Market Outlook
Chicory ingredients are garnering tremendous prominence and popularity mainly due to their medicinal properties such as antioxidant and anti-inflammatory. Also, anticancer, analgesic, antidiabetic, and antimicrobial chicory ingredients are known to improve heart health. Hence chicory ingredients are used in the making of various food & beverages products and pharmaceutical & dietary supplements. Chicory plants are also cultivated as forage plants for animal feed.
The chicory ingredients market is growing continually, witnessing a massive consumption. The huge uptake of chicory ingredients in pharmaceutical and F&B industries is a major driving force behind its market growth. Moreover, rising health-conscious populaces and the development of distribution channels play a vital role in the development of this market. As a result, the chicory ingredients market perceives constant growth on the global level.
According to Market Research Future (MRFR), the global chicory ingredients market Size will perceive a significant upsurge in terms of the size of the market by 2028. In its recently published analysis, MRFR also asserts that the market would register a phenomenal CAGR throughout the review period (2020-2028). Moreover, increasing investments in R&D transpired by the market players would offer substantial growth opportunities.
Additionally, factors such as attractive packaging forms, and spreading awareness of the benefits of chicory ingredients are substantiating the market growth. To enhance the customer experience and align them with the branding, most players strategize their packaging solutions meticulously, offering exclusive product innovation. Moreover, growing industrialization and urbanization along with the improving economic conditions worldwide commutatively act as a tailwind that pushes up the market growth.
Market Segments Analysis
The report is segmented into five market dynamics to widen the scope of understanding,
By Type: Leaves, Root, Flowers, and Seeds
By Category: Organic and Conventional.
By Application: Food & Beverages, Bakery & Confectioneries, Dairy & Frozen Desserts, Pharmaceuticals, and Dietary Supplements, among others.
By Distribution Channel: Store-Based and Non-Store-Based
By Regions: Asia Pacific, North America, Europe, and the Rest of the World.
Regional Analysis
The Asia Pacific region dominates the chicory ingredients market with the largest market share. The region is further expected to retain its dominance throughout the forecast period. Increasing usage of chicory ingredients in cooking, pharmaceuticals, and dietary supplements by consumers is a key driving force behind the regional market growth.
Sri Lanka, China, Indonesia, Japan, and India are significant chicory producers and hence, possess a larger market share in the regional market. Besides, the presence of major players and a large consumer base led by the improving economic conditions that are improving access to the quality of life is boosting the market in the region.
North America accounts for another lucrative market for chicory ingredients. The growing market in the US, heading with the quality lifestyle and the presence of large innovative players drives the regional market, majorly. Growing uses of protein ingredients in the rapidly increasing food & beverages industry would allow the region to register a significant CAGR over the assessment period. Moreover, a higher inclination for using chicory in various products, due to the presence of prebiotic fiber known as inulin drives the growth of the regional market.
The European chicory ingredients market is a rapidly growing market. Growing consumption of chicory ingredients in various beverages and increasing health eccentric populaces drive the regional market growth. Furthermore, the increasing per capita income and influence of the media industry provide impetus to the market growth in the region.
Competitive Analysis
Highly competitive, the chicory ingredients market appears to be fragmented owing to the presence of several well-established players. High potential growth demonstrated by the market is expected to attract several new entrants during the anticipated period, which will resultantly intensify the competition further.
Major Players:
Players leading the global Chicory ingredients market, include BENEO-Palatinit GmbH (Germany), Cosucra Groupe Warcoing SA (Belgium), Coöperatie Koninklijke Cosun U.A. (Netherlands), Baiyin Xirui Biological Engineering Co., Ltd. (China), Gansu Likang Nutritional Foods Co, LTD (China), The Tierra Group (US), The Qinghai Weide Biotechnology Co., Ltd. (China), Fuji Nihon Seito Corporation (Japan), Novagreen Inc. (Canada), and PMV Nutrient Products Pvt. Ltd. (India), among others.
Industry/Innovation/Related News:
April 24, 2019 —- Unilever plc a British-Dutch transnational consumer goods company with a product range including food and beverages, cleaning agents, beauty products, and personal care products, announced that its recently acquired (Feb2019) holding company, Graze is planning to lower the sugar content in some of its products replacing it with chicory root fiber. The London-based business said that the changes had taken 18 months and involved using chicory root fiber “as a natural alternative to sugar.”
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