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(Health-NewsWire.Net, August 24, 2021 ) The global chicory market size 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% during the forecast period.
With the rising consumption of coffee beverage along with the rising prices of coffee beans and demand for organic and all-natural ingredient based products, the market for chicory is projected to witness a positive outlook, in the coming few years. Also, chicory is a cheaper substitute ingredient that has multiple applications across various industries. Owing to its caffeine-free and health benefitting characteristics, it has great potential to cater existing as well as newer application areas, with ongoing and continuous research. Thus, with all these factors accumulatively, the chicory market is expected to witness a substantial growth potential in the coming few years.
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Drivers: Preference for chicory as a cheaper substitute for coffee
Chicory is currently ten times cheaper than coffee. Coffee is one of the premium food products. The prices of coffee powder have further increased due to an increase in global prices, making it impossible for companies to absorb the higher cost of raw material. Coffee companies are now blending in chicory to protect their margin. Large coffee companies that hold a couple of bestselling brands have increased their chicory content in their branded sachets to 49% from 30%.
According to Mr. S Jagdeesh Gupta, the managing director of Jyothi Chicory, India’s leading chicory manufacturer that supplies to all the leading coffee companies, “Earlier most coffee producers were offering blends with up to 30% chicory. Now virtually all my customers have raised it to 47%–49%.” This has highly increased the cultivation of chicory roots and hence the production of instant chicory powder across major countries. Direct consumer products made from chicory, such as the roasted chicory powder that is an absolute coffee substitute, are also very cheap; therefore, people now prefer more chicory because of its lower price, accompanied by significant health benefits and also is caffeine-free.
Opportunities: Growth in applications of chicory across various industries
A variety of trends have driven the use of chicory root fiber not only in food & beverage applications but also in other areas like in dietary supplements, pet food, cosmetics, and pharmaceutical industries. In the food and beverage industry, one of the present significant trends is in sugar reduction. Chicory root fiber can assist with sugar reduction by helping with flavor and texture. Chicory leaves and roots have been used for salads and in the preparation of various innovative and tasty recipes. Chicory is a nutritional powerhouse, containing vitamin K, A, C, and a long list of the B group vitamins. It is an excellent source of minerals like manganese, copper, iron, and potassium. The roots of chicory contain inulin fiber, a type of prebiotic that promotes the growth of beneficial bacteria in the gut; this is used widely as a dietary supplement.
According to the data provided by a study published in the British Journal of Nutrition and The National Center for Biotechnology Information, in 2017, chicory caused the colon environment to be less favorable for cancer development. In more recent times, dog food manufacturers have picked up on the potential benefits of chicory root and have started to include it in dog food, which further extends its potential in the pet food industry. However, the portion or quantity of chicory root used in dog food is quite minimal. A number of the popular and prominent dog food brands make use of chicory root. Examples include Acana, Orijen, Nature’s Logic, Fromm, Solid Gold, and Farmina. However, since the amount used in these products are too small, it is clear that it is not being used to provide significant nutrition in the animal. This points toward it being used for its probiotic properties or as a digestive aid. Many cosmetic companies are now using chicory ingredients in their products. The chicory root oligosaccharides work to boost the skin’s collagen while smoothing the appearance of fine lines and wrinkles. All these application areas increase the demand for chicory, hence bolstering the chicory production and growth potential in various countries.
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Key players in this market include 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).
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