dynamics.
Asia Pacific Gains Momentum in Line with the Paradigm Shift to Natural and Plant-based
Asia Pacific is distinguished as the region with the most rapid expansion in the chicory market due to a confluence of various factors.
The region's market is expanding quickly due to factors such as growing consumer awareness of health advantages, a move towards natural and functional ingredients, and an increase in demand for plant-based alternatives.
Asia Pacific consumers are embracing chicory in a variety of applications, such as food and beverages, and cosmetics, as urbanisation and disposable incomes increase. This region's explosive expansion is a reflection of changing customer tastes and chicory's incorporation into a wider range of products.
Key Companies in Global Chicory Market
Cargill Incorporated
Cosucra Groupe Warcoing
Sensus
Delecto Foods Pvt Ltd
BENEO GmbH
Leroux
Reily Foods Company
PMV Nutrient Products Pvt Ltd
Starwest Botanicals
Nature’s Gold Production
Global chicory Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - (By Product Type Coverage, By Source Coverage, By Form Coverage, By Application Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/chicory-market
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