Global Chicory Market - Insights and Trends
Chicory is a perennial herbaceous plant, which is woody in nature and belongs to dandelion family Asteraceae. Chicory leaves are mostly used for salads and roots when roasted are used as a coffee substitute as well as additive. Chicory is also grown as a feed crop for livestock. Chicory is a native plant of Europe and now is also commonly found in North America. In U.S. chicory is commonly known as Endive (Cichorium endivia). Chicory is famous for the health benefits it offers such as it has the ability to boost the immune system, ease digestive issues, reduce arthritis pains, prevent bacterial infections & heartburn, detoxify the liver and gallbladder and reduce the chance of heart disease. Chicory root is a natural source of prebiotics and is also helpful in reducing weight. Chicory plant is a great source of vitamin and minerals, folic acid, magnesium and potassium.
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Chicory product market is segmented on the basis of nature, end use, distribution channel and region. On the basis of nature the market is segmented into organic and conventional. On the basis of end use applications chicory market is segmented into food and beverages industry, pharmaceutical industry and nutraceutical industry. The food & beverage industry segment can be further sub-segmented into bakery & confectionery products, energy bars, dairy & frozen desserts, breakfast cereals & granola products and beverages. On the basis of distribution channel the chicory market is segmented into hypermarket/supermarket, convenience stores, drug store, online store and others. Among the distribution channel hypermarket/ supermarket is expected to retain the maximum market share in the forecast period.
Market Regional Outlook:
Regional segment for the market of Chicory is divided into five different regions: North America, Latin America, Europe, Europe, Asia Pacific and MEA. Among these segment Europe is expected to have the major market share globally, as it is the largest producer and consumer of Chicory. The North America market is expected to grow significantly over the forecast period, but is anticipated to account for a lower growth rate than the APEJ region, owing to a greater number of emerging economies in Asia Pacific. In Asia Pacific region the countries like India and China, are generating the major revenue. Moreover, the Asia Pacific region is estimated to account the highest CAGR, owing to a larger consumer base, combined with a higher number of retail outlets than any other region.
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Regional integration was lacking in Latin America because of major economies such as Brazil and Argentina, which had not adapted free trade. Now the scenario has changed. After successful adoption of free trade agreements by Peru and Mexico and the benefits they received, other countries started adopting free trade. Free trade helps in integration of supply chain, which results in increasing trade activities and trade volume between countries. Chicory manufacturers can now get easy access to other countries in the region. This fact is expected to bolster growth of chicory market. Moreover, with the emergence of modern retail formats, the F&B sector has a new format for operations in the form of food courts and specialty stores in large format malls. These food courts and specialty stores offer consumers easy access to food and beverage that contains chicory ingredients such as prebiotics at the time of shopping and entertainment activities and also offer a choice of selecting different products by comparing it then and there. These improved retail formats has helped the companies to offer its prebiotics and other vitamin and minerals to the consumers in a better way. Consumers can now easily select their desired product as varieties are available at the stores, which is also helping to boost growth of chicory market globally.
Increasing demand for healthy beverages globally is expected to create opportunities for players in the global chicory market. Ever rising demand for drinks or bars with natural ingredients is expected to result in significantly high sales of chicory products. Food & beverage companies are highly focusing on the research & development activities to enhance the nutritional and multifunctional profile of food items, which offers high health benefits. Prebiotics have greater visibility in the health supplement market, which should have a positive spillover effect into the mass consumer market. There is a significant presence of large multinational manufacturers in Europe, who have the mature technology and capacity to service the needs of this market.
Market Key Players:
Some of the key players in Chicory Market are Prewett's Health Foods, Starwest Botanicals Inc, Leroux, Narasus Coffee Company, Pioneer Chicory and Chicobel Pvt Ltd among other.
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