According to the latest report by IMARC Group, titled "Licorice Extract Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global licorice extract market reached a value of US$ 1,966.6 Million in 2022. Licorice extract refers to a herbal extract derived from the Glycyrrhiza glabra plant that is generally grown in certain parts of Western Asia and Southern Europe. It is traditionally used to treat multiple diseases due to its anti-cancer, anti-inflammatory, antioxidant and antimicrobial properties. It is widely used as a medicine for treating eczema, mouth sores, and bacterial and viral infections. Additionally, it is commonly available in the form of syrups or capsules, which assist in elevating the mucous coating of the esophageal lining to resist the irritating effects of stomach acid.
Global Licorice Extract Market Trends:
The global market is primarily driven by the increasing utilization of the product in the manufacturing of medicines and health supplements. Along with this, the rising health consciousness among individuals and their changing dietary preferences is providing a thrust to the market growth. This has impelled leading manufacturers to utilize licorice extract as a natural sweetener and food additive across the food and beverages industry, thereby providing a boost to the market growth. Moreover, the increasing adoption of the product in the formulation of multiple skincare products that help in accelerating the wound epithelization and reducing the symptoms of atopic dermatitis is acting as a major growth-inducing factor. Other factors, including the widespread product adoption as a de-bittering agent across the tobacco industry and extensive research and development (R&D) activities conducted by key players, are further contributing to the market growth. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 5.29% during 2023-2028.
- 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. Some of these players include 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. and VPL Chemicals Pvt Ltd.
|Base Year of the Analysis
||Product Type, Form, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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. and VPL Chemicals Pvt Ltd.
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