Global Licorice Extract Market Size to Hit $2.7 Billion by 2030, at 4.8% CAGR | By Food Industry Analysis

New York, NY, Feb. 03, 2023 (GLOBE NEWSWIRE) — According to Zion Market Research has published a new research report titled “Licorice Extract Market By Type (Food Grade, Feed Grade, And Pharmaceutical Grade), By Form (Liquid, Block, And Powder), By Application (Food & Beverages, Tobacco Products, Cosmetics & Personal Care, Pharmaceuticals, And Others) And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2030” in its research database.

“According to the latest research study, the demand of global Licorice Extract Market size & share in terms of revenue was valued at USD 1.8 Billion in 2021 and it is expected to surpass around USD 2.7 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 4.8% during the forecast period 2022 to 2030.”

What is Licorice Extract? How big is the Licorice Extract Industry?

Licorice extract is a natural ingredient that is widely used in various industries, including food and beverage, personal care, and pharmaceuticals. Here are some important points to consider regarding the licorice extract market:

Growing demand for natural ingredients: There is an increasing trend towards using natural ingredients, including licorice extract, in food, beverages, and personal care products due to consumer concerns about the safety of artificial ingredients.

Wide range of applications: Licorice extract has a variety of uses, including as a flavor enhancer, a sweetener, and a natural remedy for various ailments. Its versatility is driving growth in the market.

Strong demand in Asia: Asia is a major market for licorice extract, particularly in countries such as China and India, due to their large populations and growing awareness of the health benefits of this ingredient.

Regulatory challenges: The production and sale of licorice extract is regulated by various governments and international organizations, which can pose challenges for manufacturers and limit the growth of the market.

Growing competition: The licorice extract market is highly competitive, with a large number of players operating in the industry. This intense competition can result in price pressure and affect the profitability of market participants.

Licorice Extract Report Coverage & Overview:

Licorice extracts, which are made from licorice roots and are available in powdered or liquid form, are utilized in pharmaceutical products. Licorice roots (Glycyrrhiza glabra), a plant indigenous to the Mediterranean region, are boiled to create the extract. It is utilized as a sweetener and flavoring agent in addition to herbal medications. The extract contains anti-viral, anti-inflammatory, and detoxifying effects. As the extract is about 50 times sweeter than sugar, it is commonly employed in the food business.

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Global Licorice Extract Market: Growth Dynamics

One of the main elements fostering a positive outlook for the global licorice extract market is the significant increase in the food and beverage sector. In addition to being a common food additive or natural sweetener in sweet custard, chewing gum, and cake mixes, licorice extract can also be added to a meat rub to improve flavor. Additionally, the pharmaceutical industry’s rising product demand is encouraging market expansion. Licorice extract is frequently used in the production of medications for skin infections, asthma, bronchitis, toothaches, dyspepsia, and fever. Additionally, the licorice extract industry is growing as a result of consumers’ increasing preferences for organic products, particularly among millennials who are becoming more health conscious.

By this, the market growth is being positively impacted by the product’s broad use as a de-bittering agent in the tobacco business. Other factors, such as consumers’ increasing purchasing power and the product’s extensive use in the cosmetics industry as a natural skin brightener, are predicted to propel the market toward expansion.

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Report Scope

The licorice extract market offers several opportunities for growth and expansion, including:

Increasing demand for natural ingredients: As consumers become more health-conscious, there is a growing demand for natural ingredients, including licorice extract, in food, beverages, and personal care products.

Rising popularity of functional foods: Licorice extract is increasingly being used as a functional ingredient in functional foods and dietary supplements due to its health benefits, such as anti-inflammatory and antioxidant properties.

Growing demand in the pharmaceutical industry: Licorice extract has a range of medicinal properties and is widely used in the pharmaceutical industry to treat various ailments, including digestive disorders and skin problems, driving growth in this sector.

Expansion in developing countries: The growing awareness of the health benefits of licorice extract in developing countries, such as India and China, is expected to drive the demand for licorice extract in these regions.

Innovations in product development: Manufacturers are focusing on developing new and innovative products with licorice extract as an ingredient, which is expected to drive market growth.

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Licorice Extract Market: Segmentation Analysis

The global licorice extract market is segmented based on the type, form, application, and region.

