Upcoming Growth Trends in the Chicory Market

14/dic/2020 17:53:19 MarketsandMarkets Contatta l'autore

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The report "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", According to MarketsandMarkets, the global chicory market size is estimated to be valued at USD 685 million in 2020 and is projected to reach USD 905 million by 2025, recording a CAGR of 5.7%, in terms of value. Rising prices of coffee beans along with increasing consumption of coffee, is navigating the coffee and other food & beverage manufacturers to adopt to chicory ingredient, as a cheaper substitute to coffee. Also, high medicinal values and health benefits associated with the consumption of chicory, is expected to further propel the market. Furthermore, easy cultivation process of the crop and rising number of new entrants in the market, is substantially snowballing the growth prospects.

Chicory Market

COVID-19 Analysis

Owing to the COVID-19 pandemic, the consumption of ready-to-mix and ready-to-drink beverages has witnessed a substantial increase. This largely includes drinks such as coffee, juices, and flavored milks. Due to the lockdowns and curfews imposed by various regional and national governments, the work-from-home culture experienced a boost. Due to the increased work-life stress and busier lifestyles, the population across the globe started increasingly consuming coffee in order to have increased concentration and focus on work. To cater to this growing demand, the coffee manufacturers boosted/enhanced their production capabilities and volumes. Owing to this, the consumption of chicory has increased simultaneously, as it is used as a blend in the majority of the ready-to-mix and ready-to-drink coffee products. As it is a caffeine-free, healthier, and low-cost substitute to coffee, manufacturers have largely started including it in the coffee processing process. Consumers are also leaning toward chicory blends to minimize health risks associated with caffeine. Thus, the pandemic has bolstered the growth prospects for chicory, not only being a cheaper substitute for coffee, but also due to its health benefits offerings.

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Drivers: Preference for chicory as a cheaper substitute for coffee

Chicory is currently ten times cheaper than coffee. Coffee is one of the premium food products. The prices of coffee powder have further increased due to an increase in global prices, making it impossible for companies to absorb the higher cost of raw material. Coffee companies are now blending in chicory to protect their margin. Large coffee companies that hold a couple of bestselling brands have increased their chicory content in their branded sachets to 49% from 30%. According to Mr. S Jagdeesh Gupta, the managing director of Jyothi Chicory, India’s leading chicory manufacturer that supplies to all the leading coffee companies, “Earlier most coffee producers were offering blends with up to 30% chicory. Now virtually all my customers have raised it to 47%–49%.” This has highly increased the cultivation of chicory roots and hence the production of instant chicory powder across major countries. Direct consumer products made from chicory, such as the roasted chicory powder that is an absolute coffee substitute, are also very cheap; therefore, people now prefer more chicory because of its lower price, accompanied by significant health benefits and also is caffeine-free.

By type, the instant powder segment is projected to account for the largest share in the chicory market during the forecast period

The instant powder segment dominated the global chicory market, on the basis of type, in 2019. This is due to the widespread acceptability and availability of the instant powder across the globe. Also, the majority key players prevailing in the market, offer a wide range of instant pwoders of chicory to the players of various application industry. Apart from that, the ease of consumption is one of the majority factor, that results in the largest consumption of instant powder type of chicory, across the globe.

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The Europe region dominated the chicory market with the largest share in 2019, whereas Asia Pacific is expected to witness the highest growth rate.

The European market accounted for the largest share in 2019. According to FAOSTAT, Europe contributed to over 95.5% of the global production of chicory roots. According to the same data, Belgium is the largest chicory roots producing county in Europe, followed by France, the Netherlands, and Poland. Consumers of chicory in Europe witness a high preference for clean-label products due to the increase in awareness pertaining to the consumption of natural and free-from products. This, in turn, is projected to drive the chicory market in this region. The region also witnesses the concentration of maximum global players engaged in the manufacturing and marketing chicory products in the global market. Thus, the European region was the largest contributor to the global chicory market in 2019.

Asia Pacific is projected to witness a higher growth rate during the forecast period. 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, among others. 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.

This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as 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).

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