Global Chicory Root Fibre Market Report and Forecast 2024-2032

Global Chicory Root Fibre Market Outlook

The global chicory root fibre market is being aided by the overall chicory market growth. The global chicory market is expected to grow at a CAGR of 4.5% in the forecast period of 2024-2032 to reach a value of approximately USD 362.02 million by 2032.

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Food and Beverages Sector to Significantly Contribute to the Growth of the Chicory Root Fibre Industry

Based on application, the food and beverage segment accounts for a significant share in the industry. The growth can be attributed to the growing demand for plant-based ingredients in food products. Further, the growing consumption of functional foods owing to the rising health awareness among consumers is resulting in the increased demand for chicory root fibre in the food and beverage industry. Meanwhile, the thriving pharmaceutical industry and the growing demand for dietary supplements are expected to provide new growth opportunities to the market in the forecast period.

Region-wise, North America is a significant region in the global market for chicory root fibre. The growing shift towards a healthy lifestyle is driving the market growth in the region. Further, the growing demand for prebiotics in Europe is expected to provide enhanced growth opportunities for the market expansion in the forecast period.

Chicory Root Fibre: Market Segmentation

Chicory root fibre is an ingredient extracted from chicory root, which is high in inulin- a prebiotic fibre that provides a host of digestive and general health benefits. Being a soluble dietary fibre, this ingredient has various nutritional properties and provides benefits like bodyweight management and improved bone health by stimulating the absorption of calcium content in the body, and others. It helps to replace fat and sugar while improving the taste of the food products, and, thus, serves as a significant ingredient across various industries.

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Based on nature, the market is bifurcated into:

• Organic
• Conventional

The various forms of the product include:

• Powder
• Solid

On the basis of application, the industry is divided into:

• Food and Beverages
• Pharmaceuticals
• Dietary Supplements
• Others

The food and beverages segment is further divided based on type into bakery and confectionery, breakfast cereals, dairy and frozen products, and beverages, among others.

Based on distribution channel, the industry is segmented into:

• Direct Sale
• Indirect Sale

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Growing Demand for Vegan and Clean Labelled Food Products to Bolster the Chicory Root Fibre Industry Growth

The rising health awareness and the growing prevalence of digestive disorders are resulting in the enhanced demand for fibre rich food products, which, in turn, is driving the growth of the chicory root fibre industry globally. Digestive health is a wellness issue, and the growing awareness regarding the beneficial effect of dietary fibre and prebiotics is aiding the industry growth. The factors like the growing demand for processed food products, growing incidences of diabetes and obesity, escalating disposable incomes, and expanding distribution channels are further contributing to the industry growth.

Over the forecast period, the growing adoption of veganism and the increased preference for clean labelled products are expected to have a positive effect on the expansion of the global chicory root fibre industry. The new product launches by the manufacturers to cater to this growing demand will aid the industry growth.

Key Industry Players in the Global Chicory Root Fibre Market

The report gives a detailed analysis of the following key players in the global chicory root fibre market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Cargill Incorporated
• Royal Cosun Group
• Beneo GmbH
• Xi'an Rainbow Biotech Co.,Ltd
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report