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Versatility of Chicory Allows Global Chicory Market to Grow by Leaps and Bounds, States Fairfield Market Research
Chicory Market
Chicory inulin is considered a prebiotic used by microorganisms present in the gut to improve digestive health. Chicory is used as a texturing, stabilizing and gelling agent across foodstuffs. Lastly, chicory is used in animal feed additives as consumers actively seek meat with lower additives and antibiotics indirectly aiding the chicory market.
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Greater Use of Chicory as Prebiotic in Diary Makes Food & Beverage Segment Critical
Chicory can be derived from chicory roots or chicory leaves with the former comprising the largest value share in the chicory market for the forecast period ending in 2025. Inulin extracted from chicory root is anticipated to gain significant traction in the animal feed industry as a type of functional ingredient thereby driving growth in the chicory market. In terms of application, the global chicory market can be subdivided into dietary supplements, pet food, cosmetics, and food & beverages. The food & beverages segment is key as ever-increasing use of chicory as a prebiotic in dairy products, especially in infant formulas should bolster growth in the chicory market during the assessment period.
Capacity Expansion Essential for Maximum Profitability in the Global Chicory Market
Prominent companies are aggressively expanding their production capacity in the chicory market to cater to the demand for chicory extract and prebiotic ingredients. In 2020, BENEO GmbH declared its intent to expand manufacturing capacity at its plant in Chile by 2022. In October, BENEO announced that it will process organic chicory root fibre to better serve the organic movement. Sensus, a subsidiary of Royal Cosun plans to increase its production capacity by the end of 2021. This strategic decision was made to become the partner of choice for 'natural, plant-based' food manufacturers. Other companies analysed in this report on the chicory market include Cargill Incorporated, Cosucra Groupe Warcoing, Sensus, Delecto Foods Pvt Ltd, Leroux, Reily Foods Company, PMV Nutrient Products Pvt Ltd, Starwest Botanicals, and Nature's Gold Production.
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Europe Retains Lead in the Chicory Market, Higher Growth in APAC Notwithstanding
Europe sets the pace in the chicory market with Belgium, Croatia, and France contributing the bulk of production. The continent is also a huge consumer of chicory as veganism has gone mainstream among millennial consumers and there is an observable shift towards plant-derived functional foods. Nonetheless, it would be unwise to ignore the APAC region entirely in the chicory market as consumer awareness there is growing rapidly. APAC is a large producer of poultry and meat and producers seek to use plant-based ingredients to mitigate the impact of antibiotics.
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