Chicory Market by Product Type, Form, Plant Part, Application, and Region - Global Forecast to 2025
DUBLIN, Dec. 11, 2020 /PRNewswire/ -- The "Chicory Market by Product Type (Extracts, Roasted, Instant Powder, Flour), Form (Powder, Cubes, Liquid), Plant Part, Application (Food & Beverage, Dietary Supplement, Feed & Pet food, Cosmetics & Personal Care), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The chicory market is projected to grow at a CAGR of 5.7% from 2020 to reach USD 905.3 million by 2025.
Factors such as the rising costs of coffee beans, increasing consumption of organic foods and beverages, and the growing number of applications of chicory are projected to drive the growth of the chicory industry during the forecast period. However, the growth of the chicory market is inhibited by factors, such as health risks associated with heavy consumption of chicory. In addition, higher technical expertise required for producing certain chicory-based products along with limited consumer awareness inhibits the growth of this market.
By type, the instant powder segment is projected to grow at the highest CAGR during the forecast period.
Owing to the functional benefits and availability of instant powder have led to an increase in demand for it. Also, it's largely consumed across B2B as well as B2C segments as well. Moreover, demand for caffeine-free ready-to-drink beverages to boost the demand for instant powder. In its instant form, chicory is ideal for all types of drinks and a wide range of desserts. Its slightly caramelized taste gives them deep flavors with a hint of bitterness. The majority of the players prevailing in the chicory market offer the instant powder type of chicory, and hence, it is expected to grow at a substantial rate, in the coming years.
By form, the powder form is estimated to account for the fastest growth rate.
The powdered form of chicory is the most widely known chicory product in the market. In powder form, roasted chicory can be consumed by itself or easily mixed with coffee, enhancing various flavors, adding a touch of sweetness, and reducing the caffeine content of an array of beverages. Most chicory manufacturing and processing companies across the world mainly produce and market roasted chicory powder. The demand for powder chicory is high because most coffee manufacturing companies mix chicory powder with coffee so as to enhance its taste and aroma. This is also an effective way for coffee manufacturers to protect margins. Hence, all of this results in exhibiting high growth potential for the powder form of chicory, during the forecast period.
By plant-part, the root segment is projected to grow at the highest CAGR during the forecast period.
Chicory roots are also being used widely in pet foods and feed, as chicory is highly digestible for ruminants and has a low fiber concentration. Chicory roots are a substitute for oats for horses due to their protein and fat content. Apart from these applications, the chicory roots are widely demanded by the food & beverage manufacturing companies. All these reasons are causing the demand for chicory roots to rise, and hence, in many countries, the cultivation of chicory roots is witnessing an increase. Thus, the market is projected to witness a positive outlook in the coming years.
By application, the food & beverage segment is expected to record the highest CAGR during the forecast period.
Chicory finds its most important and wide application in the food & beverage industry. Furthermore, chicory is generally considered to be healthy because of its high inulin content, and thereby is demanded by most of the food & beverage companies. The flowers and leaves may be used in salads and flavored vinegar. Apart from that, chicory flour extracted at the very initial stage of processing, is used as filler and flavor enhancer in many bakery products, such as breads, cookies, and cakes. Thus, the food & beverage application of chicory are witnessing an increase, in turn driving the growth.
The Asia Pacific region is projected to grow at the highest CAGR during the forecast period
The market for chicory is still in the nascent stage in the region, particularly in countries, such as India, Japan, and other developing countries, in the region. This is attributed to the countries in the region with a dense population, of which a majority of the population is either unaware of such health benefitting ingredients or have limited spending power for premium organic and all-natural food products. However, people are becoming aware of the association of high risks of chronic diseases with unhealthy dietary lifestyles and the lack of essential nutrients in the body. A number of key players are also expanding and investing in the region. Thus, all these factors are projected to drive the major market growth in the coming few years.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Brief Overview of the Chicory Market
4.2 Chicory Market, by Region
4.3 Chicory Market, by Type
4.4 Chicory Market, by Form
