PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1389700
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1389700
Chicory Market size is poised to record over 5.5% CAGR from 2023-2032, driven by the increasing consumer awareness regarding sustainability and environmental concerns coupled with the greater emphasis on clean-label products and eco-friendly agricultural practices.
Several chicory manufacturers are exploring new product offerings and formulations for meeting the evolving consumer preferences. There have been significant innovations in chicory-based ingredients to cater to a wide range of applications, such as dairy alternatives, bakery products, snacks, and beauty and personal care items. The rising investments in sustainable and organic chicory production will also contribute to the product demand. For instance, in November 2021, leading functional ingredients manufacturer Beneo invested over US$34 million for expanding its production capacity for prebiotic chicory root.
The overall chicory industry is segmented into product type, form, application, and distribution channel, and region.
In terms of product type, the demand for chicory leaves may witness 5% growth rate from 2023-2032 driven by rising incorporation in various dishes, such as stir-fries, sautes, and soups. Owing to their assistance in adding a slightly bitter and crisp element, chicory leaves are commonly added in salads. They are also largely used as forage for livestock as they are palatable to animals while adding to their nutrition.
Based on application, the chicory industry value from the cosmetics & personal care segment is expected to expand at 4.9% growth rate from 2023-2032. This can be attributed to the growing preference for natural and botanical alternatives. Chicory root extract acts as a valuable ingredient in skincare products, including moisturizers and lotions as it helps to improve skin hydration by attracting and retaining water. The strong presence of antioxidants in chicory also assists in reducing the appearance of fine lines and wrinkles while protecting the skin from free radical damages.
Regionally, the Europe chicory market size is projected to record considerable expansion at 5.3% CAGR through 2032 owing to the rising consumption of natural and plant-based products. The paradigm shift towards sustainable and organic cultivation methods in the region is leading the incessant need to meet the demand for environmentally friendly and clean-label products. The growing interest in coffee substitutes is also driving the intake of chicory-based drinks, including ready-to-drink beverages across the continent.