Luton, Bedfordshire, United Kingdom, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Global Chicory Market is expected to grow at more than 6.45% CAGR from 2022 to 2029. The market for chicory is expected to be worth approximately USD 685 million globally in 2020 and approximately USD 1136.38 Million by 2029, with larger estimates being preferred.
Chicory Market Overview
Chicory is an herbaceous plant belonging to the dandelion family. Generally speaking, chicory is a woody flower that has several health advantages. Chicory is mostly grown for its leaves and roots, but it also functions as a substitute for various items and has been shown to cure, control, or remove several health-related concerns. Its advantages include the presence of insulin, which enhances digestion or treats any related conditions, as well as the natural manufacture of cosmetics and personal care items. It also functions as a coffee substitute. Due to the advantages, it offers, the chicory market is expected to expand from its current state. Since it has the potential to have an impact on the healthcare business, personal care industry, caffeine industry, and more, the chicory market is a constantly changing industry. Because it is a less expensive alternative to coffee and is also caffeine-free, this market and the chicory-based product are expanding in different regions.
In addition to some cultivation in North America, chicory is grown extensively in the Netherlands, Belgium, France, and Germany. Its roots can be boiled and eaten with butter, while its leaves can be eaten as a vegetable or in a salad. The plant is raised as a crop for cow feed or forage. To give coffee more color, body, and bitterness, chicory root can be ground and roasted.
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Benefits of Chicory:
- Regular coffee drinkers attempting to cut back on their caffeine intake may substitute it with chicory coffee because it tastes almost the same.
- Chicory root is a good source of inulin, a prebiotic fiber type that has been connected to higher weight loss and enhanced digestive health. Additionally, it provides minerals like manganese and vitamin B6 that support brain health.
- It could lower blood sugar, lessen inflammation, and help with digestion.
Regional Analysis:
Asia Pacific is projected to witness the highest growth rate during the forecast period. APAC region accounted for around 40% of the regional market. 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. 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.
Europe accounted for the second largest market share. Increasing health awareness and consumption of chicory coffee are the major regional growth drivers. Belgium accounted for 47.3% of the global revenue share of the European market. Increasing demand for sugar and coffee alternatives is projected to drive the regional market over the forecast period.
North America is the third biggest regional market for Chicory. Increasing production coupled with the rising awareness regarding the health benefits of the product is expected to drive the market. The U.S. is one of the largest consumers of chicory and accounted for more than 80% share of the North American market.
COVID-19 Impact:
The use of ready-to-mix and ready-to-drink beverages has significantly increased as a result of the COVID-19 epidemic. The work-from-home culture grew as a result of the lockdowns and curfews imposed by various regional and national administrations. The coffee producers increased/improved their production capacities and volumes to meet this rising demand. As a result, chicory consumption has also increased because it is a common ingredient in ready-to-mix and ready-to-drink coffee products. Manufacturers have begun incorporating it in the coffee processing process as a substitute for coffee because it is a caffeine-free, healthier, and less expensive option.
To reduce the negative effects of caffeine on their health, consumers are also turning to chicory mixes. As a result, the pandemic has improved the growth prospects for chicory, not just because it is a less expensive alternative to coffee but also because of its potential health advantages.
Consumers piled up high-nutrition items to stay healthy throughout the pandemic. Sales have somewhat stabilized as a result of the epidemic, consumers have adapted to a new normal lifestyle, and more people are choosing quick and wholesome snack options
Drivers: A comparatively Cheaper substitute
Due to an increase in global pricing, coffee powder prices have gone up, even more, making it impossible for businesses to absorb the greater cost of raw materials. To safeguard their margin, coffee businesses are increasingly adding chicory to the brew. Large coffee companies with a number of top-selling brands have raised the percentage of chicory in their branded sachets from 30% to 49%. People now prefer chicory because of its lower price, along with its significant health benefits and caffeine-free nature. Direct consumer products made from chicory, such as roasted chicory powder, which is an ideal coffee substitute, are also affordable.
In America, chicory is used in dishes for pizza, pasta, and risotto, whereas in Italy, it is grilled with olive oil. Such a wide range of applications should favorably impact product demand in the upcoming years. Chicory has a number of medicinal qualities and helps the gut's microbial flora develop.
Restraints:
In certain people, especially those who have allergies to ragweed or birch pollen, chicory can cause allergic reaction symptoms such as mouth pain, swelling, and tingling.
Chicory is also not advised for women who are expecting or nursing because some experts think it may have adverse consequences.
Opportunities:
Chicory root fiber is used not only in food and beverage applications but also in dietary supplements, pet food, cosmetics, and pharmaceutical industries due to a number of trends. Sugar reduction is one of the current major trends in the food and beverage business. By improving flavor and texture, chicory root fiber can help with sugar reduction. Salads and a variety of creative and delicious meals have been made with chicory roots and leaves.
Vitamin K, A, C, and a long number of B group vitamins are all found in chicory, making it a nutritious powerhouse. Minerals including manganese, copper, iron, and potassium are all abundant in it. Inulin fiber, a type of prebiotic that encourages the growth of good bacteria in the gut, is found in chicory roots and is frequently used as a dietary supplement. These factors are expected to drive the chicory market in the future.
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Key Competitors:
Some of the major players in this industry have taken a leadership position while trying to establish their market through innovative marketing strategies. These leading firms focus on expanding by developing new products or partnering with other companies for strategic initiatives that will help them conquer markets they occupied previously and make gains where it matters most- at home (geographic). There are a lot of local players in each of the regions who are trying to penetrate the market which again can be disruptive in low-income economies.
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).
Other Coffee Substitutes:
Macha tea, Golden milk, Yerba mate, Rooibos tea, Apple cider vinegar, and Kombucha.
Key Questions answered:
The research report has been written keeping in mind the following stakeholders: the current companies in the market, the new startups, the local players, Environment, Health, and Safety Professionals, Research Organizations, Cosmetic and Personal Care, Pharmaceutical Industry, Manufacturing companies, and research personnel.
The key questions answered in the report are:
- What is the market size and forecast of the Global Chicory Market?
- What are the inhibiting factors and impact of COVID-19 shaping the Global Chicory Market?
- Who are the key competitors/Players in this market?
- What factors are driving the global market?
- Which is the dominating region in this market?
- What are the key benefits of Chicory?
- What are the other substitutes for coffee except Chicory?
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