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The global licorice extract market was valued at US$ 1,810 Million in 2021.
We expect the global licorice extract market to exhibit a CAGR of 4.40% during 2022-2027.
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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