Chicory Market Report Scope & Overview:

The Chicory Market Size was esteemed at USD 739.61 million in 2022 and is supposed to arrive at USD 1224.50 million by 2030 and develop at a CAGR of 6.5 % over the forecast period 2023-2030.

The market for chicory has consistently expanded as a result of the need for natural and healthy ingredients in the food and beverage industry. Chicory, especially its roots, is valued for its use as a prebiotic fiber source, natural sweetener, and substitute for coffee. Various chicory products, including roasted chicory root, chicory inulin, and chicory extracts, are available on the market. These products are used in a wide range of sectors, including beverages, baked goods, and nutritional supplements.

The Chicory market has grown as a result of technological development. The quality and usefulness of goods made from chicory have increased as a result of innovations in extraction and processing techniques. For instance, high-purity inulin with a variety of functional characteristics has been created by the extraction of inulin, a soluble dietary fiber found in chicory. In addition, the creation of innovative chicory-based food and drink items, such as natural sweeteners and coffee blends with chicory extract, has helped the industry expand.

A concern for the chicory sector is obtaining a consistent supply of high-quality raw materials since environmental factors might have an influence on chicory growth. Additionally, it can be challenging to comply with regulatory requirements and labeling laws while also communicating to customers the health benefits of products manufactured from chicory. Competition from dietary fiber sources and other natural sweeteners has a further influence on market dynamics. By dealing with supply chain issues, implementing research-based marketing strategies, and continuing product innovation, the chicory market will be able to maintain its growth trajectory.

Market Dynamics:

Driving Factors:

• A preference for chicory as a less expensive espresso alternative.

• The future development of the inventory network organization's increasing ubiquity.

The management and distribution of chicory products will improve in the upcoming years. To keep track of what they have and what they need, more and more locations will adopt smart systems. This method will guarantee that chicory items are offered for sale whenever customers need them.

Restraining Factors:

• Consumer knowledge of the applications and health advantages of chicory is limited.

• Weather-related fluctuations in the availability of raw materials.

The materials we use to build things might be affected by the weather. These resources can occasionally be tougher to locate during inclement weather like storms or droughts. This may result in production issues, shortages, or modifications to the items we can produce.

Opportunities:

• Increase in the use of chicory in various projects. 

• Increasing the use of chicory leaves will treat itchiness, growth problems, and other medical ailments.

Chicory leaves are becoming more popular as a remedy for many ailments. They might help with itching if your skin is irritated. Additionally, they can be utilized to address problems with growth, such as improper body development. As a consequence, people are learning new ways to employ chicory leaves to improve the health of their bodies.

Challenges:

• Few consumers are familiar with or accept items made with chicory.

• Reliance on meteorological factors that influence chicory crop output.

Chicory crops are very reliant on the weather. How effectively chicory grows is influenced by factors such as temperature, sunshine, and weather. If there is too much rain or not enough sunshine, the chicory plants cannot grow as much. As a result, farmers need to keep an eye on the weather to forecast how well their chicory crop will do.

Impact of COVID-19:

Inferable from the COVID-19 pandemic, the utilization of prepared to-blend and prepared to-drink refreshments has seen a significant increment. This incorporates beverages like espresso, squeezes, and enhanced milk. Because of the lockdowns and curfews forced by different territorial and public states, the work-from-home culture encountered a lift. Because of the expanded work-life stress and more occupied ways of life, the populace across the globe began progressively consuming espresso to have an expanded fixation and spotlight on work. To take special care of this developing interest, the espresso makers helped/improved their creative capacities and volumes. Attributable to this, the utilization of chicory has expanded all the while, as it is utilized as a mix in most of the prepared to-blend and prepared to-drink espresso items. As it is without caffeine, a better, and minimal expense substitute to espresso, producers have begun remembering it for the espresso handling process. Purchasers are additionally inclining in the direction of chicory mixes to limit well-being gambles related to caffeine. In this way, the pandemic has reinforced the development possibilities for chicory, not exclusively being a less expensive substitute for espresso, yet in addition because of its medical advantages and contributions.

Impact of Ongoing Recession

The market for chicory goods may experience difficulties during a recession because consumers may be less willing to spend money on non-essentials like chicory products. A decline in demand could result from shifting spending priorities. Additionally, the availability and cost of goods made from chicory may be impacted by supply chain interruptions and price sensitivity. Businesses may need to modify their plans in response to shifting customer preferences and prevailing economic conditions.