4.5 Chicory Market, by Plant Part
4.6 Chicory Market, by Application
4.7 Europe: Chicory Market, by Type & Country
4.8 Chicory Market, by Key Countries
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rise in Concern Regarding Negative Effects due to High Intake of Caffeine
5.2.1.2 Preference for Chicory as a Cheaper Substitute for Coffee
5.2.1.3 High Medicinal Values and Health Benefits Associated with the Consumption of Chicory
5.2.1.4 Easy Cultivation Process of the Chicory Crop
5.2.1.5 Recent Government Regulations Upholding the Dietary Fiber Status for Chicory Roots
5.2.2 Restraints
5.2.2.1 High Dependency on Mainstream Products Such as Coffee
5.2.2.2 Health Risks Associated with Heavy Consumption of Chicory
5.2.3 Opportunities
5.2.3.1 Rise in Demand for Chicory and Chicory-Based Products Across Several Emerging Markets
5.2.3.2 Growth in Applications of Chicory Across Various Industries
5.2.4 Challenges
5.2.4.1 Higher Technical Expertise Required for Producing Certain Chicory-Based Products
5.2.4.2 Limited Consumer Awareness About Chicory Products
5.2.5 Impact of COVID-19 on Chicory
5.3 Patent Analysis
5.4 Pricing Analysis
5.5 Trade Analysis
5.6 Ecosystem
5.7 Yc-Ycc Shift
6 Regulations
6.1 Food Safety Authority of Ireland
6.2 Food Safety and Standards Authority of India (Fssai)
6.3 European Commission
6.4 Chicory as Soluble Dietary Fiber and Its Regulations
6.5 Prosky Method
6.6 Mccleary Method
6.7 Rapid Integrated Total Dietary Fiber
7 Case Study Analysis
7.1 Case Studies on Top Industry Innovations and Best Practices
7.1.1 Innovations and Developments in Chicory Applications and Products to Cater to the Dynamic Consumer Needs: a Positive Outlook
7.1.2 Higher Demand for Chicory as a Cheaper and Healthier Substitute to Various Ingredients Drives Investments and Expansions by Key Players
7.1.3 Chicory Ingredients Play an Essential Role in Skincare
8 Chicory Market, by Type
8.1 Introduction
8.2 COVID-19 Impact Analysis
8.3 Extracts
8.3.1 Multiple Application Areas for Extracts Including Food & Beverages and Dietary Supplements
8.4 Roasted Chicory
8.4.1 Growing Demand for Coffee Expands the Growth Potential for Roasted Chicory
8.5 Instant Powder
8.5.1 Demand for Caffeine-Free Ready-To-Drink Beverages to Boost the Demand for Instant Powder
8.6 Chicory Flour
8.6.1 Increase in Number of Applications Areas and Rise in Demand from Bakery Industry
8.7 Other Types
8.7.1 Availability of Other Types at a Cheaper Price Points for Food & Beverage Product Manufactures
9 Chicory Market, by Form
9.1 Introduction
9.2 COVID-19 Impact Analysis
9.3 Powder
9.3.1 Widespread Availability and Acceptability of the Powder Form of Chicory
9.4 Cubes
9.4.1 Growth Awareness Regarding the Usability of Chicory Cubes Across an Array of Industries
9.5 Liquid
9.5.1 Rise in Innovations and Developments in Application of Liquid Form of Chicory
9.6 Other Forms
9.6.1 Diverse Usage of These Forms of Chicory Across an Array of Industries
10 Chicory Market, by Plant Part
10.1 Introduction
10.2 COVID-19 Impact Analysis
10.3 Leaf
10.3.1 Rise in Number of Consumers Preferring Healthier Food Options Such as Salads
10.4 Roots
10.4.1 Growth in Areas of Applications of Chicory Roots Across Various Industry Applications
10.5 Other Plant Parts
10.5.1 Increase in Number of Innovations and Developments Introduced with the Use of Other Plant Parts of Chicory
11 Chicory Market, by Application
11.1 Introduction
11.2 COVID-19 Impact Analysis
11.3 Food & Beverages
11.3.1 Widespread Acceptability and Usage Across Regions by Several Players in an Array of Food Applications
11.4 Dietary Supplements
11.4.1 Rise in Demand and Awareness for Natural and Organically Sourced Health Supplements
11.5 Feed & Pet Food
11.5.1 Increase in Developments and Innovations in the Feed & Pet Food Industry
11.6 Cosmetics & Personal Care
11.6.1 Developing Applications of Chicory in the Skincare Industry with Consumers Shifting Toward All-Natural Products
12 Chicory Market, by Region
12.1 Introduction
12.2 COVID-19 Impact Analysis
12.3 North America
12.4 Europe
12.5 Asia-Pacific
12.6 South America
12.7 Rest of World
13 Competitive Landscape
13.1 Overview
13.2 Key Developments of the Leading Players in the Chicory Market, 2018-2020
13.3 Market Share Analysis, 2020
13.4 Competitive Scenario
14 Company Evaluation Matrix and Company Profiles
14.1 Competitive Leadership Mapping
14.2 Cosucra Groupe Warcoing
14.3 Delecto Foods Pvt Ltd
14.4 Beneo Ghmb
14.5 Sensus
14.6 Leroux
14.7 Cargill Incorporated
14.8 Reily Foods Company
14.9 Pioneer Chicory
14.10 Pmv Nutrient Products Pvt Ltd
14.11 Farmvilla Food Industries Pvt Ltd
14.12 Murlikrishna Foods Pvt Ltd
14.13 Starwest Botanicals
14.14 Stokros Company Ltd
14.15 Nature's Gold Production
14.16 Organic Herb Trading Co
14.17 Narasu's Coffee Company
14.18 Np Nutra
14.19 Shaanxi Sciphar Natural Product Co Ltd
14.20 Jamnagar Chicory Industries
14.21 Herbs & Crops Overseas
15 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/fjjxcz
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