The global licorice extract market size reached US$ 1,966.6 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,544.9 Million by 2028, exhibiting a growth rate (CAGR) of 5.29% during 2023-2028.
Licorice extract is a herbal extract derived from wild and organically grown Glycyrrhiza glabra licorice roots. It has a sweet and aromatic flavor and is produced by boiling the pulp of licorice roots. It is commonly available in paste, liquid, block and powdered forms that are used as a natural sweetener and flavoring agent in candies, beverages and medicines. It exhibits various anti-inflammatory, anticancer, antimicrobial and antioxidant properties that aid in the treatment of hot flashes, acid reflux, digestive ailments, menopausal symptoms, heartburn and bacterial and viral infections. Licorice extract also aids in treating peptic ulcers, hepatitis C, preventing cavities, improving blood sugar levels and promoting weight loss. As a result, it finds extensive application across various industries, such as pharmaceutical, cosmetics and food and beverage.
Licorice Extract Market Trends:
Significant growth in the food and beverage industry is one of the key factors creating a positive outlook for the market. Licorice extract is widely used in food products as a food additive or natural sweetener in cake batters, chewing gums, sweet custard and can also be mixed into a meat rub as a flavor enhancer. Additionally, the increasing product demand in the pharmaceutical industry is favoring the market growth. Licorice extract is widely used to manufacture medicines for indigestion, toothache, asthma, fever, bronchitis and skin infections. Moreover, the shifting consumer preference toward organic products, especially among the millennials due to the rising health consciousness, is providing a thrust to the market growth. In line with this, the widespread product adoption in the tobacco industry as a de-bittering agent is positively impacting the market growth. Other factors, including rising expenditure capacities of the consumers, along with the widespread product adoption in the cosmetic industry as a natural skin brightener, are anticipated to drive the market toward growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global licorice extractmarket report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type, form and application.
Breakup by Product Type:
Breakup by Form:
Breakup by Application:
Food and Beverages
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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
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Key Questions Answered in This Report
The global licorice extract market was valued at US$ 1,966.6 Million in 2022.
We expect the global licorice extract market to exhibit a CAGR of 5.29% during 2023-2028.
The widespread utilization of licorice extract in numerous food products as a natural sweetener,
including cake batters, chewing gums, and sweet custard, along with its increasing usage in meat rub
as a flavor enhancer, is primarily driving the global licorice extract market.
The sudden outbreak of the COVID-19 pandemic has led to the shifting consumer preferences from
conventional brick-and-mortar distribution channels towards online retail platforms for the purchase
of licorice extract.
Based on the product type, the global licorice extract market can be categorized into food grade,
feed grade, and pharmaceutical grade. Among these, pharmaceutical grade holds the majority of the
total market share.
Based on the form, the global licorice extract market has been segmented into block, powder, paste,
and others. Currently, powder form represents the largest market share.
Based on the application, the global licorice extract market can be bifurcated into food and
beverages, pharmaceutical, tobacco, and others. Among these, the pharmaceutical sector accounts
for the majority of the total market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin
America, and Middle East and Africa, where Europe currently dominates the global market.
Some of the major players in the global licorice extract market 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.
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