Based on the type, the market is segmented into food grade, feed grade, and pharmaceutical grade. The food grade segment is expected to grow at the highest CAGR during the forecast period. Several confections, including candies, jellies, chocolates, sodas, and others, contain food-grade licorice extract. It is completely safe to consume and presents no risk to the body. The appeal of licorice extract-based candies is enjoyed by many countries, including Europe and America. The extract is also an ingredient in the popular root beer in the United States. Organic tea contains licorice extract, which enhances the flavor.

Based on the application, the market is categorized into food & beverages, tobacco products, cosmetics & personal care, pharmaceuticals and others. The pharmaceutical segment is expected to hold a significant market share during the forecast period. The use of licorice plant extract in modern drugs and medications is also widespread. In the form of pills or syrup, it is frequently used as a drug to treat conditions like acid reflux, heartburn, indigestion, and others. Thus, the pharmaceutical segment holds a significant market share over the forecast period.

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The global Licorice Extract market is segmented as follows:

By Type

• Food Grade
• Feed Grade
• Pharmaceutical Grade

By Form

By Application

• Food & Beverages
• Tobacco Products
• Cosmetics & Personal Care
• Pharmaceuticals
• Others

Browse the full “Licorice Extract Market By Type (Food Grade, Feed Grade, And Pharmaceutical Grade), By Form (Liquid, Block, And Powder), By Application (Food & Beverages, Tobacco Products, Cosmetics & Personal Care, Pharmaceuticals, And Others) And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2030” Report at https://www.zionmarketresearch.com/report/licorice-extract-market

Competitive Landscape

Some of the main competitors dominating the global Licorice Extract market include – 

• NOREVO
• FC Liquorice
• Iranlicorice.com
• Zagros Liquorice co.
• VPL Chemicals
• MAFCO Worldwide LLC
• RANSOM NATURALS LTD
• Aushadhi Herbal
• Aseh Co.
• Green Wave Ingredients Inc.
• Sanat Products LTD.
• Maruzen Pharmaceutical Co. Ltd.
• Alfarid Corporation Limited
• Avestia Pharma
• Nutra Green Biotechnology Co. Ltd.
• Mafco Worldwide LLC
• Mitsubishi Corporation Life Sciences Limited.
• HYUNDAI BIOLAND

Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the Licorice Extract market is likely to expand at a CAGR of around 4.8% during the forecast period (2022-2030).                                            
• In terms of revenue, the Licorice Extract market size was valued at around US$ 1.8 Billion in 2021 and is projected to reach US$ 2.7 billion by 2030.
• The main aspect driving market expansion is customers’ growing preference for goods created with natural ingredients, particularly in developing nations.
• Based on the type, the pharmaceutical grade segment accounted for the largest revenue share in 2021.
• Based on the form, the powder segment accounted for the largest market share in 2021 and is expected to continue this pattern during the forecast period.
• Based on region, the Asia Pacific is expected to dominate the market during the forecast period.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Licorice Extract industry?
• What are the main driving factors propelling the Licorice Extract Market forward?
• What are the leading companies in the Licorice Extract Industry?
• What segments does the Licorice Extract Market cover?
• How can I receive a free copy of the Licorice Extract Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2022−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Type, By Form, By Application, And By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

The market for licorice extracts worldwide is dominated by Asia Pacific. The pharmaceutical industry’s rising demand is too responsible for this. Licorice extracts are commonly used in China to treat ulcers and to improve the immune system by raising interferon levels naturally. In China, it is also referred to as “The Great Detoxifier.” It is applied to the management of chronic hepatitis B in Japan. Licorice extracts are becoming more popular for use in food foams. Licorice extracts are becoming more and more important in food foams because of their ability to foam. The final product’s quality and shelf life are improved by this extract. As a result, these extracts are frequently employed as foaming agents in the beverage sector.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Recent Developments

In December 2019, Merisant Company and MAFCO Worldwide LLC announced a formal business combination. Merisant and MAFCO are operating subsidiaries of Flavors Holdings Inc., which is controlled by MacAndrews & Forbes Incorporated affiliates. Act II will merge with the companies of Merisant, MAFCO, and certain of their subsidiaries, subject to the terms and circumstances contained in the Purchase and Sale agreement.

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