According to the latest report, the global licorice extract market size reached US$ 1,810 Million in 2021. It is projected to reach US$ 2,439 Million by 2027, exhibiting at a CAGR of 4.40% during 2022-2027.
Licorice extract is a herbal material obtained from wild and organically grown Glycyrrhiza glabra roots. It has an aromatic and sweet flavor produced by boiling the pulp of licorice roots. Licorice extract is mainly available in the liquid, paste, block, and powdered forms. It exhibits various properties, such as anti-inflammatory, anticancer, antimicrobial, antioxidant, etc., that aid in treating acid reflux, digestive ailments, hot flashes, menopausal symptoms, heartburn, bacterial and viral infections, etc. Licorice extract also assists in treating hepatitis C, peptic ulcers, preventing cavities, improving blood sugar levels, and promoting weight loss. As a result, it finds extensive utilization across several sectors, including pharmaceutical, cosmetics, tobacco, food and beverage (F&B), etc.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Licorice Extract Industry Trends and Drivers:
The escalating product demand as a natural sweetener in chewing gums, cake batters, and custards and as a flavor enhancer in meat rubs is primarily driving the licorice extract market. Besides this, the elevating requirement for this material in the pharmaceutical sector to manufacture medicines for toothache, asthma, fever, indigestion, bronchitis, skin infections, etc., is further augmenting the market growth. Apart from this, the introduction of organic licorice extracts, on account of the rising consumer health concerns, is also catalyzing the global market.
Moreover, the growing product popularity in the cosmetic sector as a natural skin brightener is acting as another significant growth-inducing factor. Furthermore, the rising usage of this herbal material in the tobacco sector as a de-bittering agent is expected to propel the licorice extract market in the coming years.
The report has segmented the market on the basis of region, product type, form and application.
- On the basis of the product type, the market has been segmented into food grade, feed grade and pharmaceutical grade.
- Based on the form, the market has been classified into block, powder, paste and others.
- On the basis of the application, the market has been segregated into food and beverages, pharmaceutical, tobacco and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Alfarid Corporation Limited
- AOS Products Pvt. Ltd.
- Avestia Pharma
- C.E. Roeper GmbH
- F&C Licorice Ltd.
- Herbochem
- Hyundai Bioland
- Mafco Worldwide LLC
- Maruzen Pharmaceuticals Co. Ltd.
- Norevo GmbH
- Shaanxi FUJIE Pharmaceutical Co. Ltd.
- VPL Chemicals Pvt Ltd.
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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