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.
Browse 129 market data Tables and 34 Figures spread through 186 Pages and in-depth TOC on "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"
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Moreover, chicory is cheaper than the coffee powders available in markets. Various coffee powder manufacturers are now blending their products with chicory powder to lower the price of final products. Furthermore, chicory offers different health benefits and have high medicinal value. It is reported to help in treatment of pulmonary disease or tuberculosis to cancer. It may also benefit in treating cough and wounds. All these factors are anticipated to boost the growth of the global chicory market.
The instant powder type segment is projected to witness fastest CAGR and dominate the market due to increased demand for caffeine-free RTD beverages
Instant powder segment is forecasted to dominate and grow at highest CAGR in the global chicory market. This can be attributed to the convenience it offers to the consumers. Consumers can mix the powder with their choice of beverage such as milk and water. Chicory instant powder is a popular choice among consumers as it is caffeine-free and provides a similar taste to that of coffee. Health-conscious consumers across the globe are shifting towards chicory instant powder as it is rich-in-inulin and is perceived as nutrient drink.
The food & beverage segment is expected to hold the majority share and grow at the fastest rate in the global chicory market due to its wide application in food industry
The food & beverage segment is projected to account for largest market share and grow at fastest CAGR in the global chicory market. The chicory plant has found applications in various industries such as dietary supplements, feed & pet food, and cosmetics & personal care products but it is widely popular as best-known caffeine-free substitute for coffee. Chicory is cheaper when compared to tea and coffee which are sold at premium prices in various parts of world. Moreover, chicory leaves are also used in salads, and when boiled, chicory roots are used like a vegetable.
The Europe region dominated the chicory market with the largest share in 2019 as the region is the largest producer of chicory
The European market accounted for the largest share in 2019. Europe accounted to over 95.5% of the global production of chicory roots, according to the FAOSTAT. Consumers in Europe are highly aware and have high preference for clean-label products due to the increasing concerns over synthetic products. This has presented the chicory manufacturers the increased demand form Europe. Most of global players engaged in the manufacturing and marketing chicory products in the global market also have their headquarters in European region. These factors are anticipated to drive the growth of chicory market in the region.
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), and Farmvilla Food Industries Pvt Ltd (India).
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