The chicory market has been badly impacted by inflation, and the cost of the items has gone up, including Instant Powder and Flour. Wheat flour's daily average retail price has increased by more than 17% in the last year, and in 2022, the cost of flour and prepared flour mixes was over 19% more than it was on average during the preceding ten years (0.2%). Instant powder inflation increased to over 11% from 10.29%, while infant food inflation increased to around 10.6% in January 2023.

Impact of Russia Ukraine War

The Russia-Ukraine war has interrupted supply networks and trade routes, which might lead to shortages and price rises. Geopolitical disputes might also have an influence on consumer confidence and spending patterns, which could have an effect on the market for chicory products. Chicory-related products may find it more challenging to be supplied worldwide due to export restrictions and unpredictable trade conditions, which might have an effect on both consumers and producers.

The supply chain was disrupted by the Russia-Ukraine conflict, which raised the cost of the product used in the chicory market. The average price rise for Weight Loss Complex products was 10.46%, which is more than any other category of diet products. The average price increases for vitamin C (up 6.89%) and protein powder (up 5.99%) followed. Price increases for children's vitamins (4.17%) and meal replacements (4.51%) came in fourth and fifth, respectively.

Market Segmentation:

By Product Type:

• Extracts

• Roasted

• Instant Powder

By Flour:

• Form

• Powder

• Cubes

• Liquid

By Plant Part:

• Chicory Root

• Chicory Leaf

By Application:

• Food & Beverage

• Dietary Supplement

• Feed & Pet food

• Cosmetics

• Personal Care

Regional Analysis:

Asia-Pacific is a dominating region in the Chicory market and it is expected to experience significant growth as a result of Asian consumers' growing desire for natural and herbal products and treatments for illnesses. In India, the chicory plant's flowers are used as a home remedy for gallstones, gastroenteritis, bruises, wounds, and other conditions. Chicory seeds are also a crucial component of Liver Detox Formula, a supplement created to treat a number of liver conditions. It is mixed with various filter coffees from Southeast Asia and Indian coffee.

As a high-value non-food crop that will boost the local economy, chicory is also being introduced in Europe. It opens up new possibilities for growers of sugar beetroot to expand and diversify their business. It is more drought-resistant than sugar beetroot, grows well in a variety of soil types, and requires less nitrogen. Chicory's development as a high-value crop for export will revive the agro-industry and agriculture in Europe.

In North America, where production is increasing and its health benefits are becoming more well-known, the chicory market is predicted to grow the fastest. Chicory became widely utilized in New Orleans as a result of the Civil War's shortage of coffee.

REGIONAL COVERAGE:

North America

• US

• Canada

• Mexico

Europe

• Eastern Europe

  • Poland

  • Romania

  • Hungary

  • Turkey

  • Rest of Eastern Europe

• Western Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Netherlands

  • Switzerland

  • Austria

  • Rest of Western Europe

Asia Pacific

• China

• India

• Japan

• South Korea

• Vietnam

• Singapore

• Australia

• Rest of Asia Pacific

Middle East & Africa

• Middle East

  • UAE

  • Egypt

  • Saudi Arabia

  • Qatar

  • Rest of Middle East

• Africa

  • Nigeria

  • South Africa

  • Rest of Africa

Latin America

• Brazil

• Argentina

• Colombia

• Rest of Latin America 

Key Players:

PMV Nutrient Products Pvt Ltd, Farmvilla Food Industries Pvt Ltd, Murlikrishna Foods Pvt Ltd, Starwest Botanicals, STOKROS Company Ltd, Nature’s Gold Production, Organic Herb Trading Co, Narasu’s Coffee Company, NP Nutra, Shaanxi Sciphar Natural Product Co Ltd., Jamnagar Chicory Industries, and Herbs & Crops Overseas.

Farmvilla Food Industries Pvt Ltd-Company Financial Analysis

Recent Development:

• In May 2021, the Belgian company Cosucra Groupe Warcoing S.A. launched its chicory root ingredients under the Fibruline, Swelite, Nastar, and Pisane brand names. The firm primarily sells these brands of pea ingredients.

• In March 2020, the German firm Südzucker Group announced plans to expand the Chilean mill that produces chicory roots. The capacity expansion, which is expected to cost USD 58.9 million, will help meet the growing demand for root fibres.