USD 693.56 billion
Chicory Market Size, Share, Growth Analysis, By Product (Chicory root and chicory leaf), By Application(Food & beverages, dietary supplement, and others ), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30C2094 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|Tables:
61
|Figures:
70
Chicory Market Insights
Chicory Market size was valued at USD 693.56 billion in 2019, and it is expected to reach a value of USD 1056.21 billion by 2031, at a CAGR of 6.45% over the forecast period (2024-2031).
Chicory is a biennial plant having bright blue flowers, and is grown for use in the sugar industry or as a coffee alternative. It is being utilized for the treatment of constipation, loss of appetite, high blood pressure, gallbladder disorders, and cancer. The chicory leaves paste form can be directly applied to the skin for swelling and inflammation.
Chicory contains inulin that promotes the growth of beneficial bacteria in the gut and however, helps in improving digestive health. Because of this, the demand for chicory is rising from health-conscious consumers. In addition, chicory is being widely used in various industries as it can be used in clean-label products in industries including cosmetic & personal care.
Chicory is grilled with olive oil in Italy, but in the U.S., it is used in pizza, pasta, and risotto recipes; and these are anticipated to signify well for the product demand over the forecast period.
Due to the outbreak of COVID-19 pandemic, the consumption of ready-to-mix and ready-to-drink beverages has substantially increased. Due to the growing popularity, the coffee manufacturers enhanced their production capabilities and volumes. The application of the product in the food and beverage industry is anticipated to further fuel the growth.
US Chicory Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Chicory root
Fastest Growth
Chicory root
Growth Rate
6.45% CAGR
Global Chicory Market ($ Bn)
Country Share for Europe Region (%)
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Chicory Market Segmental Analysis
Global chicory market is segmented based on the product, application and region Based on product, chicory market is segmented into chicory root and chicory leaf. Based on application, the market is segmented into food & beverages, dietary supplement, and others. Based on region, the global market is segmented into North America, Latin America, Europe, Asia Pacific, and MEA.
Chicory Market Analysis by Product
Based on product, chicory market is segmented into chicory root and chicory leaf. The chicory root is holding the largest market share, and is projected to register the fastest CAGR based on the past growth records over the last few years during the aforementioned forecast period. The use of the roots as an alternative to coffee is also expected to fuel the growth. Its coffee helps keep away from various disorders like high blood pressure, liver disorders, skin inflammation, and osteoarthritis, and other bone diseases.
The chicory leaf is growing substantially, and the increasing health consciousness is driving the demand for natural and organic products. The producers are majorly focussing on organic and natural products to meet the rising demand which is expected to fuel the product demand over the forecast timeline.
Chicory Market Analysis by Application
Based on application, the chicory market is segmented into food & beverages, dietary supplement, and others. Due to chicory inulin and other vital nutrient contents, the food & beverage manufacturers are preferring the ingredients. The lower price makes it affordable for maximum organic and all-natural food & beverage product manufacturers. All these factors result in the dominance of this segment in the global market.
The increasing awareness regarding the chicory benefits in the prevention of heart diseases, hypertension, diabetes, osteoporosis, and certain types of cancer; and the presence of vital nutrients like B6 and manganese helps maintain brain health.
Global Chicory Market By Product
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Chicory Market Regional Insights
Europe is dominating the chicory market because of the growing consumption of chicory coffee, rising health concerns, and rising demand for sugar alternatives, which are the major growth drivers in the region over the projected period.
North America is expected to grow from 2021 to 2028 owing to the growing production and consumption, as well as rising health awareness among people. The rising production along with the spread of awareness among people regarding the health benefits of the product is assumed for driving the market. The United States is among the largest consumers of chicory.
Asia Pacific (APAC) region is likely to witness a higher growth rate over the given forecast period, and the growth is attributed to various factors including untapped potential, investments happening from the major market players, growing awareness among the population, and increasing economic developments.
Global Chicory Market By Region
- Largest
- Fastest
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Chicory Market Dynamics
Chicory Market Drivers
Numerous Health Benefits from Consuming Chicory to Boost Its Demand during Forecast Period
- Chicory is being used for the treatment of various health issues, including liver and gallbladder disorders, cancer, and other acute gastrointestinal issues. Besides these health benefits, it is also a tonic for increasing urine production, guarding the liver, and counteracting the stimulant effect of coffee. This is driving the market growth.
Chicory Market Restraints
Distinctive Taste to Hinder Market Growth
- Chicory is commonly known as a caffeine-free alternative to coffee, but does not offer the same organoleptic features. Coffee beans possess a distinct taste and aroma of dark coffee, but chicory coffee has a slightly bitter flavour with a nutty and herbal undertone. Also, people may find it difficult to replace coffee with chicory who are used to it, and this could be a hindrance to the chicory market growth.
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Chicory Market Competitive Landscape
Global chicory market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Chicory Market Top Player's Company Profiles
- Farmvilla Food Industries Pvt Ltd (India)
- Cargill Incorporated (US)
- Starwest Botanicals (US)
- Murlikrishna Foods Pvt Ltd (India)
- Cosucra Groupe Warcoing (Belgium)
- BENEO GmbH (Germany)
- Sensus (Netherlands)
- Organic Herb Trading Co (UK)
- Shaanxi Sciphar Natural Product Co Ltd. (China)
- NP Nutra (US)
- Jamnagar Chicory Industries (India)
- Herbs & Crops Overseas (India)
- Nature’s Gold Production (Netherlands)
- STOKROS Company Ltd (Russia)
- Pioneer Chicory (India)
Chicory Market Recent Developments
- In May 2021, Cosucra Groupe Warcoing S.A., which is a Belgian group released its chicory elements under the various brand names such as Swelite, Nastar, Fibruline, and Pisane.
Chicory Key Market Trends
- Chicory root fiber is able to help with sugar reduction by including flavour and texture. The leaves and roots of chicory are used for salads and also in the preparation of different innovative and tasty recipes. It is however a nutritional powerhouse with vitamin A, K, C, and other B group vitamins. In addition, it is an excellent source of minerals like manganese, copper, iron, and potassium; which is increasing the trend in terms of consumption.
- Organic, Vegan, bio-based, clean label, canned, and sustainable are known as the topmost selling proportions because of the increasing health benefits, ingredients and environmental consciousness, amongst prompt health emergencies.
Chicory Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global chicory market analysis, North America will be the fastest-growing market as assumed due to the increasing production and awareness regarding the health benefits of chicory.
The APAC region is growing owing to the rising population with soaring possibility of chronic diseases including heart-related issues, and obesity are expected to reinforce the chicory growth. The growing preference towards food & beverage industry coupled with the rising cultivation & production of chicory, is promoting the demand and growth prospects for the chicory market in the region.
Chicory-based consumer products such as roasted chicory powder, an absolute coffee substitute, cheap. That is why, people are now preferring chicory more due to cheap price, accompanied by significant health benefits and caffeine-free are favouring the market growth. However, chicory coffee has a slightly woody bitter taste with a nutty, and sometimes, herbal flavour, which is hampering the growth.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 693.56 billion |
| Market size value in 2031 | USD 1056.21 billion |
| Growth Rate | 6.45% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Chicory Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Chicory Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Chicory Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Chicory Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Chicory Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Chicory Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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