Selbyville, Delaware, Feb. 07, 2024 (GLOBE NEWSWIRE) --
The chicory market valuation is estimated to reach USD 1.1 billion by 2032, as reported in a research study by Global Market Insights Inc.
Increasing awareness of the health benefits linked to Chicory and its versatile applications in food and beverage will accelerate business growth over 2024–2032. Recognized for its digestive health attributes and natural sweetening properties, Chicory gains popularity as consumers seek healthier alternatives. The demand for natural sweeteners and functional ingredients will propel market growth, making it a pivotal player in responding to evolving consumer preferences in the health-conscious market landscape.
For instance, in 2021, Puratos USA, a prominent bakery ingredient and Belgian chocolate provider, unveiled the Belcolade Selection Dark Sugar Reduced Cacao-Trace Chocolate. This innovative product, featuring chicory root fiber, aligns with Puratos' goal to reduce sugar while preserving delicious taste in its offerings.
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The chicory market from the inulin segment will experience remarkable traction till 2032, driven by its diverse applications in the food and beverage industry. As a sought-after natural sweetener and prebiotic, chicory inulin's popularity continues to rise. Its role in promoting gut health and its functional attributes contribute to its market dominance. With increasing consumer awareness and demand for healthy alternatives, this segment will emerge as a key player in shaping market dynamics.
The roasted Chicory industry will experience a substantial upswing through 2032, fueled by its widespread utilization in the beverage industry. Renowned for its coffee-like flavor and potential health benefits, roasted Chicory serves as a popular coffee substitute. With growing consumer interest in caffeine-free alternatives and the beverage sector's continuous innovation, the roasted chicory segment will solidify its position as a key contributor to the market's overall growth and appeal.
North America Chicory market will demonstrate a notable CAGR during 2024 and 2032, attributed to rising awareness of Chicory's health benefits, in line with the growing trend of incorporating natural ingredients in the food and beverage landscape. The region's robust agricultural practices and increasing consumer preference for plant-based products contribute to its substantial market presence. With these factors aligning, North America will emerge as a key contributor to shaping industry growth.
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Some of the leading companies operating in the chicory market are Cargill Incorporated, Starwest Botanicals, Wilmar Delecto Foods Private Limited, Jamnagar Chicory Industries, Organic Herb Trading Co., Pioneer Chicory, Leroux, and Nature's Gold Production.
Companies are expanding their market presence through initiatives like product diversification, innovative processing methods, and strategic collaborations. Leveraging Chicory's diverse applications in the food and beverage industries, these players are capitalizing on the growing consumer demand for natural and functional ingredients. In addition, sustainable cultivation practices and adherence to quality standards further enhance their competitiveness, contributing to an increased share in the dynamic and evolving chicory market.
For instance, in 2023, BENEO declared the expansion of a production line at its Pemuco plant in Chile, allowing enhanced processing capabilities for the production of its liquid chicory root fiber, Orafti Oligofructose LL, now featuring an extended shelf life of one year.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Chicory market 3600 synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023 - 2032
2.3 Regional trends
2.4 Product type trends
2.5 Form trends
2.6 Application trends
2.7 Distribution channel trends
Chapter 3 Chicory Market Insights
3.1 Impact of COVID-19
3.2 Impact of the Russia-Ukraine war
3.3 Industry ecosystem analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.6.1 Partnership/Collaboration
3.6.2 Merger/Acquisition
3.6.3 Investment
3.6.4 Product launch & innovation
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Increasing awareness of the health benefits of chicory
3.8.1.2 Growing popularity of plant-based foods
3.8.1.3 Increasing investment in research and development
3.8.2 Industry pitfalls & challenges
3.8.2.1 Competition from coffee and tea
3.8.2.2 Limited consumer awareness
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
