LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global ground chicory market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global ground chicory market will grow at a CAGR of close to 7% during the forecast period. Growing influence of organized retailing is a major factor driving the market’s growth.
Organized retailers have grown worldwide with the establishment of supermarkets, hypermarkets, and specialty stores. Ready-to-eat packaged food and beverages are primarily sold by large organized retailers, as vendors in the market are highly dependent on large organized retailers.
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In this report, Technavio highlights the increasing influence of online retailing as one of the key emerging trends driving the global ground chicory market:
Increasing influence of online retailing
The increasing popularity of e-commerce businesses worldwide has provided vendors with an opportunity to enhance their profit margins and revenues. E-commerce accounted for nearly 12% of the global retail trade in 2016. Online and e-commerce channels support both business-to-consumer (B2C) and business-to-business (B2B) operations.
The rise in the number of Internet users and the ready-to-buy attitude of customers are the key factors contributing to the popularity of the online medium. For instance, Internet retailing is expected to play a significant role in the UK, where the Internet penetration rate was around 93% in 2016. The rising number of online shoppers will further contribute to the growth in the sales of packaged food and beverages like ground chicory products.
“Customers prefer online shopping as they can make payments using credit or debit cards, which helps them avoid billing queues and time-consuming journeys. Online shopping portals also have enhanced security features, and user-friendly website designs and interfaces for efficient customer service and enhanced product visibility. This trend is encouraging various manufacturers to explore the new online retailing format based on websites and portals, which also helps them cut down their operating expenditure which is lower in the online retailing format as compared to the physical store format,” says a senior analyst at Technavio for research on food.
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Global ground chicory market segmentation
This market research report segments the global ground chicory market by application (beverage, food, and pharmaceutical and nutraceutical) and key regions (the Americas, APAC, and EMEA).
The beverage segment held the largest market share in 2017, accounting for nearly 57% of the market. However, the market share for this application is expected to decrease by nearly 5% by 2022. The fastest growing application is pharmaceutical and nutraceutical, which will increase by over 3% during the forecast period.
EMEA was the leading region for the global ground chicory market in 2017, accounting for a market share of 86%. However, by 2022, EMEA to lose around 5% of its market share which will be absorbed by the Americas and APAC.
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