Chicory Ingredients Market Overview
Chicory ingredients are garnering tremendous prominence and popularity mainly due to their medicinal properties such as antioxidant and anti-inflammatory. Also, anticancer, analgesic, antidiabetic, and antimicrobial chicory ingredients are known to improve heart health. Hence chicory ingredients are used in the making of various food & beverages products and pharmaceutical & dietary supplements. Chicory plants are also cultivated as forage plants for animal feed. The Confectionery Ingredients Market Size was valued at USD 80.9 billion in 2022. The confectionery ingredients market industry is projected to grow from USD 86.32 Billion in 2023 to USD 127.37 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.7% during the forecast period (2023 - 2030). The key market drivers boosting the confectionery ingredients market share growth are the rising demand for convenience foods, urbanization, and consumer propensity for indulgence goods.
The chicory ingredients market is growing continually, witnessing a massive consumption. The huge uptake of chicory ingredients in pharmaceutical and F&B industries is a major driving force behind its market growth. Moreover, rising health-conscious populaces and the development of distribution channels play a vital role in the development of this market. As a result, the chicory ingredients market perceives constant growth on the global level. Additionally, factors such as attractive packaging forms, and spreading awareness of the benefits of chicory ingredients are substantiating the market growth. To enhance the customer experience and align them with the branding, most players strategize their packaging solutions meticulously, offering exclusive product innovation. Moreover, growing industrialization and urbanization along with the improving economic conditions worldwide commutatively act as a tailwind that pushes up the market growth.
𝗧𝗵𝗲 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁 𝗶𝘀 𝗣𝗿𝗶𝗰𝗲𝗱 𝗮𝘁 𝗖𝗹𝗶𝗰𝗸 𝗛𝗲𝗿𝗲 𝘁𝗼 𝗥𝗲𝗾𝘂𝗲𝘀𝘁 𝗦𝗮𝗺𝗽𝗹𝗲: https://www.marketresearchfuture.com/sample_request/4564
Highly competitive, the chicory ingredients market appears to be fragmented owing to the presence of several well-established players. High potential growth demonstrated by the market is expected to attract several new entrants during the anticipated period, which will resultantly intensify the competition further. Players leading the global Chicory ingredients Market Report, include 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), and PMV Nutrient Products Pvt. Ltd. (India), among others.
Market Segments Analysis
The report is segmented into five market dynamics to widen the scope of understanding,
By Type: Leaves, Root, Flowers, and Seeds
By Category: Organic and Conventional.
By Application: Food & Beverages, Bakery & Confectioneries, Dairy & Frozen Desserts, Pharmaceuticals, and Dietary Supplements, among others.
By Distribution Channel: Store-Based and Non-Store-Based
By Regions: Asia Pacific, North America, Europe, and the Rest of the World.
The Asia Pacific region dominates the chicory ingredients market with the largest market share. The region is further expected to retain its dominance throughout the forecast period. Increasing usage of chicory ingredients in cooking, pharmaceuticals, and dietary supplements by consumers is a key driving force behind the regional market growth.
Sri Lanka, China, Indonesia, Japan, and India are significant chicory producers and hence, possess a larger market share in the regional market. Besides, the presence of major players and a large consumer base led by the improving economic conditions that are improving access to the quality of life is boosting the market in the region.
North America accounts for another lucrative market for chicory ingredients. The growing market in the US, heading with the quality lifestyle and the presence of large innovative players drives the regional market, majorly. Growing uses of protein ingredients in the rapidly increasing food & beverages industry would allow the region to register a significant CAGR over the assessment period. Moreover, a higher inclination for using chicory in various products, due to the presence of prebiotic fiber known as inulin drives the growth of the regional market.
The European chicory ingredients market is a rapidly growing market. Growing consumption of chicory ingredients in various beverages and increasing health eccentric populaces drive the regional market growth. Furthermore, the increasing per capita income and influence of the media industry provide impetus to market growth in the region.
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