Chicory Market By Product Type (Extract, Roasted, Instant Powder, Flour) , By Form (Powder, Cube, Liquid) By Application (Food and Beverage Industry, Dietary Supplement, Feed and Pet Food, Cosmetics and Personal Care, Others) : Global Opportunity Analysis

Chicory Market By Product Type (Extract, Roasted, Instant Powder, Flour) , By Form (Powder, Cube, Liquid) By Application (Food and Beverage Industry, Dietary Supplement, Feed and Pet Food, Cosmetics and Personal Care, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2034

The chicory market was valued at $725.3 million in 2023, and is projected to reach $985.5 million by 2034, growing at a CAGR of 2.9% from 2024 to 2034.
Chicory is a perennial herbaceous plant, originally native to Europe, that has been cultivated and utilized for various purposes across the globe. The chicory root is commonly roasted, ground, and used as a coffee substitute or additive, imparting a rich, slightly nutty flavor to the beverage. Its roots are a rich source of inulin, a type of prebiotic fiber that promotes gut health by stimulating the growth of beneficial bacteria. Inulin is often extracted and used as a dietary supplement or added to functional foods.
The growth of the global chicory market is driven by increase in demand for natural and plant-based products as well as rise in health-consciousness among consumers. Chicory synthesizes prebiotic fiber inulin, which promotes digestive health and overall wellness. Rise in functional foods and beverages has driven the demand for chicory, which acts as a key driving force of the global market. This is attributed to the fact that its use as a coffee substitute, natural sweetener, and fiber additive in various health products makes it an attractive option for health-focused consumers. Moreover, advances in food processing and technology have enabled the extraction and utilization of inulin and other chicory derivatives in a wide range of food products. According to a 2019 study published in PubMed—a free full-text archive of MEDLINE database of references and abstracts on life sciences and biomedical literature—states that that inulin supplements can improve insulin resistance in individuals suffering from type 2 diabetes and obesity. It can serve as a potential blood sugar stabilizer when added in diet over a prolonged period. Furthermore, chicory finds its major application in the agricultural sector due to increase in adoption of sustainable farming practices among farmers. In addition, chicory cultivation is cost-effective for farmers due to its low input requirements and adaptability to different soil types and climates. This economic viability encourages more farmers to grow chicory. Moreover, its ability to improve soil health through its deep-rooting system and its role in crop rotation makes it a preferred crop for farmers looking to enhance soil fertility and reduce the need for chemical inputs, thus contributing to sustainable farming practices. According to a survey by McKinsey 90% of farmers are aware of sustainable farming practices; however, holistic adoption remains low. Thus, governments of many countries are taking initiatives to promote sustainable farming, which, in turn, is expected to boost the growth of the chicory market. However, high production costs compared to conventional coffee and availability of other coffee substitutes and health foods hamper the growth of the market. On the contrary, continuous innovation in product formulations and the introduction of new chicory-based products drive its demand in the food and beverage industry, which is expected to offer remunerative opportunities for the market growth during the forecast period. Moreover, surge in demand for chicory from the cosmetics industry is anticipated to open new avenues for the market growth. This is attributed to the fact that chicory extracts are used in skincare products for their anti-inflammatory and antioxidant properties, which help to improve skin health and appearance.
The chicory market is segmented into product type, form, application, and region. On the basis of product type, the market is divided into extract, roasted, instant powder, and flour. As per form, it is segregated into powder, cubes, and liquid. Depending on application, it is categorized into food & beverage industry, dietary supplement, feed & pet food, cosmetics and personal care, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key Findings

By product type, the extract segment held the highest market share in 2023.
On the basis of form, the powder segment was the major shareholder in 2023.
Depending on application, the food & beverages exhibited the highest growth, in terms of share, in 2023
Region wise, Europe was the key revenue generator in 2023.

Competition Analysis

Competitive analysis and profiles of the major players in the global chicory market include Cargill Inc., Sudzucker AG, Sensus NV, Cosucra Groupe Warcoing SA, The Ingredient House, The Tierra Group, Nova Green Inc., Adept Impex Private Limited, Ciranda Inc., and The Green Labs LLC These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the global market.

Key Market Segments

By Product Type

Extract
Roasted
Instant Powder
Flour

By Form

Powder
Cube
Liquid

By Application

Food and Beverage Industry
Dietary Supplement
Feed and Pet Food
Cosmetics and Personal Care
Others

By Region

North America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Thailand
Malaysia
Indonesia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
UAE
Argentina
Rest of LAMEA
Key Market Players
Cargill Inc.
Sudzucker AG
Sensus NV
Cosucra Groupe Warcoing SA
The Ingredient House
The Tierra Group
Nova Green Inc.
Adept Impex Private Limited
Ciranda Inc
The Green Labs LLC