Chicory Market Size, Share, Growth, Trends and Forecast Report, 2019 to 2025
by Susan Hill Business ConsultantThe
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.
Further key
findings from the report suggest:
- 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
Access full research report on global chicory market: www.grandviewresearch.com/industry-analysis/chicory-market
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Created on Oct 10th 2019 09:10. Viewed 424 times.