The Chicory Market 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.
Chicory, though popularly known to be a caffeine-free substitute to coffee, does not offer the same organoleptic characteristics. The dark coffee flavor and aroma are unique to the coffee bean. Chicory coffee, on the other hand, has a slightly woody bitter taste with a nutty, and sometimes, herbal flavor. Some roasts of chicory even have traces of slightly tart fruits such as cherries. Coffee is enjoyed for many reasons by people across the globe for its flavor, ritual, memories, emotion, and of course, the stimulation it delivers.
Asia Pacific is projected to grow at the highest growth rate during the forecast period
Asia Pacific is projected to witness a higher growth rate during the forecast period. This is attributed to factors such as untapped potential, growing awareness among the population, rising investments from the global key players, and increasing economic developments, among others.
The densely populated countries in the region with higher risks of chronic diseases such as obesity and heart-related issues are expected to bolster the growth in demand for chicory. The growing food & beverage industry, along with the rising cultivation and production of chicory, is further driving the demand and growth prospects for the chicory market in Asia Pacific.
The Europe region dominated the chicory market with the largest share in 2019, whereas Asia Pacific is expected to witness the highest growth rate.
The European market accounted for the largest share in 2019. According to FAOSTAT, Europe contributed to over 95.5% of the global production of chicory roots. According to the same data, Belgium is the largest chicory roots producing county in Europe, followed by France, the Netherlands, and Poland.
Consumers of chicory in Europe witness a high preference for clean-label products due to the increase in awareness pertaining to the consumption of natural and free-from products. This, in turn, is projected to drive the chicory market in this region. The region also witnesses the concentration of maximum global players engaged in the manufacturing and marketing chicory products in the global market. Thus, the European region was the largest contributor to the global chicory market in 2019.
Key players are 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), Farmvilla Food Industries Pvt Ltd (India), Murlikrishna Foods Pvt Ltd (India), Starwest Botanicals (US), STOKROS Company Ltd (Russia), Nature’s Gold Production (Netherlands), Organic Herb Trading Co (UK), Narasu’s Coffee Company (India), NP Nutra (US), Shaanxi Sciphar Natural Product Co Ltd. (China), Jamnagar Chicory Industries (India), and Herbs & Crops Overseas (India).
