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The Chicory Ingredients Market is influenced by a myriad of factors that collectively shape its dynamics. One of the primary drivers is the increasing consumer awareness regarding health and wellness. As people become more conscious of their dietary choices, the demand for natural and functional ingredients like chicory gains momentum. Chicory is recognized for its various health benefits, including its potential to support digestive health and act as a prebiotic.
Moreover, the market is significantly impacted by the trends in the food and beverage industry. As consumers seek innovative and unique flavors, chicory, with its slightly bitter taste, finds applications in a range of products, from coffee substitutes to salads and snacks. The versatility of chicory ingredients allows food manufacturers to cater to evolving consumer preferences and create products that stand out in the market.
Economic factors also play a crucial role in shaping the chicory ingredients market. The cost-effectiveness of chicory, coupled with its ability to enhance the nutritional profile of products, makes it an attractive choice for both consumers and producers. As economic conditions fluctuate, the demand for affordable yet nutritious ingredients such as chicory tends to remain resilient.
Furthermore, the agricultural landscape and weather conditions significantly impact chicory production. Chicory is a hardy plant that can thrive in various climates, but optimal growing conditions contribute to higher yields and better quality. Factors like temperature, rainfall, and soil quality influence the cultivation of chicory, thereby affecting the overall supply chain and market dynamics.
Government regulations and policies also play a pivotal role in shaping the chicory ingredients market. The approval and regulation of chicory-derived ingredients, especially in the context of health claims and labeling, impact how these products are marketed and perceived by consumers. Compliance with food safety standards and regulations is crucial for market players to ensure the quality and safety of chicory ingredients.
Globalization and trade dynamics further contribute to the market factors of chicory ingredients. As the world becomes more interconnected, the availability of chicory ingredients on the global market increases. This opens up opportunities for both producers and consumers, fostering competition and innovation. However, it also exposes the market to fluctuations in currency exchange rates and trade policies that can influence pricing and accessibility.
Consumer preferences for sustainable and ethically sourced products also influence the chicory ingredients market. As sustainability becomes a key consideration for consumers, companies that prioritize environmentally friendly practices in chicory cultivation and processing gain a competitive edge. This shift in consumer values encourages market players to adopt eco-friendly initiatives and transparent supply chains.
Chicory Ingredients Market Highlights:
Global Chicory Ingredients Market Scenario
Chicory Ingredients Market size is anticipated to reach at a USD 298.2 Million with 5.2% CAGR by 2024 To 2032. Chicory Ingredients is witnessing a high growth in the market due increasing adoption of chicory in industries such as food & beverage, pharmaceutical and dietary supplement. It is also cultivated as a forage plant for animal feed. In addition, chicory plays a role as antioxidant, anti-inflammatory, sedative, cardiovascular, hypolipidemic, anticancer, anti-protozoal, anthelmintic, gastro-protective, analgesic, antidiabetic, antimicrobial. Thus, due to these properties, chicory ingredients are gaining popularity.
The market players are focusing on their R&D activities to launch new and innovative products containing chicory ingredients, as there is an increasing demand for natural and prebiotic ingredients in the market. In addition to this, chicory extract helps in reducing the levels of hepatic enzymes in human body including aspartate aminotransferase (AST), alanine aminotransferase (ALT), and alkaline phosphatase (ALP). Moreover, chicory ingredients are considered as an important protective source for hepatocytes and liver cells as well as it is used as prebiotic against both vivo and in vitro species of pathogenic bacteria. Also, it enhances immunity and feed efficiency by decreasing pathogenic microorganisms of gastrointestinal tract. Thus, owing to these factors the chicory ingredients market is expected to witness high growth in the future.
Segmentation
The global chicory ingredients market has been segmented based on type, category, application, and region.
By type, the global market has been classified as leaves, root, flowers, and seeds.
Based on category, the global chicory ingredients market has been classified as organic, and conventional.
On the basis of application, the global chicory ingredients industry has been divided into food & beverages, pharmaceuticals, dietary supplements, and others. Food & beverage segment is further divided into bakery & confectioneries, dairy & frozen desserts, beverages, and others.
The global chicory ingredients market has been studied with regard to four key regions—North America, Europe, Asia-Pacific, and the rest of the world.
The North American chicory ingredients market has further been segmented into the US, Canada, and Mexico. The European chicory ingredients market has been classified as the UK, Germany, France, Italy, Spain, and the rest of Europe. The chicory ingredients industry in Asia-Pacific has been divided into China, India, Japan, Australia and New Zealand, and the rest of Asia-Pacific. The chicory ingredients market in the rest of the world has been segmented into South America, the Middle East, and Africa.
Regional Market Summary
Global Chicory Ingredients Market Share (%), by Region, 2017
Type: Secondary Types and MRFR Analysis
Europe is expected to dominate the chicory ingredients market during the forecast period. The region’s dominance can be attributed to various factors such as the presence of several market players, increasing usage of chicory in various industries. Chicory ingredients provides several health benefits, which leads to its usage in maintaining bone health, help cleanse the blood and improves liver health. Increasing usage of chicory ingredients in cooking, pharmaceuticals, and dietary supplements by consumers in Asia-Pacific is expected to render a significant share of the market to Asia-Pacific during the upcoming years. However, North America is anticipated to register the highest CAGR due higher inclination of food & beverages industry for using chicory in various products, due to the presence of prebiotic fibre known as inulin.
Global Market, by Type
- Leaves
- Root
- Flowers
- Seeds
Global Market, by Category
- Organic
- Conventional
Global Market, by Application
- Food & Beverage
- Bakery & Confectionary
- Dairy & Frozen Desserts
- Beverages
- Others
- Pharmaceuticals
- Dietary Supplements
- Others
Global Market, by Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia and New Zealand
- Rest of Asia-Pacific
- Rest of the World (RoW)
- South America
- Middle East
- Africa
Key Players in the Global Market
- BENEO-Palatinit GmbH (Germany)
- Cosucra Groupe Warcoing SA (Belgium)
- Coöperatie Koninklijke Cosun U.A. (Netherlands)
- Baiyin Xirui Biological Engineering Co., Ltd. (China)
- Gansu Likang Nutritional Foods Co, LTD (China)
- The Tierra Group (US)
- The Qinghai Weide Biotechnology Co., Ltd. (China)
- Fuji Nihon Seito Corporation (Japan)
- Novagreen Inc. (Canada)
- PMV Nutrient Products Pvt. Ltd. (India)
Intended Audience
- Chicory Ingredients producers/processors
- Food & beverage manufacturers
- Pharmaceuticals manufacturers
- Raw material suppliers and distributors
- Traders, exporters, and importers
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