Chicory Market Size to Reach $985.5 Million, Globally, by 2034 at 2.9% CAGR

Allied Market Research published a report, titled, "Chicory Market by Product Type (Extract, Roasted, Instant Powder, and Flour), Form (Powder, Cube, and Liquid), and Application (Food and Beverage Industry, Dietary Supplement, Feed and Pet Food, Cosmetics and Personal Care, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2034". According to the report, the chicory market was valued at $725.3 million in 2023, and is estimated to reach $985.5 million by 2034, growing at a CAGR of 2.9% from 2024 to 2034.

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Prime determinants of growth  

The growth of the chicory market is propelled by several factors. Increase in consumer awareness of chicory's health benefits, such as its digestive support and prebiotic properties, drives demand for chicory-based products. The rise in popularity of natural and caffeine-free alternatives to coffee fuels the demand for chicory root as a coffee substitute. In addition, the expansion of the organic food market and the trend toward functional foods contribute to market growth, as chicory is valued for its nutritional properties. Furthermore, ongoing innovations in product development and the diversification of chicory-based offerings cater to evolving consumer preferences, boosting further expansion in the chicory market.  

The extract segment maintained its leadership status in 2023   

By product type, the extract segment held the highest market share in 2023 owing to its versatility and widespread applications. Extracts offer various forms, including liquid, powder, and syrup, catering to diverse industry needs of individuals. In addition, chicory extracts are known for their health benefits and functional properties, driving their popularity among consumers. Furthermore, the extract segment benefits from extensive usage in food and beverage production, pharmaceuticals, and dietary supplements. The robust market share reflects the growing demand for chicory-derived extracts across multiple sectors, highlighting their significance in the global chicory market. 

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The powder segment led the market in 2023. 

By form, the powder segment held the highest market share in 2023. Powdered chicory offers convenience and versatility, which makes it a popular choice among consumers and manufacturers. It is widely used as a coffee substitute, offering a caffeine-free alternative with a similar flavor profile. In addition, powdered chicory is utilized in various food and beverage applications, including bakery products, dairy alternatives, and nutritional supplements. The long shelf life and ease of storage further contribute to the market dominance of powdered chicory products. Moreover, increase in consumer awareness of the health benefits of chicory, such as its prebiotic properties, drives demand for powdered chicory products, further boosting the growth of this segment in the global chicory market. 

The food and beverages segment dominated the market in 2023. 

By application, the food and beverages segment held the highest market share in 2023. The dominance is driven by the widespread use of chicory in various food and beverage applications, including coffee substitutes, baked goods, dairy products, and functional beverages. As consumer demand for natural and healthy ingredients continues to rise, chicory's reputation for its digestive health benefits and prebiotic properties further drives its presence in the food and beverage industry. Moreover, innovations in product development, such as chicory-based sweeteners and flavor enhancers, have led to an increase in demand for chicory in the food and beverages industry. 

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