India: Chicory Market 2023

Chicory Market Size in India

In 2021, the Indian chicory market was finally on the rise to reach $X after three years of decline. Overall, consumption continues to indicate a deep contraction. Chicory consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Chicory Production in India

In value terms, chicory production expanded remarkably to $X in 2021 estimated in export price. In general, production saw a noticeable slump. The pace of growth appeared the most rapid in 2014 when the production volume increased by 47% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Chicory Exports

Exports from India

In 2021, overseas shipments of chicory increased by 10% to X tons, rising for the third year in a row after three years of decline. In general, exports saw a strong increase. The pace of growth appeared the most rapid in 2015 when exports increased by 492%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, chicory exports reached $X in 2021. Overall, exports saw a prominent expansion. The pace of growth was the most pronounced in 2015 when exports increased by 608% against the previous year. The exports peaked in 2021 and are likely to see steady growth in the near future.

Exports by Country

Hungary (X tons) was the main destination for chicory exports from India, accounting for a 33% share of total exports. Moreover, chicory exports to Hungary exceeded the volume sent to the second major destination, South Africa (X tons), threefold. Portugal (X tons) ranked third in terms of total exports with an 11% share.

From 2013 to 2021, the average annual growth rate of volume to Hungary totaled +27.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Africa (+44.5% per year) and Portugal (+6.1% per year).

In value terms, Hungary ($X) remains the key foreign market for chicory exports from India, comprising 32% of total exports. The second position in the ranking was held by Belgium ($X), with a 12% share of total exports. It was followed by Portugal, with a 10% share.

From 2013 to 2021, the average annual rate of growth in terms of value to Hungary amounted to +29.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+23.5% per year) and Portugal (+5.9% per year).

Export Prices by Country

In 2021, the average chicory export price amounted to $X per ton, which is down by -7.1% against the previous year. Over the period under review, the export price continues to indicate a noticeable contraction. The pace of growth appeared the most rapid in 2018 when the average export price increased by 22% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Yemen ($X per ton), while the average price for exports to South Africa ($X per ton) was amongst the lowest.

From 2013 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Yemen (+33.1%), while the prices for the other major destinations experienced more modest paces of growth.

Chicory Imports

Imports into India

After two years of decline, overseas purchases of chicory decreased by 0% to X tons in 2021. In general, imports saw a deep slump. The smallest decline of 99.9% was in 2019. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, chicory imports amounted to $X in 2021. Over the period under review, imports saw buoyant growth. The smallest decline of 99.9% was in 2019. Imports peaked at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Croatia (X tons) was the main chicory supplier to India, with a approx. 100% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from Croatia stood at +32.0%.

In value terms, Croatia ($X) constituted the largest supplier of chicory to India.

From 2012 to 2021, the average annual growth rate of value from Croatia totaled +25.3%.

Import Prices by Country

The average chicory import price stood at $X per ton in 2021, remaining stable against the previous year. Over the period under review, the import price saw a prominent expansion. The most prominent rate of growth was recorded in 2019 when the average import price decreased by 99.9%. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for Croatia.

From 2012 to 2021, the rate of growth in terms of prices for Croatia amounted to -5.1% per year.

Source: IndexBox Platform

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