Chicory Market To Reach USD 1,561.4 Million By 2032 | DataHorizzon Research
The chicory market size was valued at USD 916.6 Million in 2023 and is expected to reach a market size of USD 1,561.4 Million by 2032 at a CAGR of 6.1%.
Fort Collins, Colorado, April 20, 2024 (GLOBE NEWSWIRE) --The growing preference for natural and plant-based food ingredients drives demand within the *chicory market.* With consumers becoming increasingly aware of the potential health risks associated with artificial additives and sweeteners, there is a notable shift towards seeking natural alternatives. Chicory, sourced from plant origins and known for its inherent sweetness and fiber content, emerges as an ideal replacement for artificial sweeteners and additives in various food formulations. This trend towards clean labels and natural ingredients has led to a significant upsurge in the demand for chicory within the food and beverage industry.
According to the Food and Agriculture Organization (FAO), there has been a noteworthy 5.1% increase in value-added product launches featuring chicory ingredients in the global food and beverage industry over the past year. This statistic underscores the growing integration of chicory across diverse product categories, reflecting the industry's recognition of chicory's appeal as a natural and versatile ingredient. As consumer preferences continue to prioritize health-conscious and clean-label products, the demand for chicory is expected to escalate further, driving innovation and expansion within the chicory market.
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*Segmentation Overview:*
*The chicory market has been segmented into type, plant type, application, and region.*
*Food and beverage is the leading application segment *
· Based on the market segmentation by application, the food & beverage segment held the largest market share in 2023. Chicory is used in various applications within this segment, including coffee alternatives, prebiotic-enriched yogurts, and bakery products.
*Roasted products accounted for a significant share in 2023*
· Based on the market segmentation by product type, the roasted segment held the largest market share in 2023. Roasted chicory has been widely used as a coffee substitute and additive, offering a natural and healthier alternative to traditional coffee.
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*Chicory Market Report Highlights:*
· The chicory market growth is anticipated at a *CAGR of 6.1% by 2032.*
· The growing health awareness among the population is projected to drive the demand for the chicory market.
· Asia Pacific is a leading market attributed to the growing consumer preference for healthier food options, expansion in the food and beverage industry, and the growing disposable income in the Asian population.
· Some prominent players in the chicory market report include Beneo (Sudzucker Group), Cosucra, Sensus (Royal Cosun), Leroux, Violf, PMV Nutrient Products, Leroux, FARMVILLA, Murlikrishna Foods, Starwest Botanicals, Jamnagar Chicory Industries, Cargill, Incorporated, Shaanxi Sciphar Natural Products, and Organic Herb Trading.
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