CHICORY PRODUCTS MARKET ANALYSIS

Chicory Products MarketSize and Trends

• Multiple medicinal usage of chicory plant is fueling growth of the global chicory products market. Chicory plant has various medical benefits such as antimicrobial, anthelmintic, antimalarial, anti-diabetic, gastro protective, anti-inflammatory, antioxidant, and anti-allergic. Other health benefit include helps to cut down caffeine content, lowering sugar level, and improves metabolism. Chicory powder is widely used as a substitute for coffee as it does not have caffeine and has similar taste as coffee. Chicory products are vastly used in food & beverages industry due to high presence of probiotics and fiber content in it.
• Growth in the production of chicory roots and adding of chicory powder in coffee due to its zero caffeine content is boosting the growth of the global chicory products market. For instance, according to Food and Agricultural Organization (FAO), global production of chicory roots was 504 thousand tons in 2015, and grew at the rate of 3.1% from 2013 annually.
• In June 2018, Food and Drug Administration has included chicory root fiber as a dietary fiber in its new food labeling regulations. With this regulation, manufacturers are able to use chicory root fibers in their products to reduce calories and sugar, while promoting and labeling the products as sources of dietary fiber. Such regulations are playing important role in boosting demand for chicory in food & beverages industries.
• However, there are some disadvantages associated with chicory consumption such as chicory stimulates production of bile, which might affect people with gallstones and diabetic patients should monitor their sugar level while consuming chicory products. Factors such as low popularity of chicory products among consumers and its forbidden use during pregnancy and lactation period may restraint growth of the chicory products market.

Market Outlook

• Among product type, chicory flour segment accounted for the highest market share in the chicory products market in 2017. This is due to its application to add fiber and texture in products such as yoghurt, ice-cream, protein bar, chocolate bar, margarine applications and for seasoning and dressing. Consumers prefer chicory-based products due to its advantages such as stimulation of insulin secretion and prevention of liver damage.
• Europe held the highest market share in the global chicory products market in 2017. The region is projected to remain dominant over the forecast period, owing to high presence of chicory root manufacturers in the region. For instance, according Food and Agriculture Organization, Europe produced 95.9% of global production of chicory roots in 2015.
• Middle East & Africa is projected to be the fastest growing region in the market over the forecast period, owing to increasing production of chicory roots and high consumption of Maltol in halal food, which is naturally found in chicory. According to Food and Agricultural Organization (FAO), production of chicory roots in Africa was tons in 2016, and grew at the CAGR of 29.8% during 2014-16..