Chicory Root Extracts Gain Prominence in Food and Beverage Industry, Fueling Market Growth
SkyQuest projects that the chicory market will attain a value of USD 1217.29 billion by 2030, with a CAGR of 6.45% over the forecast period (2023-2030). Regional integration and free trade agreements are two essential elements that have fueled the expansion and development of the market. Free trade has aided in supply chain integration, resulting in an increase in trade activities between the countries. The chicory manufacturers have significantly benefited because they can now reach to other countries, which has helped to fuel the expansion of the global market. However, the advent of contemporary retail formats and the increasing popularity of food courts and speciality shops in malls are further factors limiting this market’s expansion. Prebiotics, genuine food codes, speciality shops and shopping centres provide consumers with easier access to items with chicory components.
Westford, USA, June 16, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the increasing demand for healthy drinks worldwide is another significant element driving the demand for chicory components. A rising desire for wholesome beverages or bars with natural components will fuel the market. Sales of the chicory product will increase due to the food and beverage firms’ invitation to participate in research and development projects to raise the nutritional and multifunctional value of their food items. Prebiotics will positively affect the chicory business within the health supplement industry.
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Browse in-depth TOC on “Chicory Market”
- Pages – 242
- Tables – 61
- Figures – 70
Chicory is a biennial plant with vivid blue blossoms that is cultivated for use in the sugar industry or as a substitute for coffee. It is used to treat cancer, high blood pressure, gall bladder issues, appetite loss and constipation. Chicory leaves in paste form can be applied directly to the skin for swelling and irritation. Inulin, a substance found in chicory, helps to improve digestive health by encouraging the growth of good bacteria in the stomach. As a result, consumers who are concerned about their health are increasing their demand for chicory. Chicory is also frequently used in many other industries because it may be used in clean-label products in sectors such as cosmetics and personal care.
Prominent Players in Chicory Market
- Farmvilla Food Industries Pvt Ltd
- Cargill Incorporated
- Starwest Botanicals
- Murlikrishna Foods Pvt Ltd
- Cosucra Groupe Warcoing
- BENEO GmbH
- Sensus
- Organic Herb Trading Co
- Shaanxi Sciphar Natural Product Co Ltd.
- NP Nutra
- Jamnagar Chicory Industries
- Herbs & Crops Overseas
- Nature’s Gold Production
- STOKROS Company Ltd
- Pioneer Chicory
Chicory Root Segment is Anticipated to Grow Due to the Increasing Demand for Chicory Powder
The chicory root is expected to register the fastest CAGR and is currently holding the greatest market share based on past growth trends over the last several years over the forecast period. Using the roots as a substitute for coffee is also anticipated to spur growth. Its coffee aids in preventing a wide range of illnesses, including high blood pressure, liver problems, skin irritation, osteoarthritis, and other bone diseases.
North America’s economy is predicted to expand between 2023 and 2030 due to increasing output, consumption, and public health awareness. The market is anticipated to be driven by an increasing production and public awareness of the product’s health advantages. Chicory is one of the most popular vegetables consumed in the US.
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Powder Segment is Anticipated to Grow Due to the Rising Improvement in the Flavour and Aroma
The powder segment led the market for chicory. The chicory powder form enjoys widespread availability and acceptance across various uses, including food and beverage, dietary supplements, cosmetics and personal care, and pet food. This has contributed to its dominant position in the industry. In addition, most coffee-producing companies use chicory powder with coffee to improve the flavour and aroma, contributing to the increasing demand for chicory powder. As a result, manufacturers of coffee can effectively safeguard margins in this way. As a result, it contributes to a large portion of the worldwide chicory market and is anticipated to develop at the highest rate throughout the forecast period.
Asia Pacific (APAC) is anticipated to grow faster than other regions during the forecast period. This growth is due to several factors, including unrealized potential, investments made by major market players, rising public awareness, and expanding economic developments. The APAC market is expanding due to growing population, which increases the risk of chronic conditions, including heart problems and obesity, which is projected to fuel the growth of the chicory crop. In addition, the region’s chicory market is experiencing expansion due to expanding chicory cultivation and production and a growing inclination for the food and beverage industry.
A comprehensive analysis of the major players in the Chicory market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Chicory Market
- The chicory components were introduced in 2021 by Cosucra Groupe Warcoing S.A., a Belgian company, under a number of brand names, including Swelite, Nastar, Fibruline and Pisane.
- The expansion of the chicory root production factory in Chile was announced in March 2020 by the German-based Südzucker Group. The capacity expansion is anticipated to accommodate the rising demand for root fibres at an estimated project cost of USD 58.9 million.
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Key Questions Answered in Chicory Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
Related Reports in SkyQuest’s Library:
Global Bakery Ingredients Market
Global Clean Label Ingredients Market
Global Superfood Powders Market
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