Chicory market Market to Witness Astonishing Growth Along With Top Key Players – 2029
The global chicory market size is anticipated to reach USD 294.2 million by 2025, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 4.2% during the forecast period. Increasing awareness regarding the medicinal value of chicory is the main factor driving the growth.
The chicory root product segment accounted for more than 65% market share in 2018. Roots are a rich source of inulin and nutrients essential for brain health. Ground and roasted roots are used as an alternative to coffee. Chicory root powder is used in baked goods and other food products as an alternative to sugar and fat, as well as, as a texturizer. As a result, the market is anticipated to witness significant rise in demand over the forecast period.
Food and beverage was the largest application segment accounting for more than 45% market share in 2018. It is expected to maintain its dominance throughout the forecast period. Increasing demand for chicory coffee in Thailand, Japan, Netherlands, Germany, France, and U.S. is driving the growth. In addition, increasing use of the product as an alternative to sugar and fat in various food and beverages is expected to create growth opportunities in the forthcoming years.
Europe is anticipated to continue leading the global chicory market over the forecast period. Rising consumption owing to various health benefits of the product is driving the regional growth. Belgium is the largest producer of chicory in the world. Germany, France, and Netherlands are expected to witness significant growth owing to rising consumption of chicory coffee. North America is expected to witness the fastest CAGR of 5.2% from 2019 to 2025 owing to increasing cultivation and consumption of chicory as an alternative to coffee. Growing popularity of chicory as a natural appetizer is anticipated to further fuel the regional growth.
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Chicory market Market Report Highlights
• Chicory root is expected to witness a CAGR of 4.5% over the forecast period, owing to increasing awareness regarding the health benefit of the roots
• U.S. is one of the largest consumers of the product and accounted for more than 85% share of the North America chicory market in 2018
• India, Thailand, China, Japan, and Australia are the key markets for chicory in the Asia Pacific region
• Belgium, France, and Netherlands held more than 60% share of the Europe market for chicory in 2018
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