Press release
Chicory Ingredients Market Size, Share, Trend, Global Analysis and Forecast to 2023
Cichorium intybus L., commonly known as chicory, is a woody perennial herb, which is used for medicinal purpose, vegetable crop, coffee substitute, and animal forage.
Based on type, the global chicory ingredients market has been segmented into leaves, root, flowers, and seeds. The root segment is anticipated to gain the largest revenue share in the global chicory ingredients market and shall maintain lead throughout the forecast period. The root of chicory is dried, roasted, grounded and is used a substitute to coffee. Chicory does not contain caffeine and also gives more ‘roasted’ flavor to the coffee as compared to traditional coffee. Moreover, chicory root is enriched with prebiotic fiber, inulin. Inulin helps in maintaining various health related problems in humans, which includes enhancing calcium absorption, supporting gut health, reducing fat content, and also boost the liver health.
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The global chicory ingredients market has been segregated, by category, into organic and conventional. The conventional segment is expected to garner major share in the global chicory ingredients market owing to the higher efficiency and less capital investment in cultivation of conventional chicory ingredients. However, the organic segment is anticipated to project a higher CAGR during the forecast period due to the rising inclination of consumers towards organic chicory ingredients.
The global chicory ingredients market has been segregated, by application, into food & beverages, pharmaceuticals, dietary supplements and others. The food & beverage segment is projected to gain largest share in the global chicory ingredients market due to the major application of chicory ingredients in production of prebiotics food & beverage products which provide various health benefits such as preventing irritable bowel syndrome, diarrhea, and ulcerative colitis. However, the pharmaceutical segment is anticipated to grow with the highest growth rate during the forecast period owing to the growing awareness about the properties of chicory ingredients.
Key Players:
Some of the key players in the global chicory ingredients market are 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).
Regional Analysis:
The global chicory ingredients market has been segmented on the basis of region, into North America, Europe, Asia-Pacific, Rest of the World.
Europe is expected to dominate the global chicory ingredients market owing to the large production and consumption of chicory ingredients in the region. Countries such as Belgium and Germany are among the largest producers of chicory ingredients in the region.
North America and RoW chicory ingredients market is expected to grow at a rapid pace due to the surging production and consumption of chicory ingredients in the regions. Moreover, Asia-Pacific is also expected to project a significant market share owing to the increasing awareness regarding the health benefits of chicory ingredients and increasing preference of healthy food supplements among the consumers in the region.
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