The global chicory market is projected to grow at a CAGR of 3.8% during the forecast period (2020-2026). The major factors that drive the growth of the market include the various benefits possessed by it. Chicory is a perennial herbaceous plant that is consumed as a treatment for various disorders as well, as a nutritional supplement. The root of chicory is also used as a substitute for coffee. Chicory has various health benefits which include relief from arthritis pain, prevention from bacterial infections and heartburn, easing of digestive issues, strengthening immunity system, detoxification of the liver and gallbladder, and prevention from the risk of heart diseases. The root and leaves of the chicory plant are mainly consumed. 

Some other benefits offered by chicory include probiotics source, aids in weight reduction, source of vitamins, minerals, folic acid, potassium, and magnesium, which contributes to the growth of the market over the forecast period. Besides, changing lifestyle patterns increased the occurrence of lifestyle-related health disorders such as diabetes, hypertension, and even obesity encourages the adoption of such herbs as an effective treatment method, hence, creating a scope for the growth of the chicory market over the forecast period. However, the factor that hinders the growth of the market is the various side effects associated with the excess consumption of chicory. The excess consumption of chicory leads to gas, bloating, abdominal pain, and belching among the people which challenges the growth of the market.

Segmental Outlook

The global chicory market is segmented on the basis of product type and applications. Based on the product type, the market is bifurcated into chicory roots and chicory leaves. Based on the application, the market is segmented into food & beverages, pharmaceuticals & dietary supplements. Amongst the applications, the pharmaceuticals & dietary supplements segments is projected to exhibit a substantial growth in the market. The segmental growth of the market is attributed to the consumption of chicory on a daily basis as prevention against diseases. Chicory is also consumed to enhance the metabolic syndrome in people with bowel-related issues, which further enhances its adoption among the people. Further, the various benefits of the chicory enhance their adoption among the people. Hence, such aforementioned factors are likely to increase the growth of the chicory market during the forecast period.

Regional Outlook

The global chicory market is geographically segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Europe is projected to hold a significant market share. Belgium, France, and the Netherlands are the major economies primarily contributing to the growth of the chicory market in the region. Moreover, Belgium is the largest producer of chicory across the globe which also contributes to the regional growth of the market. Chicory is also consumed as an effective treatment for various disorders across the region which further drives its growth over the forecast period. 

Global Chicory Market by Region, 2019 (%)

Market Players Outlook

Some of the prominent players operating in the global chicory market and are covered in the report include BENEO GmbH, Cargill Inc., Delecto Foods Pvt. Ltd., Farmvilla Food Industries Pvt. Ltd., Pioneer Chicory, and STOKROS Co. Ltd. among others. These key manufacturers are adopting various strategies such as new product launches and approvals, mergers and acquisitions, partnerships, and collaborations, to thrive in a competitive environment. 

The Report Covers

• Market value data analysis of 2019 and forecast to 2026.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global chicory market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.