According to a study by Future Market Insights, the market for Chicory Roots is estimated to grow at a CAGR of 4.1% during the forecasted period. The value of the industry is expected to rise from US$ 660.8 million in 2023 to US$ 987.6 million in 2033. By the end of 2022, the Chicory Roots Market has valued at US$ 634.2 Million.
| Attributes | Details |
|---|---|
| Market Size Value in 2023 | US$ 660.8 Million |
| Market Forecast Value in 2033 | US$ 987.6 Million |
| Global Growth Rate (2023 to 2033) | 4.1% |
| Forecast Period | 2023 to 2033 |
| Global Market Share of USA, Germany, Japan, and Australia | 72.4% |
The Chicory Roots market is showing no signs of slowing down. Not only are these highly versatile and nutrient-packed roots becoming increasingly popular for use in a variety of recipes, but they are also gaining traction as a natural sweetener and coffee substitute. As consumers become more aware of the health benefits associated with chicory root, demand for this product continues to soar.
The value of the global market for Chicory Roots expanded from US$ 538.0 to US$ 634.2 between 2018 and 2022, growing at a CAGR of 4.2%.
The Chicory Roots market is a complex and dynamic industry. As the demand for natural and organic products continues to grow, so does the interest in this unique root vegetable. To better understand the trends of this industry, it is important to look at both its historical outlook as well as future projections.
The global Chicory Roots Market is forecast to grow at a solid CAGR of 4.1% from US$ 660.8 Billion in 2023 to US$ 987.6 Billion by 2033.
The US accounted for 30.6% of the North American market with a value of US$ 202.2 Million in 2023. The United States is known for dominating many international markets, and one of the products it has a particular hold over is Chicory Roots. Chicory root has long been used for medicinal and culinary purposes. By understanding the history behind this product, as well as its current uses and benefits, we can better understand why the US holds a dominant position in the market for Chicory Roots.
The China Brewing Boiler Market will grow at 4.9% CAGR between 2023 and 2033. The chicory root market in China is growing rapidly and becoming an increasingly important part of the country's economy. The demand for Chicory Roots, which are a type of vegetable that is rich in dietary fiber and other vitamins and minerals, has been on the rise over recent years. This increased demand has seen a rapid increase in the number of suppliers and producers offering Chicory Roots to the Chinese market.
The India Brewing Boiler Market will grow at 3.4% CAGR between 2023 and 2033. India has long been a major player in the global Chicory Roots market. The country is one of the largest producers and exporters of these products, commanding a significant share of world trade due to its large production base. The production and export of Chicory Roots from India have been steadily increasing over the years.
Chicory root contains prebiotic dietary fibers which are beneficial for gut health. It can also act as an alternative sweetener, providing sweetness without calories or sugar. This makes it attractive to beverage companies looking to reduce sugar content while still maintaining flavor profiles. Additionally, chicory root’s caffeine-free nature also opens up opportunities for new sleep-friendly beverages with natural flavors derived from the root’s soluble compounds.
Inulin contributes a higher market share in terms of overall global sales compared to the powder form. This is primarily because of its various applications that include use as a prebiotic fiber and sugar substitute, leading food manufacturers to opt for this form over the powder form. In addition, Inulin has better solubility characteristics than powder chicory root and therefore can be added directly to various food items without further processing or time-consuming mixing procedures.
The Chicory Roots market has become increasingly competitive as demand for the root vegetable continues to rise due to its nutritional benefits. Due to its rising popularity, many companies are vying for a piece of the pie and increasing competition in the Chicory Roots market.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD Million for Value and Units for Volume |
| Key Regions Covered | North America; Latin America; Europe; Asia Pacific; Oceania; Middle East & Africa (MEA) |
| Key Countries Covered | The USA, Mexico, Canada, Germany, The UK, France, Italy, Spain, India, Japan, China, South Korea, Australia, Argentina, Brazil, South Africa, UAE |
| Key Segments Covered | Product Type, End-use Industry, Region |
| Key Companies Profiled | Cargill, Incorporated; BENEO; Shaanxi Sciphar Natural Product Co Ltd; Jarrow formulas; Starwest Botanicals; Delecto Foods Private Limited; COSUCRA; Reily Foods Company; STOKROS Company Ltd; Natures Gold; Organic Herb Trading; Herbs & Crops Overseas |
| Report Coverage | Company Share Analysis, DROT Analysis, Market Dynamics and Challenges, Strategic Growth Initiatives, Market Forecast, Competitive Landscape, |
| Customization & Pricing | Available upon Request |
The Chicory Roots Market will reach nearly US$ 660.8 Million by 2023.
The Chicory Roots Market is expected to rise at a CAGR of 4.1%
US, UK, China, and Germany are the major countries driving the demand for Chicory Roots Market.
The China Chicory Roots Market will grow at 4.9% CAGR between 2023 and 2033.
The India Chicory Roots Market will grow at 3.4% CAGR between 2023 and 2033.
The UK Chicory Roots Market will grow at 6.1% CAGR between 2023 and 2033.
Cargill Incorporated, BENEO, Shaanxi Sciphar Natural Product Co Ltd, Jarrow formulas, and Starwest Botanicals are the companies dominating the Market.
The global demand for Chicory Roots Market is forecasted to surpass US$ 987.6 Million by the year 2033.
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Chicory Roots Market
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